Radhika Rao: Tariff Impact Will Be Visible From September Onwards

In the panel discussion, Radhika Rao, ED & Senior Economist, DBS Bank, noted that India’s strong Q1 GDP print at 7.8% was partly supported by front-loading of exports ahead of US tariff hikes. She highlighted that exports to the US rose over 20% between April and July, but the real tariff impact will show from September onwards as the second tranche of duties kicks in. On GST, Rao said relief measures could aid consumption, though some demand may be postponed in anticipation of cuts. She also flagged slowing nominal GDP near 8%, which could weigh on tax collections and corporate earnings.