New Delhi, Aug. 30 -- Raghuram Rajan, former Reserve Bank of India (RBI) Governor, has suggested a measure to mitigate the economic fallout from Donald Trump's 50 per cent tariffs on Indian goods, prompted by New Delhi's business ties with Russia.

In a post on LinkedIn, Raghuram Rajan proposed that the Indian government should consider imposing a windfall tax on oil refiners who are profiting from discounted crude oil.

The former RBI governor also argued that the funds collected could be redirected to support India's small and medium enterprises (SME), particularly textiles and apparel, which are now facing the brunt of the hefty tariffs imposed by the US.

A windfall tax ensures that those who benefit from Russian oil also contribute t...