India’s bilateral trade activity fell 2.2% year over year in February. That was led by a 5.4% drop in imports after a 0.6% increase in the prior three months, including a 6.5% slide in imports of electronics goods in February. The latter indicates the tariff-led “Make in India” industrial developments. strategy is delivering its aims. Yet, evidence from China and South Korea suggests regional supply chains in electronics are also weak. India’s export expansion of 2.5% compared to declining exports seen in four out of five other countries – including China – that have reported February da...