President Trump’s 50 per cent tariffs on India kicked in yesterday. The timing could not be worse: in May, India overtook Britain, Germany and Japan to become the fourth largest economy in the world. According to a report by EY only this week, it was already set to become the second largest globally by 2038, behind only China. After a decade of liberalisation and rapid industrialisation, it has witnessed exceptionally strong growth. And now, it looks like Donald Trump may kill off the Indian economic miracle.

Over the last twenty years, India’s growth has averaged 6.9 per cent, a rate that puts almost every other country in the world firmly in second place. A generation of Indian multinationals has emerged, and over the last five years alone, the benchmark BSE Sensex equity index has more

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