India, Aug. 31 -- Former finance secretary Subhash Garg recently reacted to US Treasury Secretary Scott Bessent's remarks on why a 50 per cent tariff was imposed on India, saying that New Delhi has already "effectively walked away" from trade talks with Washington.

Last week, as the 50 per cent tariff took effect on Indian goods, Bessent clarified that the high rates are "not just over (India's purchase of) Russian oil", but also over how long-drawn the ongoing talks for a trade deal have been.

He had told Fox Business, "I'd thought we'd have a deal in May or June; that India could be one of the earliest deals. But they kind of tapped us along."

However, Bessent also said, "India is the world's largest democracy. The US is the world's ...