India’s GDP growth slowed to 5.4% in Q2, the rupee is under pressure, and Trump’s tariff war is the new “taper tantrum” — what does it mean for Indian markets?

Banking journalist Tamal Bandyopadhyay and co-panellist dissect India’s economic moment in this sharp, numbers-driven conversation. Corporate and banking balance sheets are the healthiest they’ve been in years (net NPAs under 1%), fiscal deficit discipline holds, and demand data from Kumbh Mela is expected to lift Q4 numbers. But the rupee is depreciating, foreign exchange reserves are falling, and bank credit growth remains sluggish.

The defining risk, however, is external: Trump’s tariff unpredictability — labelled “Trump tantrum,” far larger than the 2013 taper tantrum — has made global economics more politics-driven than at any point in recent memory. The panel offers a nuanced, real-time diagnostic of India’s macro resilience against a backdrop of historic global uncertainty, asking whether India’s structural strengths can outlast the geopolitical storm.

About the Speakers:
Tamal Bandyopadhyay is a prominent Indian business journalist, author, and columnist, renowned for his deep insights into the banking and finance sector. He is best known for his long-running weekly column, Banker’s Trust, which offers incisive analysis of India’s financial landscape. Currently, he serves as a Consulting Editor at Business Standard and is a Senior Adviser to Jana Small Finance Bank.

Vineet Bhatnagar is a seasoned Indian finance professional with over two decades of experience in the financial services industry. He currently serves as the Managing Director and Chief Executive Officer of PhillipCapital (India) Pvt. Ltd., a position he has held since 2012.

Moderator:

Milee Ashwarya (Publisher, Penguin Random House)