India, Aug. 29 -- For India, the challenge is not merely to expand GDP, but to build an economy agile enough to absorb shocks, diverse enough to spread risk, and robust enough to convert disruptions into opportunities

The popular slogan, "Tariffs Are Obstacles, Trade is the Solution!" is the talk in every nook and corner of India. The US criticised India's relatively high tariffs and non-tariff barriers, particularly in agriculture, pharmaceuticals, and electronics, compared to US levels, which pulled the trigger on the contradictory tariff policy. India's growing dependence on discounted Russian crude oil led to additional punitive tariffs, given US sensitivities to sanctions.

When a key trading partner slaps a heavy tariff on your goo...