The survey — officially initiating the lead-up to the Union Budget set to be released on Sunday — credits trade diversification, GST reforms, and an undervalued rupee for buffering shocks from 50% duties imposed since August 2025. ADVERTISEMENTAs per the survey, India’s diamond hub Surat faces acute pain, with the US absorbing over 50% of gems exports worth over $20B annually. Tariffs erode pricing edge, threatening 12-15 lakh jobs; CRISIL warns 70% export drop to rivals like Vietnam. Labour-intensive apparel, bed linen hit hardest by 50% duties, risking market share to Bangladesh. MSMEs (45% exports) vulnerable; Survey notes 1.86% December export rise to $38.5bn but flags widening $25bn deficit.