The Governor of Reserve Bank of India (RBI), Sanjay Malhotra, said the country contributes more to global growth than the US, citing the International Monetary Fund’s growth forecasts which estimated 6.4% economic expansion for India and 1.9% for the US in 2025.
His statement came shortly after President Donald Trump said he would increase the 25% tariff on Indian exports to the US, citing India’s high barriers to trade and its purchases of Russian oil.
Responding to President Trump’s recent remark dismissing the South Asian nation as a “dead” economy, Malhotra said: “We have a very robust growth rate, we are contributing about 18% which is more than US, where the contribution is expected to be much less at about 11% or something. We are doing very well and we will continue to further improve.”
Lately, Trump lumped India with Russia as “dead economies,” criticizing the country for its trade barriers and continued purchases of Russian weapons and energy.
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