https://www.scmp.com/rss/522808/feed The latest news and top stories on Biswajit Dhar, an Indian economist and academic. He is a distinguished professor at the Council for Social Development and a professor at Jawaharlal Nehru University’s Centre for Economic Studies and Planning. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Biman Mukherji Biman Mukherji A free-trade agreement signed between India and New Zealand has marked yet another regional push towards diversification and away from overdependence on major powers. The deal, which comes after 15 years of on-and-off negotiations, gained urgency in recent weeks as Indian exporters contend with the closure of the Strait of Hormuz and steep American tariffs that have rattled supply chains. New Zealand, for its part, has been pursuing a strategy to reduce dependence on China, its largest trading... https://www.scmp.com/week-asia/economics/article/3351708/india-new-zealand-boost-trade-diversification-forward-looking-pact?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3351708/india-new-zealand-boost-trade-diversification-forward-looking-pact?utm_source=rss_feed Tue, 28 Apr 2026 10:00:28 +0000 Biman Mukherji Biman Mukherji While the Iran war has sent shock waves through energy markets across Asia, one corner of the region has been hit especially hard. South Asia’s reliance on Middle Eastern fuel and Gulf remittances threatens to push some of its most exposed economies to the brink, analysts warn, as the conflict drives energy and food costs to multi-year highs. For Sri Lanka, Bangladesh and Pakistan, whose International Monetary Fund bailout programmes and thin fiscal buffers limit their ability to shield citizens... https://www.scmp.com/week-asia/economics/article/3348974/why-war-iran-threatens-unleash-unrest-south-asia?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3348974/why-war-iran-threatens-unleash-unrest-south-asia?utm_source=rss_feed Sun, 05 Apr 2026 05:30:08 +0000 Biman Mukherji Biman Mukherji Pakistan can ill afford to go to war. Neither can Afghanistan. Yet here they are, trading blows across one of South Asia’s most combustible borders – just as a team of International Monetary Fund inspectors arrived in Islamabad to decide on the country’s next financial lifeline. The inspectors had come for a third-round review of Pakistan’s economic recovery programme: the kind of visit that, if it went well, would unlock the next tranche of rescue funding and steady the nerves of skittish... https://www.scmp.com/week-asia/politics/article/3345748/pakistan-imperils-its-imf-rescue-afghanistan-border-violence-rages?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3345748/pakistan-imperils-its-imf-rescue-afghanistan-border-violence-rages?utm_source=rss_feed Sat, 07 Mar 2026 06:00:14 +0000 Biman Mukherji Biman Mukherji The US Supreme Court’s ruling against President Donald Trump’s broad tariff measures could ease pressure on India over its contentious imports of discounted Russian oil even as New Delhi aims to reach a final trade agreement with Washington, according to analysts. Trump has said he is prepared to reduce the tariff on India’s exports to the US in return for a commitment from Delhi to curb its purchases of Russian oil. Indian Prime Minister Narendra Modi confirmed in early February that Delhi had... https://www.scmp.com/week-asia/economics/article/3344916/india-limbo-over-russian-oil-imports-talks-us-trade-deal-continues?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3344916/india-limbo-over-russian-oil-imports-talks-us-trade-deal-continues?utm_source=rss_feed Fri, 27 Feb 2026 11:56:59 +0000 Biman Mukherji Biman Mukherji India and Brazil are stepping up efforts to boost trade cooperation among developing economies and regional blocs as a hedge against mounting global trade uncertainty, after signing agreements in New Delhi ranging from rare earths to digital infrastructure. The deals were sealed during Brazilian President Luiz Inacio Lula da Silva’s five-day visit to India, which ended on Sunday, in the presence of Indian Prime Minister Narendra Modi. In January, India assumed the rotating chair of the Brics... https://www.scmp.com/week-asia/economics/article/3344457/india-brazil-intensify-trade-diversification-amid-trumps-tariff-threats?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3344457/india-brazil-intensify-trade-diversification-amid-trumps-tariff-threats?utm_source=rss_feed Tue, 24 Feb 2026 09:06:25 +0000 Biman Mukherji Biman Mukherji A Supreme Court ruling that gutted the legal foundation for much of US President Donald Trump’s tariff regime has left Asian trading partners scratching their heads about the future of trade deals struck with Washington over the past 12 months. America’s apex court ruled on Friday that the International Emergency Economic Powers Act (IEEPA) – which Trump had used to impose sweeping “reciprocal” tariffs since his “Liberation Day” proclamation last April – did not grant the president the power to... https://www.scmp.com/week-asia/economics/article/3344300/asias-us-trade-deals-doubt-after-trumps-supreme-court-tariff-defeat?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3344300/asias-us-trade-deals-doubt-after-trumps-supreme-court-tariff-defeat?utm_source=rss_feed Mon, 23 Feb 2026 04:49:32 +0000 Biman Mukherji Biman Mukherji When India sealed a landmark free-trade pact with the European Union last month, Brussels’ top bureaucrat saw more than an economic deal taking shape. “India has risen and Europe is truly glad about it,” European Commission President Ursula von der Leyen declared. “Because when India succeeds, the world is more stable, more prosperous and more secure.” Her words were more than just a diplomatic nicety; they reflected a growing consensus in European capitals that India has become an... https://www.scmp.com/week-asia/economics/article/3342704/indias-trade-blitz-seeks-keep-sinking-global-order-afloat?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3342704/indias-trade-blitz-seeks-keep-sinking-global-order-afloat?utm_source=rss_feed Sat, 07 Feb 2026 00:00:12 +0000 Biman Mukherji Biman Mukherji India’s newly unveiled budget signals a bid to cement its status as a global manufacturing powerhouse through a raft of policy measures, but analysts say the US$630 billion allocation will still require supplement as the country seeks new markets to diversify its trade. The measures, rolled out in Finance Minister Nirmala Sitharaman’s budget speech on Sunday, are seen to have addressed two critical issues – creating jobs for young workers, comprising the world’s largest youth pool, as well as... https://www.scmp.com/week-asia/economics/article/3342124/india-eyes-global-manufacturing-powerhouse-status-budget-boost?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3342124/india-eyes-global-manufacturing-powerhouse-status-budget-boost?utm_source=rss_feed Mon, 02 Feb 2026 11:06:04 +0000 Biman Mukherji Biman Mukherji India and the European Union on Tuesday announced a long-awaited free trade agreement that Prime Minister Narendra Modi described as the “mother of all deals”, as both sides moved to strengthen economic ties in a global trade order unsettled by rising US protectionism. The pact, once implemented, is expected to create one of the world’s largest trading blocs and deepen commercial links between the EU’s 27 member states and the world’s most populous country. The deal would cut or eliminate... https://www.scmp.com/week-asia/economics/article/3341434/india-eu-make-history-they-seal-trade-pact-amid-us-tariff-pressure?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3341434/india-eu-make-history-they-seal-trade-pact-amid-us-tariff-pressure?utm_source=rss_feed Tue, 27 Jan 2026 11:10:35 +0000 Biman Mukherji Biman Mukherji US President Donald Trump’s threat to impose 25 per cent tariffs on countries that do business with Iran has dented India’s ambition for the strategic Chabahar port and affected New Delhi’s trade with Tehran. Trump’s latest threat could curtail shipments of Indian basmati rice to Iran, but is likely to have a limited impact on India’s trade competitiveness since Iran accounts for about 0.3 per cent of its overall exports, according to analysts. Shipments of the rice, one of India’s biggest... https://www.scmp.com/week-asia/economics/article/3339997/indias-aim-diversify-trade-iran-faces-us-tariff-threat?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3339997/indias-aim-diversify-trade-iran-faces-us-tariff-threat?utm_source=rss_feed Thu, 15 Jan 2026 09:00:09 +0000 Biman Mukherji Biman Mukherji India ushered in the new year with a symbolic triumph as its economy edged past Japan’s to become the world’s fourth largest by nominal gross domestic product. The achievement unleashed a wave of national pride in New Delhi and among business leaders, but behind the celebrations lingers a question: can the world’s fastest-growing economy turn rapid growth into widespread prosperity? Economists warn that GDP figures alone cannot create jobs, lift incomes or bridge yawning inequality in a nation... https://www.scmp.com/week-asia/economics/article/3339378/india-overtakes-japan-economic-size-prosperity-trails-far-behind?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3339378/india-overtakes-japan-economic-size-prosperity-trails-far-behind?utm_source=rss_feed Sat, 10 Jan 2026 00:00:17 +0000 Biman Mukherji Biman Mukherji When India reached a free-trade agreement with New Zealand in a record time of nine months towards the end of last year, the speedy conclusion signalled New Delhi’s intention to diversify away from the United States – an approach that is only expected to gather pace. Ever since US President Donald Trump imposed import tariffs of 50 per cent on India last year, among the highest levied by Washington, the South Asian nation has maintained a resolute approach to the punitive levies, even as it has... https://www.scmp.com/week-asia/economics/article/3338559/india-spreads-its-bets-beat-trumps-50-tariff-exports-rise?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3338559/india-spreads-its-bets-beat-trumps-50-tariff-exports-rise?utm_source=rss_feed Sun, 04 Jan 2026 09:00:11 +0000 Biman Mukherji Biman Mukherji India, the world’s largest rice exporter, could see its shipments to the US become more expensive if President Donald Trump follows through on a threat to impose higher tariffs after accusing the country of dumping rice. Industry executives said the move was unlikely to significantly dent export volumes, but warned of potential wider repercussions, including pressure on prices in other markets, efforts by importers to divert shipments and renewed strain in trade talks where agriculture and dairy... https://www.scmp.com/week-asia/economics/article/3337839/indias-rice-exports-face-price-pressures-trump-threatens-more-tariffs?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3337839/indias-rice-exports-face-price-pressures-trump-threatens-more-tariffs?utm_source=rss_feed Fri, 26 Dec 2025 12:06:29 +0000 Biman Mukherji Biman Mukherji India’s gem and jewellery exports, among the country’s biggest earners, are rebounding in ways that reflect a successful push to diversify trade away from the United States amid higher tariffs and a tougher global trade environment, analysts and industry executives have said. The industry’s shipments rose 19.64 per cent year on year to US$2.51 billion in November, even after Washington imposed tariffs of up to 50 per cent on Indian goods – a move that had initially raised fears of a sharp hit to... https://www.scmp.com/week-asia/economics/article/3337484/indias-gem-sector-regains-shine-beyond-us-exporters-pivot-asia-middle-east?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3337484/indias-gem-sector-regains-shine-beyond-us-exporters-pivot-asia-middle-east?utm_source=rss_feed Wed, 24 Dec 2025 08:00:09 +0000 Biman Mukherji Biman Mukherji The better-than-expected growth of India’s economy, driven by strong performance in the domestic consumer and manufacturing sectors, highlights its near-term resilience despite a slowdown in exports and US import tariffs. While India’s 8.2 per cent year-on-year growth figure in the July to September quarter was the fastest among major economies, analysts warn that the headline numbers may not provide a true picture of the challenges it faces. Private consumer spending, which accounts for more... https://www.scmp.com/week-asia/economics/article/3334912/indias-strong-economic-growth-impresses-amid-doubts-overstated-data?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3334912/indias-strong-economic-growth-impresses-amid-doubts-overstated-data?utm_source=rss_feed Tue, 02 Dec 2025 10:30:14 +0000 Biman Mukherji Biman Mukherji A mood of uncertainty hangs over India’s pharmaceutical sector as US President Donald Trump’s latest tariff threats have unsettled investors and policymakers alike. But behind closed doors, a tentative deal on digital trade and quiet backchannel negotiations are giving hope to markets and manufacturers in both of the world’s most populous democracies. “There appears to be recognition that the US needs to lower the rhetoric,” said foreign policy analyst Vivek Mishra, deputy director of the... https://www.scmp.com/week-asia/economics/article/3327822/trumps-100-tariff-threat-has-indias-drug-industry-edge?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3327822/trumps-100-tariff-threat-has-indias-drug-industry-edge?utm_source=rss_feed Sat, 04 Oct 2025 08:00:13 +0000 Biman Mukherji Biman Mukherji US President Donald Trump’s threat to impose a 100 per cent tariff on foreign films has raised alarm in India’s industry from Bollywood to Tollywood, even as it is struggling to lure audiences back to cinemas and facing shrinking revenues from online platforms, according to analysts. In a social media post on Tuesday, echoing a similar threat in May, Trump alleged that Hollywood had been “stolen’’ from the US and declared: “I will be imposing a 100 per cent tariff on any and all movies that are... https://www.scmp.com/week-asia/economics/article/3327537/trumps-100-tariff-threat-alarms-indias-film-industry-over-diaspora-market?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3327537/trumps-100-tariff-threat-alarms-indias-film-industry-over-diaspora-market?utm_source=rss_feed Wed, 01 Oct 2025 12:05:25 +0000 Biman Mukherji Biman Mukherji India’s gem and jewellery businesses face a bleak year-end holiday season following Washington’s decision to slap a 50 per cent tariff on the country’s exports, as they warn the move could affect more than two-thirds of their shipments to the United States. On Wednesday, the tariff on India’s exports to the US took effect in response to New Delhi’s purchases of Russian oil and weapons. “With the imposition of a 50 per cent tariff, we expect exports to the US to decline by more than 70 per cent.... https://www.scmp.com/week-asia/economics/article/3324193/outlook-indias-jewellery-sector-dims-us-tariff-set-hurt-sales?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3324193/outlook-indias-jewellery-sector-dims-us-tariff-set-hurt-sales?utm_source=rss_feed Wed, 03 Sep 2025 11:30:08 +0000 Biman Mukherji Biman Mukherji India’s central bank has eased rules for settling international trade in rupees, a move analysts say could bolster the currency’s global profile and reduce the country’s dependence on the US dollar as trade tensions with Washington escalate. Though New Delhi has distanced itself from global de-dollarisation drives, observer say the shift reflects a pragmatic push to insulate India from dollar volatility and future geopolitical risks. Earlier this month, the Reserve Bank of India (RBI) said the... https://www.scmp.com/week-asia/economics/article/3322408/indias-easing-rupee-trade-rules-response-us-tariff-threats?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3322408/indias-easing-rupee-trade-rules-response-us-tariff-threats?utm_source=rss_feed Tue, 19 Aug 2025 12:26:14 +0000 Biman Mukherji Biman Mukherji With US tariffs threatening India’s exports, the prospect of a Russia-Ukraine peace deal has become more than a distant hope – it may be New Delhi’s best chance for some economic breathing room, analysts say. A summit in Alaska on Friday between US President Donald Trump and his Russian counterpart Vladimir Putin failed to yield a breakthrough, but Trump later called the talks “productive” and Putin suggested hosting a follow-up meeting in Moscow. Trump is set to host another separate summit... https://www.scmp.com/week-asia/economics/article/3322231/will-russia-ukraine-peace-deal-save-india-us-tariffs?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3322231/will-russia-ukraine-peace-deal-save-india-us-tariffs?utm_source=rss_feed Mon, 18 Aug 2025 10:30:08 +0000 Biman Mukherji Biman Mukherji For decades, India’s economic rise has been intertwined with the fortunes of its trading partners, none more so than the United States. Now, as Washington moves to impose punitive tariffs, industry leaders and policymakers alike are asking how the world’s most populous democracy might build a more self-reliant, resilient economic future. The wave of introspection follows the Trump administration’s announcement last Wednesday of an additional 25 per cent tariff – effective from August 27 – on... https://www.scmp.com/week-asia/economics/article/3321591/us-tariffs-stir-debate-indias-economic-destiny-stay-your-lane?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3321591/us-tariffs-stir-debate-indias-economic-destiny-stay-your-lane?utm_source=rss_feed Tue, 12 Aug 2025 09:33:20 +0000 Biman Mukherji Biman Mukherji When Indian pilgrims set foot in Tibet again this summer, their arrival heralded a new beginning for India and China, five years after a deadly Himalayan clash plunged the two bitter rivals into a diplomatic deep freeze. But with the machinery of engagement whirring once more amid flaring global trade wars and shifting strategic alliances, hopes have sprung anew that Asia’s two largest economies might finally move past the years of suspicion and silence. Late last month, New Delhi resumed... https://www.scmp.com/week-asia/politics/article/3320481/all-out-thaw-can-india-and-china-unfreeze-icy-ties-last?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3320481/all-out-thaw-can-india-and-china-unfreeze-icy-ties-last?utm_source=rss_feed Sat, 02 Aug 2025 00:00:08 +0000 Biman Mukherji Biman Mukherji US President Donald Trump’s threat to slap an additional 10 per cent tariff on Brics nations may be more of a strategic warning rather than a prelude to action – and is not expected to disrupt India’s efforts to finalise a trade pact with Washington, according to analysts. In a speech on Tuesday, Trump accused the 10-member bloc – comprising Brazil, Russia, India, China and South Africa, alongside newer entrants such as Iran, Egypt and Indonesia – of undermining the United States and seeking to... https://www.scmp.com/week-asia/economics/article/3317907/whats-behind-trumps-brics-wrath-and-will-india-us-trade-talks-be-affected?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3317907/whats-behind-trumps-brics-wrath-and-will-india-us-trade-talks-be-affected?utm_source=rss_feed Fri, 11 Jul 2025 10:30:49 +0000