Meanwhile, NITI Aayog CEO BVR Subrahmanyam on Friday said that India needs to cut tariffs for its own good. Addressing the 69th Foundation Day of All India Management Association (AIMA), Subrahmanyam further said that being open to the world has to be among the top five priorities of India if it wants to become a developed country.

Donald Trump has doubled down on his plan to impose reciprocal traffic on India, saying they are coming ‘soon’. ‘They charge, we charge,’ the US President said.

U.S. President Donald Trump's threat to impose reciprocal tariffs from early April is feeding anxiety in India's export sectors from autos to agriculture, with Citi Research analysts estimating potential losses at about $7 billion a year.