How Indian Economists Are Navigating Trump-Era Trade Challenges

Rumki Majumdar, Economist at Deloitte, discusses the heightened activity and uncertainty economists have faced since President Trump assumed office, particularly following the announcement of US tariffs. She highlights how sectors with significant exposure to the US, such as pharmaceuticals, defence, and textiles, have been closely assessing potential risks and opportunities. With clients keen to understand the impact on supply chains and inventories, there has been an active quarter of analysis and preparation for possible geopolitical developments. Majumdar notes the Indian government’s efforts to protect key export sectors, recognising their economic and employment significance. She also emphasises the growing importance of defence collaborations with the US, especially in light of recent conflicts, and anticipates increased government spending and technological cooperation.