Indias economy is facing near-term headwinds from unsettled ties with the United States, global energy prices and the lack of a significant “AI play”, Chief Economic Adviser V. Anantha Nageswaran said. He described India-US relations as being in an “uneasy equilibrium” amid lingering tariff issues and fresh risks from US levies on countries buying Russian energy. Nageswaran also said India cannot align itself with any global bloc, though maintaining that independence could mean higher energy costs and periodic supply disruptions.