What happened
At the Kautilya Economic Conclave on October 4, 2026, DEA Secretary Anuradha Thakur said her hope is that trade's rules of the game survive new US sanctions powers.
Why it matters
Indian exporters now face tariff risk up to 100% on Russian-energy buyers, so credibility, free trade agreements and stable bonds become the government's answer.
Remember this
Rules-based trade is India's hedge against tariff chaos.
More context & who is affected
At the Kautilya Economic Conclave on October 4, DEA Secretary Anuradha Thakur hoped the rules of the game survive, even as US sanctions law opened the way to tariffs up to 100% on Russian oil buyers.
She argued India's credibility comes from fiscal consistency, discipline and deregulation, and cited recent free trade agreements as proof that durable partnerships can still be struck.
The Economic Times adds the scale: government bonds now exceed 80% of global GDP.
- US tariff threat
- 100% Maximum tariff the US sanctions law authorises on countries that keep buying Russian oil and gasMoneyControl
- Sovereign bond market size
- 80%+ of global GDP Government bonds as a share of global GDP, per The Economic Times account of the conclaveThe Economic Times
- India FTAs signed
- Several Free trade agreements India has signed in recent years, offered as proof of durable partnershipsMoneyControl
Why she pointed to free trade
Speakers at the Kautilya Economic Conclave framed rules-based trade as the counterweight to tariff shocks, and The Economic Times reported that private investment in India is beginning to revive.
- Fiscal consistency, discipline, reforms and deregulation were presented as the base of India's credibility.
- Recent free trade agreements were cited as proof that durable partnerships can still be struck.
Business Executives
US sanctions powers put tariffs of up to 100% on the table for Russian-energy buyers, adding cost and order-book risk for exporters.
Business Executives
Free trade agreements and a defended rules-based stance signal that cross-border business can still be planned around durable partnerships.
General Public
With government bonds above 80% of global GDP, the health of rules-based capital markets sits under almost every saver and borrower.
Reporting fromMoneyControl ↗The Economic Times ↗
Sources & verification2 sources · 4 claims
These are the records behind this briefing. Linked reporting is not the same as independent confirmation.
- MoneyControlReporting
DEA Secretary Anuradha Thakur hopes 'rules of the game' hold amid global trade uncertainty ↗
· Accessed Oct 5, 2026 - The Economic TimesReporting
Capital limited but confidence in rules of trade, fiscal path of large economies: DEA secretary ↗
· Accessed Oct 5, 2026
Claims and linked sources
At the Kautilya Economic Conclave on October 4, 2026, Thakur said the hope is that the rules of the game will still play out.
A new US sanctions law gives Trump authority to impose tariffs of up to 100% on countries that keep buying Russian oil and gas.
Thakur said India's credibility is built through sustained fiscal consistency, discipline, reforms and deregulation, and cited recent free trade agreements as evidence of durable partnerships.
Government bonds now amount to more than 80% of global GDP, making sovereign bond markets the largest pool of debt and investment.
