New Delhi, Aug. 12 -- Tariffs are piling up on India. There's a base rate, a penalty, and perhaps an additional rate for pharmaceuticals and semiconductors. Experts agree that tariffs will reduce exports, curtail growth, impact jobs, and hurt investor sentiment. Growth forecasts for 2025-26 have already been revised downwards.

But is the situation all gloom and doom? Not necessarily. India has some advantages and a few opportunities that can be harnessed to minimize the economic damage.

An important consequence of tariffs is that it has forced a rethink of India's export strategy. In 2024-25, 20% of India's merchandise exports went to the US. The world's largest economy is our largest export partner; it buys more from India than the nex...