Union Minister for Commerce and Industry, Piyush Goyal reacted to the recent tariffs imposed by the United States President Donald Trump on Monday. Goyal’s statement came amid the turmoil in global markets following the recent tariff announcement. He expressed confidence that India’s industries will benefit from the tariff announced by Donald Trump. Goyal added that India is well poised to convert the current global situation into an opportunity.
Piyush Goyal On US Tariffs
Goyal stated that India sees this (US Tariffs) as an opportunity, while speaking to reporters during the FICCI’s 98th Foundation Day celebrations. He also acknowledged the different sentiments expressed by the different sectors upon the tariff announcement. He assured that he is speaking with people from every sector about the issue.
“Every sector has a different sentiment. I am in communication with each one of them. The industries of India see opportunities in this. We are confident that India’s gain is in it,” Union Commerce Minister added.
Goyal also highlighted the growth of India’s startup ecosystem. He stressed that under Prime Minister Narendra Modi’s leadership, the “Start-Up India” initiative, launched nine years ago, has resulted in the rise of over 170,000 startups, up from just 400.
The Minister during his address, stressed that India’s demographic dividend, a 1.4 billion-strong consumer base, and the fastest-growing economy in the world present an unparalleled opportunity. “From a $4 trillion economy today, India is poised to grow to $30-35 trillion in the next 25 years. We have an opportunity of a lifetime,” he declared.
US Secretary Rubio Speaks To EAM Jaishankar
Meanwhile, US Secretary of State Marco Rubio held a discussion with External Affairs Minister (EAM) S Jaishankar. According to the statement from the Spokesperson of the US State Department, Tammy Bruce, both leaders spoke on the progress of a fair and balanced trade relationship and US reciprocal tariffs on India.
“Secretary of State Marco Rubio spoke with Indian External Affairs Minister Subrahmanyam Jaishankar today. The Secretary and External Affairs Minister affirmed the strength of the U.S.-India strategic partnership and discussed opportunities to deepen collaboration in the Indo-Pacific region. They also discussed U.S. reciprocal tariffs on India and how to make progress toward a fair and balanced trade relationship,” the statement read.
What Does Global Trade Research Initiative Report Predict?
The discussion around tariffs and how India could be affected by them is ongoing. Different sectors, market experts, and industry leaders have all shared different views on it. Moreover, according to a research report by the Global Trade Research Initiative (GTRI), India could see a decline of USD 5.76 billion or 6.41 per cent, in exports to the US because of the tariffs in 2025. The research further lists the sectors where India may gain or lose ground. It offers a nuanced picture of the challenges and opportunities emerging from the new US tariff regime. The tariffs are expected to have a mild impact on India’s merchandise exports to the US.
