India fears China’s dominance but feels let down by the United States. As trade tensions rise and tariffs bite, former RBI Governor Raghuram Rajan warns that small Indian exporters are being pushed out of global markets with losses that may never be recovered.

Speaking in a recent interaction, economist Raghuram Rajan outlined India’s deep discomfort with China’s trade power. “India is very worried about Chinese goods swamping the market,” he said. “It’s happy for Chinese investment but does not want to become dependent on China.” Advertisement

Rajan added that India is strengthening ties with Japan and Australia and is eager to build a long-term relationship with the United States. But that relationship, he said, has turned disappointingly transactional.

He pointed to a growing strain

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