US tariffs: who pays the bill in India?
At the end of August 2025, Washington raised tariffs on most Indian goods to 50%. After the US Supreme Court ruling in February 2026, the rate fell back to 10%, before new Section 301 measures in July 2026. What the trade, rupee and growth figures show.
Citoyen
Scope: Goods trade between India and the United States, measured from both sides: US imports (Census Bureau) and exports reported by India (IMF). Monthly data in current dollars, not seasonally adjusted.
Key points
Drop in US purchases22%monthly average of Sep. 2025 – Jan. 2026 against that of Mar. 2025 – Jul. 2025
US share of Indian exports18%twelve months to Jul. 2026, against 21% to Jul. 2025
Rupees per dollar95.5 rupeesOct. 2026, against 86.1 rupees in Jul. 2025
GDP growth over a year8.1%quarter Q2 2026
- A buying spree before the tariffs. US imports of Indian goods reached $11.2bn in Mar. 2025, as buyers anticipated higher tariffs; over Mar. 2025 – Jul. 2025, they averaged $9.8bn a month.
- A drop during the 50% months. Over Sep. 2025 – Jan. 2026, they fell back to $7.7bn a month on average, 22% less than in the spring, and roughly the level of a year earlier (2%). On India’s side, reported exports to the United States fell 7% over a year, while exports to the world rose 2.7%.
- A less central US market. The United States received 18% of Indian exports in the twelve months to Jul. 2026, against 21% in the twelve months to Jul. 2025. India’s total exports reach $461bn over a year.
- A recovery in 2026. Over Jul. 2026 – Sep. 2026, US imports from India are 12% above their level a year earlier.
- A weaker rupee, sustained growth. It took 95.5 rupees to buy a dollar in Oct. 2026, against 86.1 rupees in Jul. 2025. India’s GDP still grows 8.1% over a year in quarter Q2 2026.
How to read these figures
Trade is measured from both sides. US imports come from customs declarations compiled by the Census Bureau; Indian exports, from Indian statistics republished by the IMF. The two never match exactly: lag between departure and arrival of ships, value with or without freight and insurance, goods transiting through a third country. This dossier reads each series on its own and never subtracts one from the other.
The monthly series are not seasonally adjusted: comparisons are therefore made on the same months from one year to the next. The US share is computed over rolling twelve months. India’s quarterly growth comes from the OECD, which flags it as estimated; the IMF’s yearly growth follows India’s fiscal year (April to March), labelled by the year it starts.
1. What the United States buys from India
US purchases climbed before the tariffs took effect, then fell during the months when the 50% rate applied, before rising again in 2026. In 2025, the United States imported $104bn of Indian goods and exported $45bn to India.
US imports of Indian goods, each month
Census Bureau, customs basis, in billions of dollars. Latest month: Sep. 2026, $8.8bn.
Source:US Census Bureau (via FRED, Federal Reserve Bank of St. Louis)
Show the chart data
| Period | US imports from India |
|---|---|
| Jan. 2018 | $4.4bn |
| Feb. 2018 | $3.9bn |
| Mar. 2018 | $4.4bn |
| Apr. 2018 | $4.8bn |
| May 2018 | $5.1bn |
| Jun. 2018 | $4.2bn |
| Jul. 2018 | $4.6bn |
| Aug. 2018 | $5.1bn |
| Sep. 2018 | $4.5bn |
| Oct. 2018 | $5.3bn |
| Nov. 2018 | $4.1bn |
| Dec. 2018 | $3.9bn |
| Jan. 2019 | $4.9bn |
| Feb. 2019 | $4.6bn |
| Mar. 2019 | $5.2bn |
| Apr. 2019 | $5.0bn |
| May 2019 | $5.6bn |
| Jun. 2019 | $4.2bn |
| Jul. 2019 | $5.0bn |
| Aug. 2019 | $4.8bn |
| Sep. 2019 | $4.7bn |
| Oct. 2019 | $5.0bn |
| Nov. 2019 | $4.5bn |
| Dec. 2019 | $4.3bn |
| Jan. 2020 | $5.0bn |
| Feb. 2020 | $4.5bn |
| Mar. 2020 | $4.5bn |
| Apr. 2020 | $3.4bn |
| May 2020 | $2.1bn |
| Jun. 2020 | $3.2bn |
| Jul. 2020 | $4.1bn |
| Aug. 2020 | $4.3bn |
| Sep. 2020 | $5.0bn |
| Oct. 2020 | $5.4bn |
| Nov. 2020 | $4.9bn |
| Dec. 2020 | $4.9bn |
| Jan. 2021 | $5.2bn |
| Feb. 2021 | $4.5bn |
| Mar. 2021 | $5.9bn |
| Apr. 2021 | $6.0bn |
| May 2021 | $6.1bn |
| Jun. 2021 | $5.9bn |
| Jul. 2021 | $6.2bn |
| Aug. 2021 | $6.5bn |
| Sep. 2021 | $6.3bn |
| Oct. 2021 | $7.1bn |
| Nov. 2021 | $6.6bn |
| Dec. 2021 | $7.1bn |
| Jan. 2022 | $6.7bn |
| Feb. 2022 | $5.9bn |
| Mar. 2022 | $7.2bn |
| Apr. 2022 | $7.6bn |
| May 2022 | $8.5bn |
| Jun. 2022 | $8.1bn |
| Jul. 2022 | $7.5bn |
| Aug. 2022 | $7.1bn |
| Sep. 2022 | $7.2bn |
| Oct. 2022 | $7.5bn |
| Nov. 2022 | $6.2bn |
| Dec. 2022 | $6.0bn |
| Jan. 2023 | $7.9bn |
| Feb. 2023 | $6.3bn |
| Mar. 2023 | $7.3bn |
| Apr. 2023 | $6.7bn |
| May 2023 | $7.3bn |
| Jun. 2023 | $6.8bn |
| Jul. 2023 | $6.4bn |
| Aug. 2023 | $6.7bn |
| Sep. 2023 | $7.4bn |
| Oct. 2023 | $7.6bn |
| Nov. 2023 | $6.7bn |
| Dec. 2023 | $6.5bn |
| Jan. 2024 | $6.9bn |
| Feb. 2024 | $6.8bn |
| Mar. 2024 | $7.6bn |
| Apr. 2024 | $7.9bn |
| May 2024 | $8.3bn |
| Jun. 2024 | $7.1bn |
| Jul. 2024 | $7.0bn |
| Aug. 2024 | $6.4bn |
| Sep. 2024 | $7.0bn |
| Oct. 2024 | $8.1bn |
| Nov. 2024 | $6.9bn |
| Dec. 2024 | $7.3bn |
| Jan. 2025 | $8.1bn |
| Feb. 2025 | $8.4bn |
| Mar. 2025 | $11.2bn |
| Apr. 2025 | $10.0bn |
| May 2025 | $9.4bn |
| Jun. 2025 | $9.1bn |
| Jul. 2025 | $9.2bn |
| Aug. 2025 | $7.9bn |
| Sep. 2025 | $7.5bn |
| Oct. 2025 | $7.4bn |
| Nov. 2025 | $7.1bn |
| Dec. 2025 | $8.4bn |
| Jan. 2026 | $7.9bn |
| Feb. 2026 | $6.8bn |
| Mar. 2026 | $8.4bn |
| Apr. 2026 | $8.3bn |
| May 2026 | $9.1bn |
| Jun. 2026 | $8.9bn |
| Jul. 2026 | $9.6bn |
| Aug. 2026 | $9.2bn |
| Sep. 2026 | $8.8bn |
Goods trade between the United States and India, by year
Complete calendar years. Indian surplus in 2025: $58bn.
- US exports to India
- US imports from India
Source:US Census Bureau (via FRED, Federal Reserve Bank of St. Louis)
Show the chart data
| Period | US imports from India | US exports to India |
|---|---|---|
| 2015 | $45bn | $21bn |
| 2016 | $46bn | $22bn |
| 2017 | $49bn | $26bn |
| 2018 | $54bn | $33bn |
| 2019 | $58bn | $34bn |
| 2020 | $51bn | $27bn |
| 2021 | $73bn | $40bn |
| 2022 | $86bn | $47bn |
| 2023 | $84bn | $41bn |
| 2024 | $87bn | $42bn |
| 2025 | $104bn | $45bn |
2. Indian exports shift
Seen from India, the drop to the United States was offset by other markets: over May 2026 – Jul. 2026, total exports are 14% above their level a year earlier. The US share fell.
India’s exports: United States and rest of the world
Rolling twelve-month sum, in billions of dollars, from Indian reports (IMF).
- To the rest of the world
- To the United States
Source:International Monetary Fund
Show the chart data
| Period | To the United States | To the rest of the world |
|---|---|---|
| Dec. 2015 | $40bn | $226bn |
| Jan. 2016 | $41bn | $222bn |
| Feb. 2016 | $41bn | $221bn |
| Mar. 2016 | $41bn | $219bn |
| Apr. 2016 | $40bn | $218bn |
| May 2016 | $40bn | $218bn |
| Jun. 2016 | $40bn | $218bn |
| Jul. 2016 | $40bn | $217bn |
| Aug. 2016 | $40bn | $216bn |
| Sep. 2016 | $41bn | $217bn |
| Oct. 2016 | $42bn | $218bn |
| Nov. 2016 | $42bn | $219bn |
| Dec. 2016 | $42bn | $220bn |
| Jan. 2017 | $42bn | $221bn |
| Feb. 2017 | $42bn | $225bn |
| Mar. 2017 | $42bn | $231bn |
| Apr. 2017 | $43bn | $234bn |
| May 2017 | $44bn | $235bn |
| Jun. 2017 | $44bn | $236bn |
| Jul. 2017 | $44bn | $236bn |
| Aug. 2017 | $44bn | $238bn |
| Sep. 2017 | $45bn | $243bn |
| Oct. 2017 | $44bn | $243bn |
| Nov. 2017 | $45bn | $248bn |
| Dec. 2017 | $46bn | $250bn |
| Jan. 2018 | $47bn | $252bn |
| Feb. 2018 | $47bn | $252bn |
| Mar. 2018 | $48bn | $252bn |
| Apr. 2018 | $48bn | $253bn |
| May 2018 | $49bn | $257bn |
| Jun. 2018 | $49bn | $260bn |
| Jul. 2018 | $50bn | $263bn |
| Aug. 2018 | $51bn | $267bn |
| Sep. 2018 | $51bn | $267bn |
| Oct. 2018 | $52bn | $270bn |
| Nov. 2018 | $51bn | $271bn |
| Dec. 2018 | $52bn | $272bn |
| Jan. 2019 | $52bn | $273bn |
| Feb. 2019 | $52bn | $274bn |
| Mar. 2019 | $53bn | $277bn |
| Apr. 2019 | $53bn | $278bn |
| May 2019 | $53bn | $279bn |
| Jun. 2019 | $53bn | $277bn |
| Jul. 2019 | $54bn | $277bn |
| Aug. 2019 | $53bn | $275bn |
| Sep. 2019 | $53bn | $273bn |
| Oct. 2019 | $53bn | $273bn |
| Nov. 2019 | $54bn | $272bn |
| Dec. 2019 | $54bn | $271bn |
| Jan. 2020 | $54bn | $270bn |
| Feb. 2020 | $55bn | $270bn |
| Mar. 2020 | $53bn | $260bn |
| Apr. 2020 | $51bn | $247bn |
| May 2020 | $49bn | $238bn |
| Jun. 2020 | $48bn | $236bn |
| Jul. 2020 | $48bn | $233bn |
| Aug. 2020 | $48bn | $230bn |
| Sep. 2020 | $49bn | $231bn |
| Oct. 2020 | $49bn | $229bn |
| Nov. 2020 | $49bn | $226bn |
| Dec. 2020 | $49bn | $226bn |
| Jan. 2021 | $50bn | $228bn |
| Feb. 2021 | $50bn | $227bn |
| Mar. 2021 | $52bn | $239bn |
| Apr. 2021 | $56bn | $255bn |
| May 2021 | $58bn | $266bn |
| Jun. 2021 | $60bn | $274bn |
| Jul. 2021 | $63bn | $284bn |
| Aug. 2021 | $65bn | $292bn |
| Sep. 2021 | $66bn | $297bn |
| Oct. 2021 | $68bn | $306bn |
| Nov. 2021 | $69bn | $313bn |
| Dec. 2021 | $71bn | $323bn |
| Jan. 2022 | $73bn | $329bn |
| Feb. 2022 | $74bn | $337bn |
| Mar. 2022 | $76bn | $345bn |
| Apr. 2022 | $78bn | $352bn |
| May 2022 | $80bn | $357bn |
| Jun. 2022 | $82bn | $366bn |
| Jul. 2022 | $82bn | $369bn |
| Aug. 2022 | $82bn | $372bn |
| Sep. 2022 | $82bn | $374bn |
| Oct. 2022 | $80bn | $371bn |
| Nov. 2022 | $81bn | $374bn |
| Dec. 2022 | $80bn | $373bn |
| Jan. 2023 | $80bn | $374bn |
| Feb. 2023 | $79bn | $374bn |
| Mar. 2023 | $79bn | $372bn |
| Apr. 2023 | $78bn | $368bn |
| May 2023 | $77bn | $365bn |
| Jun. 2023 | $76bn | $358bn |
| Jul. 2023 | $75bn | $355bn |
| Aug. 2023 | $76bn | $356bn |
| Sep. 2023 | $75bn | $355bn |
| Oct. 2023 | $76bn | $357bn |
| Nov. 2023 | $76bn | $356bn |
| Dec. 2023 | $76bn | $356bn |
| Jan. 2024 | $76bn | $357bn |
| Feb. 2024 | $77bn | $361bn |
| Mar. 2024 | $78bn | $360bn |
| Apr. 2024 | $78bn | $360bn |
| May 2024 | $79bn | $363bn |
| Jun. 2024 | $80bn | $364bn |
| Jul. 2024 | $80bn | $364bn |
| Aug. 2024 | $80bn | $360bn |
| Sep. 2024 | $80bn | $360bn |
| Oct. 2024 | $81bn | $365bn |
| Nov. 2024 | $80bn | $363bn |
| Dec. 2024 | $81bn | $362bn |
| Jan. 2025 | $83bn | $358bn |
| Feb. 2025 | $84bn | $353bn |
| Mar. 2025 | $87bn | $351bn |
| Apr. 2025 | $88bn | $352bn |
| May 2025 | $90bn | $350bn |
| Jun. 2025 | $91bn | $348bn |
| Jul. 2025 | $93bn | $349bn |
| Aug. 2025 | $93bn | $349bn |
| Sep. 2025 | $92bn | $352bn |
| Oct. 2025 | $91bn | $347bn |
| Nov. 2025 | $93bn | $352bn |
| Dec. 2025 | $92bn | $353bn |
| Jan. 2026 | $91bn | $356bn |
| Feb. 2026 | $88bn | $357bn |
| Mar. 2026 | $85bn | $357bn |
| Apr. 2026 | $83bn | $362bn |
| May 2026 | $82bn | $367bn |
| Jun. 2026 | $81bn | $374bn |
| Jul. 2026 | $81bn | $380bn |
US share of Indian exports
Rolling twelve months.
Source:International Monetary Fund
Show the chart data
| Period | US share |
|---|---|
| Dec. 2015 | 15.2% |
| Jan. 2016 | 15.4% |
| Feb. 2016 | 15.5% |
| Mar. 2016 | 15.6% |
| Apr. 2016 | 15.6% |
| May 2016 | 15.6% |
| Jun. 2016 | 15.6% |
| Jul. 2016 | 15.7% |
| Aug. 2016 | 15.8% |
| Sep. 2016 | 15.8% |
| Oct. 2016 | 16.0% |
| Nov. 2016 | 16.0% |
| Dec. 2016 | 16.0% |
| Jan. 2017 | 15.9% |
| Feb. 2017 | 15.7% |
| Mar. 2017 | 15.6% |
| Apr. 2017 | 15.5% |
| May 2017 | 15.6% |
| Jun. 2017 | 15.7% |
| Jul. 2017 | 15.7% |
| Aug. 2017 | 15.7% |
| Sep. 2017 | 15.7% |
| Oct. 2017 | 15.5% |
| Nov. 2017 | 15.5% |
| Dec. 2017 | 15.6% |
| Jan. 2018 | 15.6% |
| Feb. 2018 | 15.8% |
| Mar. 2018 | 16.0% |
| Apr. 2018 | 16.1% |
| May 2018 | 16.0% |
| Jun. 2018 | 15.9% |
| Jul. 2018 | 15.9% |
| Aug. 2018 | 15.9% |
| Sep. 2018 | 15.9% |
| Oct. 2018 | 16.0% |
| Nov. 2018 | 15.9% |
| Dec. 2018 | 16.0% |
| Jan. 2019 | 16.0% |
| Feb. 2019 | 16.1% |
| Mar. 2019 | 16.0% |
| Apr. 2019 | 16.0% |
| May 2019 | 16.0% |
| Jun. 2019 | 16.2% |
| Jul. 2019 | 16.2% |
| Aug. 2019 | 16.3% |
| Sep. 2019 | 16.3% |
| Oct. 2019 | 16.4% |
| Nov. 2019 | 16.6% |
| Dec. 2019 | 16.7% |
| Jan. 2020 | 16.7% |
| Feb. 2020 | 16.8% |
| Mar. 2020 | 17.0% |
| Apr. 2020 | 17.0% |
| May 2020 | 17.0% |
| Jun. 2020 | 17.0% |
| Jul. 2020 | 17.1% |
| Aug. 2020 | 17.2% |
| Sep. 2020 | 17.4% |
| Oct. 2020 | 17.6% |
| Nov. 2020 | 17.8% |
| Dec. 2020 | 17.9% |
| Jan. 2021 | 18.0% |
| Feb. 2021 | 18.0% |
| Mar. 2021 | 17.8% |
| Apr. 2021 | 18.0% |
| May 2021 | 18.0% |
| Jun. 2021 | 18.0% |
| Jul. 2021 | 18.1% |
| Aug. 2021 | 18.1% |
| Sep. 2021 | 18.1% |
| Oct. 2021 | 18.3% |
| Nov. 2021 | 18.2% |
| Dec. 2021 | 18.1% |
| Jan. 2022 | 18.1% |
| Feb. 2022 | 18.1% |
| Mar. 2022 | 18.1% |
| Apr. 2022 | 18.1% |
| May 2022 | 18.3% |
| Jun. 2022 | 18.2% |
| Jul. 2022 | 18.1% |
| Aug. 2022 | 18.1% |
| Sep. 2022 | 18.0% |
| Oct. 2022 | 17.8% |
| Nov. 2022 | 17.7% |
| Dec. 2022 | 17.7% |
| Jan. 2023 | 17.6% |
| Feb. 2023 | 17.5% |
| Mar. 2023 | 17.5% |
| Apr. 2023 | 17.4% |
| May 2023 | 17.4% |
| Jun. 2023 | 17.5% |
| Jul. 2023 | 17.6% |
| Aug. 2023 | 17.6% |
| Sep. 2023 | 17.5% |
| Oct. 2023 | 17.6% |
| Nov. 2023 | 17.6% |
| Dec. 2023 | 17.6% |
| Jan. 2024 | 17.5% |
| Feb. 2024 | 17.7% |
| Mar. 2024 | 17.8% |
| Apr. 2024 | 17.9% |
| May 2024 | 17.9% |
| Jun. 2024 | 18.0% |
| Jul. 2024 | 18.0% |
| Aug. 2024 | 18.1% |
| Sep. 2024 | 18.2% |
| Oct. 2024 | 18.1% |
| Nov. 2024 | 18.1% |
| Dec. 2024 | 18.3% |
| Jan. 2025 | 18.9% |
| Feb. 2025 | 19.2% |
| Mar. 2025 | 19.8% |
| Apr. 2025 | 20.1% |
| May 2025 | 20.4% |
| Jun. 2025 | 20.8% |
| Jul. 2025 | 21.0% |
| Aug. 2025 | 21.0% |
| Sep. 2025 | 20.7% |
| Oct. 2025 | 20.8% |
| Nov. 2025 | 20.8% |
| Dec. 2025 | 20.8% |
| Jan. 2026 | 20.3% |
| Feb. 2026 | 19.8% |
| Mar. 2026 | 19.2% |
| Apr. 2026 | 18.7% |
| May 2026 | 18.2% |
| Jun. 2026 | 17.8% |
| Jul. 2026 | 17.5% |
3. The rupee and growth
A dollar buys 11% more rupees than in Jul. 2025; the high point was reached in Jul. 2026 (95.8 rupees). Indian growth remains among the strongest of large economies: 7.8% in fiscal year 2025 according to the IMF.
Rupees per dollar, monthly average
A rising curve means a weaker rupee.
Source:International Monetary Fund
Show the chart data
| Period | Rupees per dollar |
|---|---|
| Jan. 2015 | 62.2 rupees |
| Feb. 2015 | 62.0 rupees |
| Mar. 2015 | 62.4 rupees |
| Apr. 2015 | 62.8 rupees |
| May 2015 | 63.8 rupees |
| Jun. 2015 | 63.9 rupees |
| Jul. 2015 | 63.6 rupees |
| Aug. 2015 | 65.1 rupees |
| Sep. 2015 | 66.2 rupees |
| Oct. 2015 | 65.1 rupees |
| Nov. 2015 | 66.1 rupees |
| Dec. 2015 | 66.6 rupees |
| Jan. 2016 | 67.3 rupees |
| Feb. 2016 | 68.2 rupees |
| Mar. 2016 | 67.0 rupees |
| Apr. 2016 | 66.5 rupees |
| May 2016 | 66.9 rupees |
| Jun. 2016 | 67.3 rupees |
| Jul. 2016 | 67.2 rupees |
| Aug. 2016 | 66.9 rupees |
| Sep. 2016 | 66.7 rupees |
| Oct. 2016 | 66.7 rupees |
| Nov. 2016 | 67.6 rupees |
| Dec. 2016 | 67.9 rupees |
| Jan. 2017 | 68.1 rupees |
| Feb. 2017 | 67.1 rupees |
| Mar. 2017 | 65.9 rupees |
| Apr. 2017 | 64.5 rupees |
| May 2017 | 64.4 rupees |
| Jun. 2017 | 64.4 rupees |
| Jul. 2017 | 64.5 rupees |
| Aug. 2017 | 64.0 rupees |
| Sep. 2017 | 64.4 rupees |
| Oct. 2017 | 65.1 rupees |
| Nov. 2017 | 64.9 rupees |
| Dec. 2017 | 64.2 rupees |
| Jan. 2018 | 63.6 rupees |
| Feb. 2018 | 64.4 rupees |
| Mar. 2018 | 65.0 rupees |
| Apr. 2018 | 65.6 rupees |
| May 2018 | 67.5 rupees |
| Jun. 2018 | 67.8 rupees |
| Jul. 2018 | 68.7 rupees |
| Aug. 2018 | 69.5 rupees |
| Sep. 2018 | 72.2 rupees |
| Oct. 2018 | 73.6 rupees |
| Nov. 2018 | 71.9 rupees |
| Dec. 2018 | 70.7 rupees |
| Jan. 2019 | 70.7 rupees |
| Feb. 2019 | 71.2 rupees |
| Mar. 2019 | 69.5 rupees |
| Apr. 2019 | 69.4 rupees |
| May 2019 | 69.8 rupees |
| Jun. 2019 | 69.4 rupees |
| Jul. 2019 | 68.8 rupees |
| Aug. 2019 | 71.1 rupees |
| Sep. 2019 | 71.3 rupees |
| Oct. 2019 | 71.0 rupees |
| Nov. 2019 | 71.5 rupees |
| Dec. 2019 | 71.2 rupees |
| Jan. 2020 | 71.3 rupees |
| Feb. 2020 | 71.5 rupees |
| Mar. 2020 | 74.4 rupees |
| Apr. 2020 | 76.2 rupees |
| May 2020 | 75.7 rupees |
| Jun. 2020 | 75.7 rupees |
| Jul. 2020 | 75.0 rupees |
| Aug. 2020 | 74.7 rupees |
| Sep. 2020 | 73.5 rupees |
| Oct. 2020 | 73.5 rupees |
| Nov. 2020 | 74.2 rupees |
| Dec. 2020 | 73.6 rupees |
| Jan. 2021 | 73.1 rupees |
| Feb. 2021 | 72.8 rupees |
| Mar. 2021 | 72.8 rupees |
| Apr. 2021 | 74.5 rupees |
| May 2021 | 73.3 rupees |
| Jun. 2021 | 73.6 rupees |
| Jul. 2021 | 74.5 rupees |
| Aug. 2021 | 74.2 rupees |
| Sep. 2021 | 73.6 rupees |
| Oct. 2021 | 74.9 rupees |
| Nov. 2021 | 74.5 rupees |
| Dec. 2021 | 75.4 rupees |
| Jan. 2022 | 74.4 rupees |
| Feb. 2022 | 75.0 rupees |
| Mar. 2022 | 76.2 rupees |
| Apr. 2022 | 76.2 rupees |
| May 2022 | 77.3 rupees |
| Jun. 2022 | 78.1 rupees |
| Jul. 2022 | 79.6 rupees |
| Aug. 2022 | 79.6 rupees |
| Sep. 2022 | 80.2 rupees |
| Oct. 2022 | 82.3 rupees |
| Nov. 2022 | 81.8 rupees |
| Dec. 2022 | 82.5 rupees |
| Jan. 2023 | 81.9 rupees |
| Feb. 2023 | 82.6 rupees |
| Mar. 2023 | 82.3 rupees |
| Apr. 2023 | 82.0 rupees |
| May 2023 | 82.3 rupees |
| Jun. 2023 | 82.2 rupees |
| Jul. 2023 | 82.2 rupees |
| Aug. 2023 | 82.8 rupees |
| Sep. 2023 | 83.0 rupees |
| Oct. 2023 | 83.2 rupees |
| Nov. 2023 | 83.3 rupees |
| Dec. 2023 | 83.3 rupees |
| Jan. 2024 | 83.1 rupees |
| Feb. 2024 | 83.0 rupees |
| Mar. 2024 | 83.0 rupees |
| Apr. 2024 | 83.4 rupees |
| May 2024 | 83.4 rupees |
| Jun. 2024 | 83.5 rupees |
| Jul. 2024 | 83.6 rupees |
| Aug. 2024 | 83.9 rupees |
| Sep. 2024 | 83.8 rupees |
| Oct. 2024 | 84.0 rupees |
| Nov. 2024 | 84.4 rupees |
| Dec. 2024 | 85.0 rupees |
| Jan. 2025 | 86.3 rupees |
| Feb. 2025 | 87.1 rupees |
| Mar. 2025 | 86.6 rupees |
| Apr. 2025 | 85.6 rupees |
| May 2025 | 85.2 rupees |
| Jun. 2025 | 85.9 rupees |
| Jul. 2025 | 86.1 rupees |
| Aug. 2025 | 87.5 rupees |
| Sep. 2025 | 88.3 rupees |
| Oct. 2025 | 88.4 rupees |
| Nov. 2025 | 88.8 rupees |
| Dec. 2025 | 90.1 rupees |
| Jan. 2026 | 90.8 rupees |
| Feb. 2026 | 90.7 rupees |
| Mar. 2026 | 92.8 rupees |
| Apr. 2026 | 93.6 rupees |
| May 2026 | 95.6 rupees |
| Jun. 2026 | 95.0 rupees |
| Jul. 2026 | 95.8 rupees |
| Aug. 2026 | 95.5 rupees |
| Sep. 2026 | 95.5 rupees |
| Oct. 2026 | 95.5 rupees |
GDP growth, compared with the same quarter of the previous year
OECD, from India’s national accounts. The 2020 trough is the pandemic.
Source:OECD
Show the chart data
| Period | GDP growth |
|---|---|
| Q1 2012 | 4.0% |
| Q2 2012 | 3.7% |
| Q3 2012 | 6.6% |
| Q4 2012 | 5.9% |
| Q1 2013 | 5.7% |
| Q2 2013 | 5.7% |
| Q3 2013 | 6.2% |
| Q4 2013 | 7.0% |
| Q1 2014 | 6.7% |
| Q2 2014 | 7.5% |
| Q3 2014 | 7.7% |
| Q4 2014 | 7.0% |
| Q1 2015 | 7.5% |
| Q2 2015 | 7.4% |
| Q3 2015 | 7.4% |
| Q4 2015 | 8.0% |
| Q1 2016 | 9.1% |
| Q2 2016 | 8.9% |
| Q3 2016 | 9.2% |
| Q4 2016 | 8.5% |
| Q1 2017 | 6.5% |
| Q2 2017 | 6.6% |
| Q3 2017 | 6.0% |
| Q4 2017 | 6.6% |
| Q1 2018 | 7.9% |
| Q2 2018 | 7.3% |
| Q3 2018 | 6.9% |
| Q4 2018 | 6.4% |
| Q1 2019 | 5.3% |
| Q2 2019 | 5.0% |
| Q3 2019 | 4.5% |
| Q4 2019 | 3.4% |
| Q1 2020 | 2.6% |
| Q2 2020 | −22.9% |
| Q3 2020 | −5.0% |
| Q4 2020 | 1.7% |
| Q1 2021 | 2.8% |
| Q2 2021 | 23.1% |
| Q3 2021 | 11.1% |
| Q4 2021 | 4.2% |
| Q1 2022 | 4.0% |
| Q2 2022 | 16.3% |
| Q3 2022 | 5.0% |
| Q4 2022 | 8.8% |
| Q1 2023 | 7.8% |
| Q2 2023 | 7.5% |
| Q3 2023 | 8.3% |
| Q4 2023 | 6.1% |
| Q1 2024 | 7.5% |
| Q2 2024 | 7.8% |
| Q3 2024 | 7.2% |
| Q4 2024 | 6.9% |
| Q1 2025 | 6.9% |
| Q2 2025 | 7.2% |
| Q3 2025 | 7.9% |
| Q4 2025 | 7.8% |
| Q1 2026 | 8.4% |
| Q2 2026 | 8.1% |
GDP growth by fiscal year
IMF, April-to-March fiscal years labelled by the year they start, published years only.
Source:International Monetary Fund
Show the chart data
| Period | GDP growth |
|---|---|
| 2010 | 8.5% |
| 2011 | 5.2% |
| 2012 | 5.5% |
| 2013 | 6.4% |
| 2014 | 7.4% |
| 2015 | 8.0% |
| 2016 | 8.3% |
| 2017 | 6.8% |
| 2018 | 6.5% |
| 2019 | 3.9% |
| 2020 | −5.8% |
| 2021 | 9.7% |
| 2022 | 7.6% |
| 2023 | 7.3% |
| 2024 | 7.2% |
| 2025 | 7.8% |
What we know, what we don’t
What the figures establish
- US purchases peaked just before the tariff increase, then fell markedly during the 50% months.
- India’s total exports kept growing, and the US share fell.
- The rupee weakened against the dollar, while GDP growth remained strong.
What they don’t tell
- Who actually pays the tariffs: these series do not say whether Indian exporters cut their prices or US buyers paid more.
- The effect by product (textiles, gems, jewellery): no open, reusable official series could be read.
- The share of tariffs in the rupee’s fall: the exchange rate also depends on interest rates and financial flows.
Sources
Series downloaded from their producers on Nov 12, 2026, the snapshot date. Only published periods are used: no projection.
- International Monetary Fund International Trade in Goods by partner country (IMTS): India, exports FOB, US$
- International Monetary Fund Exchange rates: Indian rupees per US dollar, period average (ER)
- International Monetary Fund World Economic Outlook: real GDP growth (NGDP_RPCH), fiscal years, actual years only
- OECD Key Economic Indicators: GDP growth, same quarter of the previous year (India: national accounts, MoSPI)
- US Census Bureau (via FRED, Federal Reserve Bank of St. Louis) U.S. imports of goods from India (IMP5330) and exports to India (EXP5330), customs basis, millions of US$