"India has to accept reality. We have no choice but to build a resilient, production-based economy that works for all Indians," he added.

Donald Trump has upended all major and emerging markets after he imposed tariffs against China, the biggest manufacturing powerhouse of the world.

He has also imposed reciprocal tariffs against other nations, including India.

Markets crash in India

The repercussions of Donald Trump's tariff war were felt in India as stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points.

The 30-share BSE Sensex crashed 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.

The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.

In Asian markets, Hong Kong's Hang Seng index tanked more than 13 per cent, Tokyo's Nikkei 225 plunged nearly 8 per cent, the Shanghai SSE Composite index dropped over 7 per cent and South Korea's Kospi sank over 5 per cent.