At the India Today Conclave – Mumbai, the session “The 50% Penalty: What Now?” tackles the global tariff shock facing India. The discussion features three of India’s leading economists: Dr Sajjid Z. Chinoy, Managing Director & Chief India Economist, JP Morgan; Dr Samiran Chakraborty, Chief Economist, India, Citibank; and Tanvee Gupta Jain, Chief India Economist, UBS, in conversation with Siddharth Zarabi, Group Editor, Business Today. With the Trump administration’s new tariffs and penalties on oil imports from Russia, India’s economy faces a critical test. The panel examines whether GST restructuring can cushion the blow, how Indian manufacturing can be revived, and whether festive consumption can reignite growth. They also analyse what resilience Indian firms must build to compete global

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