Despite facing punitive tariffs from the US, India’s economy has shown remarkable resilience. The IMF confirms India is already the world’s third-largest economy by purchasing power parity (PPP), with its nominal GDP eclipsing $4 trillion.

India, which now faces among the highest tariff rates imposed by the US, called the levy "unjustified and unreasonable".

Indian Prime Minister Narendra Modi said on Thursday he will not compromise the interests of the country's farmers even if he has to pay a heavy price, in his first comments after U.S. President Donald Trump's salvo of a 50% tariff on Indian goods.