India Set to Transform Current Market Changes into Opportunities: Piyush Goyal
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Synopsis
Union Commerce and Industry Minister Piyush Goyal has expressed that India is in a prime position to turn current market fluctuations into opportunities, particularly with the US's reciprocal tariffs affecting trade. He emphasizes the need for fair trade practices and nationalism within Indian industries.
Key Takeaways
- India aims to convert market fluctuations into opportunities.
- Piyush Goyal stresses the importance of nationalism and honest values.
- Unfair trade practices are a concern with China's growth story.
- India and the US are accelerating talks on a bilateral trade agreement.
- Trump imposed a 27% tariff on Indian imports.
New Delhi, April 7 (NationPress) Union Commerce and Industry Minister Piyush Goyal stated on Monday that India is strategically positioned to transform the existing market changes into a significant opportunity, particularly in light of the reciprocal tariffs established by the US.
During his speech at the 'India Global Forum', the minister emphasized that Indian industries must prioritize nationalism in their operations, aiming to turn the present challenges into an opportunity.
He noted, “Unless we incorporate a balance of honest values, we will witness further instability across the globe.”
Regarding China’s growth narrative, Goyal pointed out that the core of this growth was supported by unfair trade practices.
He stressed, “The aim is to restore fair play and ensure that goods and services are priced at an honest value. Without this balance, the world is likely to experience increased turbulence.”
The minister also remarked that Prime Minister Narendra Modi and US President Donald Trump share a strong friendship, underscoring the importance of swiftly concluding the US-India Bilateral Trade Agreement (BTA).
Concurrently, both nations expressed their desire for an early conclusion of a bilateral trade agreement.
In anticipation of and following US President Donald Trump's announcement of a reciprocal tariff of 26 percent on Indian goods, the two countries have intensified discussions regarding the agreement.
External Affairs Minister (EAM) S. Jaishankar shared insights on the Indo-Pacific, the Indian Subcontinent, Europe, the Middle East/West Asia, and the Caribbean in a post on X after a conversation with his American counterpart, Secretary of State Marco Rubio.
He mentioned, “We agreed on the necessity of swiftly concluding the Bilateral Trade Agreement,” and added, “I look forward to staying in contact.”
On April 2, Trump enacted a 27 percent tariff on imports from India.
