Billionaire Anand Mahindra, chairman of India’s largest SUV maker, can’t understand why Indian markets seem perturbed by the threat of a global tariff war. "Small, export focused countries stand to lose. Countries with large domestic economies can easily withstand tariff threats," Mahindra tweeted on Thursday. As US President Donald Trump’s steel tariff prompts concern about retaliation and a trade war, the head of the $19bn Mahindra Group was quick to highlight India’s fortunate position as the world’s fastest-growing major economy. And one heavily focused on domestic consumption. India is the third-biggest producer of steel, yet only 0.2% of the material it mills found its way to the US in January, according to data from the US government and the World Steel Association. Instead, India’s steel factories are boosting production to keep up with Prime Minister Narendra Modi’s infrastructure plans as he aims to transform aging infrastructure across the country and create "smart cities...
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