What Steps Will Piyush Goyal Take to Safeguard National Interests Against Trump Tariffs?
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Synopsis
Union Commerce Minister Piyush Goyal emphasizes India's commitment to safeguarding national interests amid looming tariffs from the US. With India’s economy on a growth trajectory, Goyal outlines the government's proactive measures and ongoing trade negotiations aimed at mutual benefit. Learn how India plans to navigate these challenges.
Key Takeaways
- India is taking decisive actions to safeguard national interests amid US tariffs.
- Commerce Minister Goyal emphasizes India's rapid economic growth and resilience.
- Ongoing trade negotiations aim to finalize a beneficial deal with the US.
- India's GDP growth is projected at 6.4 percent for the upcoming fiscal years.
- The government's commitment to farmer welfare remains a top priority.
New Delhi, July 31 (NationPress) Union Commerce Minister Piyush Goyal asserted on Thursday that India will take all necessary measures to safeguard its national interests while engaging in trade negotiations with various countries, following US President Donald Trump's announcement of imposing 25 percent tariffs and penalties on India effective August 1.
During a session in Parliament, Goyal refuted Trump's comments regarding a "dead economy", highlighting that India has ascended from the 11th to the fifth-largest economy within a decade and continues to be the fastest-growing economy globally.
The Commerce Minister emphasized that international organizations regard India as a bright spot in the global economic landscape.
"India has established mutually advantageous FTAs with the UAE, the UK, Australia, and EFTA nations. We aim to forge similar agreements with additional countries," Goyal stated, noting that through reforms and the efforts of MSMEs and industries, India has emerged as the 4th largest economy and is on track to become the third-largest economy soon.
He added, "We are tirelessly working to protect and uplift our farmers. The government is optimistic about achieving the Viksit Bharat goals. India is making strides toward ‘Make in India’ with renewed confidence."
Goyal mentioned that discussions between India and the US are underway for a mutually beneficial trade agreement expected to be finalized by this fall.
He explained that on April 2, 2025, President Trump issued an executive order regarding reciprocal tariffs, which included a 10 percent baseline duty starting April 5, 2025. This led to a total tariff of 26 percent for India, with full country-specific additional tariffs set to take effect on April 9, 2025, but were extended initially for 90 days and then to August 1.
Discussions for a mutually beneficial Bilateral Trade Agreement (BTA) commenced in March 2025, with the aim to conclude the first phase by October-November 2025, Goyal added.
The International Monetary Fund (IMF) reported this week that India is projected to achieve a 6.4 percent GDP growth in FY26 and FY27, indicating a more favorable external environment than previously anticipated.
The IMF also adjusted its forecast for India's GDP growth for the current fiscal year upward by 20 basis points (bps) to 6.4 percent and did the same for FY27 by 10 bps to 6.4 percent.
The Commerce Ministry previously stated that India and the US have been collaborating on a fair and mutually beneficial bilateral trade agreement over the last few months.
Goyal reiterated, "We are dedicated to this goal. The government prioritizes the protection and advancement of our farmers, entrepreneurs, and MSMEs."
The Centre further declared that it will take all necessary actions to "protect our national interest," as demonstrated in other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK.
Point of View
Our perspective aligns with the nation's interests, highlighting the importance of protecting and promoting our economic sovereignty while engaging in global trade. Minister Goyal's proactive approach underscores India's resilience and ambition to thrive in the international arena.
NationPress
21/09/2025
Frequently Asked Questions
What measures is India taking against US tariffs?
India, led by Commerce Minister Piyush Goyal, is committed to taking all necessary steps to protect its national interests while negotiating trade agreements.
What is the current status of India-US trade negotiations?
India and the US are actively engaged in discussions to finalize a mutually beneficial trade agreement by the fall of this year.
How does India rank in the global economy?
India has risen to the fifth-largest economy in the world, demonstrating significant growth over the past decade.
What are the expected GDP growth rates for India?
The IMF projects India’s GDP growth at 6.4 percent for FY26 and FY27, reflecting a positive economic outlook.
What is the government's stance on farmer welfare?
The government prioritizes the protection and promotion of farmers' welfare and is dedicated to achieving the Viksit Bharat goals.
