India, which has been slapped with the highest 50 per cent tariffs on goods it sends to the US, remains one of the few large economies that is yet to sign a trade deal with Washington. “The rupee’s valuation does not accurately reflect India’s stellar economic fundamentals,” the survey said, even though the “undervalued” currency “offsets, to some extent, the impact of higher American tariffs on Indian goods”. The International Monetary Fund forecasts 6.2 per cent growth in the coming financial year, if steep tariffs remain in place. The Economic Survey, authored by Chief Economic Adviser V Anantha Nageswaran, said the “ongoing trade negotiations with the United States are expected to conclude during the year, which could help reduce uncertainty on the external front”. One of the tools the survey suggested to counter global trade and other headwinds was the implementation of ‘Swadeshi’ as a disciplined strategy.