When Trade Lies Meet Economic Truths: How India & Russia Are Busting Trump’s ‘Dead Economy’ Myth

SYNOPSIS

Trump’s bold claim that India and Russia are “dead economies” triggered global backlash, but real data shows strong growth, rising exports and booming trade. So, what is the truth behind his words?

"Debunking Trump’s ‘Dead Economy’ Narrative: How India and Russia Are Reshaping Global Trade"

Trump’s Statement and Global Reaction

Recently, Donald Trump called India and Russia “dead economies.” He also said he will put a 25% tariff on all Indian goods going to the United States. He was unhappy that India is buying oil from Russia, which he believes supports the war in Ukraine. His statement created strong reactions from Indian leaders and the business world.

But when we look at real data, it shows that both India and Russia are not “dead.” Their economies are growing well.

India’s Economy Is Growing Strong

India’s economy is currently the fourth largest in the world. In 2024–25, India’s nominal GDP was ₹293.9 lakh crore (about $4.19 trillion). India’s real GDP grew by 6.5%, and nominal GDP grew by 9.9%.

India’s exports are also rising. In 2024–25:

• Goods exports were $437.06 billion

• Services exports were $341.77 billion

• Total exports were $778.83 billion

  
  

Foreign companies continue to invest in India. From April 2000 to December 2024, India received ₹89.85 lakh crore (about $1.05 trillion) in foreign direct investment (FDI).

The IMF (International Monetary Fund) expects India’s economy to grow by 6.4% in 2025–26. In comparison, the U.S. is expected to grow by 2.0%.

All this shows that India’s economy is not dead. It is growing fast and becoming stronger.

Russia’s Economy Is Still Active

In 2023, Russia’s nominal GDP was $2.08 trillion, making it the 11th largest economy in the world. The Russian government said the GDP grew by 5.9%. Other groups, like the IMF, said the growth was around 3.6%.

Russia’s total exports in 2023 were $425.1 billion. Around 59% of these exports were oil and gas. Russia still earns money from key areas like mining, manufacturing, and energy.

Even after sanctions from the West, Russia can trade and grow. This shows that its economy is not weak or dead.

India and Russia: Strong Trade Partners

India and Russia have a strong relationship in trade and energy. Today, Russia supplies more than 35% of India’s crude oil needs. Before the Ukraine war, that number was only 0.2%.

India has said that it buys oil based on business deals, not politics. Russian oil is cheaper, and that helps India save money.

India and Russia also work together in other areas like defence, nuclear power, and space. Their trade partnership is growing.

India-U.S. Trade Is Also Important

Even though Trump made strong comments, trade between India and the United States is still very high.

In 2023:

• India–U.S. total trade was $119.48 billion

• India exported $76.15 billion to the U.S.

• India imported $43.33 billion from the U.S.

  
  

The U.S. is India’s biggest trading partner. Many American companies are moving to India and investing in Indian factories and services.

Trump said Indian tariffs are too high. India’s average tariff is indeed 11.7%, while the U.S. has 2.3%. But even with higher tariffs, the U.S. and India continue to trade a lot.

Conclusion: Data Shows the Truth

Trump’s words say one thing, but the data tells a different story.

India’s economy is growing quickly. It is exporting more, getting foreign investments, and building strong trade ties. Russia is still exporting a lot, especially oil and gas. It is also growing despite many challenges.

Both countries are active in world trade and are making their economies stronger. The facts prove that India and Russia are not dead economies. They are very much alive and growing.

Dhairya Mehta