India, Sept. 17 -- Until US President Donald Trump announced his reciprocal tariffs in April this year and then went on to impose a massive additional 50% - it includes an unfair 25% tariff on account of India's import of Russian crude oil even though both China and Europe, bigger buyers of Russian energy, do not face any such tariff - India's policy focus was on export promotion. Exports were listed as one of the 10 key areas flagged in the 2025-26 Union Budget which also announced an Export Promotion Mission.

Things have changed drastically in the aftermath of the tariffs imposed by the US, which is India's largest export market and accounts for one-fifth of total merchandise exports. Any economic strategy that wants to promote exports...