Union Commerce Minister Piyush Goyal on Thursday assured Parliament that India will take all necessary steps to protect the national interest during trade negotiations.
His statement came after US President Donald Trump announced a 25 per cent tariff along with a penalty on Indian goods, effective from August 1.
Goyal dismissed Trump’s ‘dead economy’ remark, saying India has moved from the 11th to the fifth-largest economy in the past decade. He highlighted that India remains the fastest-growing economy in the world and continues to attract global recognition.
The Commerce Minister said international agencies view India as a bright spot in the global economy. He underlined that India has already signed free trade agreements (FTAs) with the UAE, UK, Australia, and EFTA countries, and aims to finalise similar deals with more nations.
Goyal said India and the US are actively negotiating a bilateral trade agreement expected to conclude by the end of 2025.
“Talks began in March 2025, and the goal is to complete the first stage by October–November 2025,” he stated.
He explained that the US had initially imposed a 10 per cent baseline duty from April 5, 2025, under a reciprocal tariffs policy.
India’s additional 16 per cent country-specific duty was scheduled to come into effect on April 9 but was deferred to August 1 following extensions.
India Confident of Economic Growth and Reforms
Goyal said the government remains focused on promoting MSMEs, farmers, and industry. He noted that India is progressing confidently under the ‘Make in India’ initiative and is on course to become the third-largest economy soon.
The International Monetary Fund (IMF), in its latest World Economic Outlook, revised India’s GDP growth forecast to 6.4 per cent for FY26 and FY27.
The upward revision attributed to an improved external environment compared to earlier assumptions.
The Commerce Ministry, in an earlier statement, reaffirmed India’s commitment to a fair and balanced bilateral trade agreement with the US. It stressed that all trade negotiations would prioritise the welfare of farmers, MSMEs, and entrepreneurs.
The Centre also cited its recent Comprehensive Economic and Trade Agreement with the UK as an example of its commitment to protecting national interest in global trade deals.
Also Read: Discord In Congress Over Rahul Gandhi’s Endorsement Of Trump’s ‘Dead Economy’ Remarks
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