Did India Declare a Financial Emergency After USD 60 Billion Market Crash Triggered by Donald Trump’s Tariff? PIB Fact Check Debunks Fake News Peddled by Pakistani Propaganda Account
A viral claim circulating on social media, especially from Pakistani propaganda handles, alleges that India has declared a “financial emergency” after a USD 60 billion market crash, supposedly triggered by a 25% tariff on Indian exports announced by US President Donald Trump.
New Delhi, July 31: A viral claim circulating on social media, especially through Pakistani propaganda handles, alleges that the Indian government has declared a “financial emergency” following a dramatic market crash. According to these posts, the Indian stock market suffered a wipeout of USD 60 billion in market capitalisation after US President Donald Trump announced a 25% tariff targeting Indian exports. The claim further suggests that the situation is so severe that the Government of India has invoked Article 360 of the Constitution — which pertains to financial emergencies — and is set to impose sweeping economic restrictions.
Donald Trump, on July 30, in a post on Truth Social announced that India will pay 25 per cent tariff from August 1 'plus penalty' for buying Russian oil and military arms. Donald Trump Announces 25% Tariff on India Effective August 1, Says India Will Pay ‘Tariff Plus Penalty’ for Energy and Arms Deals With Russia.
Government Refutes Viral Claims of Financial Emergency
However, PIB Fact Check, the official fact-checking arm of the Government of India, has labeled this viral claim as fake. No financial emergency has been declared by the Indian government, and there is no official record or credible news report supporting any such drastic development. India’s economy, while responsive to global cues like tariff announcements or geopolitical shifts, remains resilient, and financial emergencies are constitutionally rare and require specific conditions — none of which currently apply. India’s First Reaction on 25% Tariff Announced by US President Donald Trump: Government Will Take All Steps Necessary To Secure Country’s National Interest, Says MEA.
Citizens are urged to remain cautious, avoid spreading unverified information, and always rely on trusted and official sources for updates.
Fact check
India declared a financial emergency after a USD 60 billion market crash caused by a 25% tariff imposed by Donald Trump.
The claim is fake. No financial emergency has been declared in India, as confirmed by PIB Fact Check.
(The above story first appeared on LatestLY on Jul 31, 2025 09:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).