India will never bow down, says Piyush Goyal on US tariffs

Union Commerce and Industry Minister Piyush Goyal, in an apparent reference to US President Donald Trump’s decision to impose a 50 per cent tariff on Indian goods, has said that India will neither bow down nor become weak. Goyal also said that India would look for new markets for its products, adding that if any country wants to sign a beneficial free-trade agreement, India was always ready for it.

Speaking at an event in Delhi, Goyal also stated that he was confident India’s exports for the current year would surpass those of last year.

“If anyone wants to sign a beneficial free-trade agreement with us, we are always ready for it. But in case of any kind of discrimination, in view of the self-respect of 140 crore Indians, we will neither bow down nor become weak. We will keep progressing together and capture new markets. I can guarantee you, this year our exports will be more than last year’s,” said Goyal on Friday.

Also Read: Jaishankar to US on Russian oil: Don’t like it? Don’t buy it

‘India an import-dependent economy’

According to the data of the Ministry of Commerce and Industry, in the last fiscal India's total exports have touched an all-time high of USD 824.9 billion. This was a growth of 6.01 per cent over USD 778.1 billion of exports in 2023-24, which was a new milestone for India's exports, reported ANI.

Criticising a section of analysts for their pessimistic views of India’s exports in the wake of US tariffs, Goyal said that they should understand that since India was an “import-dependent economy”, reduced exports to the US will have very little impact on India.

"Our share in the global market is so small--why should we be afraid? I don't know how these analysts write such things without realising that India is an import-dependent economy. During COVID, when there was a crisis, the government stood firm, and India's industrial sector managed even a pandemic like COVID, and also handled nuclear sanctions. After all that, if there's a 2 per cent impact on India's GDP, and even within that, 40% of the items aren't even covered," said Goyal as quoted by ANI.

Also Read: Jaishankar rebuts Trump, says China is Russia's top oil buyer

Russian oil and Trump’s tariffs

His comments come at a time when India-US ties have nose-dived due to Trump’s tariffs on Indian goods. Earlier, External Affairs Minister S Jaishankar had refuted Trump, stating that it was not India, but China that was the largest importer of Russian oil. Trump has claimed that Russia was using the revenue from Indian oil purchases to fund its war in Ukraine and cited it as the reason behind slapping 25 per cent retaliatory tariffs on Indian goods.