New Delhi: The Indian government has categorically denied social media rumours suggesting that a financial emergency has been declared in the country following US President Donald Trump’s announcement of a 25% tariff on Indian goods.
On Friday, the Press Information Bureau’s (PIB) Fact Check unit debunked a viral claim that alleged India’s financial markets lost $60 billion, triggering a constitutional emergency. The claim was amplified by a Pakistani propaganda account, the government said.
What Was the Claim?
A viral social media post, originating from an account linked to Pakistani sources, claimed that:
- India had declared a financial emergency
- The move was in response to Trump’s 25% tariff on Indian imports
- India had suffered a $60 billion stock market crash
The post, devoid of any official sources, quickly spread across platforms like X (formerly Twitter), WhatsApp, and Facebook.
What’s the Truth?
The PIB Fact Check team responded swiftly:
“A Pakistani propaganda account is claiming that a financial emergency has been declared in India following a $60 billion market wipeout due to a 25% tariff announced by Donald Trump. This claim is fake,” the agency posted.
Officials confirmed that:
- No financial emergency has been declared
- India’s economy remains stable, despite global market turbulence
- The Constitution remains fully in force, and no emergency provisions have been activated
ALSO READ| Trump Announces 25% Tariff on India, Penalty for Buying Russian Arms and Energy
Earlier this week, Donald Trump imposed a 25% tariff on Indian goods, part of a broader set of measures affecting dozens of trading partners. He also mentioned an unspecified “penalty” for India’s continued purchase of Russian energy and military equipment.
“India has very high tariffs and non-monetary trade barriers,” Trump claimed on his platform, Truth Social.
“They buy most of their military hardware from Russia at a time when the world wants Russia to stop the killing in Ukraine.”
India has refused to retaliate, choosing instead to keep trade dialogue open while exploring an increase in non-defence imports from the US, such as LNG, gold, and telecom equipment.
How Have Markets Reacted?
While Indian markets experienced minor fluctuations, there has been no crash or wipeout of the scale mentioned in the viral post. Financial experts say markets have already priced in global trade tensions, and the Indian economy remains resilient.
Misinformation Watch: Stay Alert
This incident highlights the growing use of misinformation by foreign propaganda networks to sow panic during sensitive geopolitical developments. The PIB urges citizens to verify any breaking news through official government channels or fact-checking agencies before sharing.
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