Indian Economy Stays Strong Amid Global Challenges: HM Amit Shah on US Tariffs
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Synopsis
Union Home Minister Amit Shah reassured that external pressures like US tariffs will not induce panic among Indian citizens, emphasizing the resilience of the domestic economy amidst global uncertainties.
Key Takeaways
- Indian economy is resilient against external pressures.
- Impact of Trump tariffs is yet to be determined.
- India is negotiating a bilateral trade agreement with the US.
- US tariffs affect multiple countries, not just India.
- Open discussions with the Trump administration are ongoing.
New Delhi, April 9 (NationPress) Union Home Minister Amit Shah stated on Wednesday that external pressures will not instigate panic among Indian citizens, as the domestic economy remains robust despite global challenges, particularly following the implementation of US reciprocal tariffs.
While addressing attendees at the ‘Rising Bharat Summit’ in the national capital, Home Minister Amit Shah remarked that it is premature to assess the effects of Trump tariffs, but he confidently asserted that India’s economy can withstand such pressures.
“It’s too early to evaluate the impact. India is not alone in facing tariffs; numerous nations are in the same situation. Our products might also find markets in other countries,” the Home Minister conveyed to the audience.
Amit Shah elaborated that US tariffs are a multifaceted concern, and it would be imprudent to rush to conclusions. He reiterated that India’s economy is resilient and reassured that such external challenges will not cause alarm among the populace.
Previously, Union Commerce Minister Piyush Goyal indicated that India will collaborate with the US to seek exemptions from President Donald Trump’s 27 percent reciprocal tariffs.
India has come to an agreement with the US to finalize a bilateral trade agreement (BTA) by the autumn of this year. As per External Affairs Minister S. Jaishankar, New Delhi aims to solidify this trade deal, especially since the repercussions of US reciprocal tariffs remain uncertain.
“We decided to engage the (Donald) Trump administration early regarding these matters, and our discussions have been very open and constructive, as theirs have been with us. We have agreed to negotiate a bilateral trade agreement by this fall,” he mentioned earlier at the event.
Following discussions between Prime Minister Narendra Modi and President Trump in Washington DC in February, both nations announced their intention to negotiate the initial phase of the BTA by the fall of 2025.
