‘Opportunity for us’: RBI governor Sanjay Malhotra sees impact of Trump tariffs as ‘minimal’; says ‘should be able to come out of this stronger’

RBI Governor Sanjay Malhotra views US tariffs on Indian economy as a minimal impact, calling it an opportunity for diversification and productivity improvements. Despite a significant 28.5% drop in exports to the US from May to October 2025, the central bank believes the domestic demand-driven economy will emerge stronger.