Ajay Srivastava on India's place in the chaos of world trade

In this episode we explore: How Trump's tariffs reshaped the global order — and why every major economy (except China) surrendered The Supreme Court ruling on tariffs and what it means for India's ongoing US trade deal negotiations Section 301 investigations: naked bullying or legitimate trade pressure? India's energy sovereignty dilemma — should we have continued buying Russian oil? Why India's trade agreements are peripheral — and what actually drives export competitiveness The product gap: why India excels at assembly but falls short on deep manufacturing China's $110B+ trade surplus with India — a problem of low exports, not high imports WTO's slow death and the shift toward coalition-based trade rules What India must do: reverse engineering, anchor firms, and plug-and-play industrial clusters This conversation spans India's trade history from the pre-liberalisation era to today — and makes the case that trade deals are the periphery; the real battle is product development and industrial depth. Chapters: 0:00 – Intro & teaser highlights 0:48 – The fracturing of the rules-based trade order 1:56 – Guest intro: Ajit Singh (GTRI) 3:16 – Trump's biggest contribution to trade literacy 4:32 – Why every major economy surrendered to Trump 6:45 – India's strategy in a fragmented world 9:23 – Recap: One year of Trump tariffs 15:42 – India's sovereignty dilemma: Russian oil & the US trade deal 20:32 – India's FTAs: 23 agreements and what they actually achieve 28:20 – Trade deals are peripheral — product quality is what matters 37:05 – India–China trade: $110B deficit explained 40:48 – What India must prioritise to become competitive 45:38 – The WTO: history, decline, and uncertain future 52:46 – Inside a trade negotiation: what really happens in the room