New Delhi, Aug. 27 -- The finance ministry has cautioned that while the immediate impact of the latest US tariffs on Indian exports appears limited, the lagged effect needs to be addressed as it could weigh on trade and growth, according to its July monthly economic review released Wednesday.

The review said the government's strategy of reforms-ranging from simplification of the goods and services tax (GST) to measures that cut business costs-along with a sovereign ratings upgrade and an above-normal monsoon, would support growth and ease the tariff-related pain.

The government's economic strategy entails reforms that will boost disposable income, reduce inflationary pressures, and lower costs for businesses, said the review by the depa...