At the Hindustan Times Leadership Summit 2025, Morgan Stanley’s Ridham Desai says the recent US tariffs are not a game‑changer for India, with the duties covering only around 1.2% of India’s GDP and having negligible impact on domestic markets. He notes that foreign investors are more fixated on the headline risk because it involves goods trade, but argues a deal is in the works and India’s long‑term “secular” growth story remains intact.