With a GDP measured at $3.9 trillion, India is one of the world’s premier emerging economies. Over the past few decades, it has carved out a niche as a major IT center in terms of software development, backroom operations and digital technologies. Within the past decade, India has focused on developing its manufacturing sector, both for domestic purposes and for exports to the world. Its population of nearly 1.5 billion people, almost five times that of the U.S., makes it an attractive market for foreign companies wanting to tap into this huge market.
Since its independence from Great Britain in 1947, India has had a cordial relationship with the U.S., which has viewed India as a key diplomatic partner in Asia. However, in the past couple of months, India’s relationship with the U.S. has taken a severe nosedive. President Donald Trump has imposed up to 50% import tariffs on many of India’s goods because he claims that India continues to buy Russian petroleum, despite Russia’s invasion of Ukraine. Angered, and probably more insulted, India has stated that despite the tariffs on its exports to the U.S., it will continue to buy Russian petroleum.
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