The resurgence of US President Donald Trump and his aggressive tariff policy places India in a uniquely precarious yet opportune position. As the world’s fifth-largest economy, India faces a fundamental choice: double down on protectionism or seize this disruptive moment to push bold, market-opening reforms. The stakes are high. Mr Trump’s trade war rhetoric and punitive tariffs on trading partners offer India a second chance to integrate more deeply with global markets ~ provided it acts decisively. Historically, India has reformed when crisis forced its hand. In 1991, a balance of payments crisis sparked sweeping liberalisation.

Today, the global trade environment, battered by tit-for-tat tariffs and protectionist sentiment, presents a less obvious but equally pressing challenge. India’s high average tariffs ~ around 12 per cent compared to China’s 3 per cent and the US’s 2.2 per cent ~ make it an outlier among major economies. While these duties have shielded........

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