By Manoj Kumar
NEW DELHI (Reuters) -India’s economy likely slowed in the April-June quarter as weak urban demand and slow private investment weighed on growth, with U.S. tariff hikes expected to hurt key exports including textiles, footwear, chemicals and food items in the quarters ahead.
The United States on Wednesday doubled its tariffs on Indian goods to as high as 50%, citing New Delhi’s buying of Russian oil – the most punishing rate among U.S. trading partners on a par with Brazil, in a move economists say could hurt growth and jobs.
Gross domestic product is expected to have grown 6.7% year-on-year in April-June, down from 7.4% in the previous three months, according to a Reuters poll of economists.
Even at this pace, India remains one of the fastest-growing major economies. The