In light of the reciprocal tariffs imposed by the United States, Union Commerce and Industry Minister Piyush Goyal stated on Monday that India is in a strong position to turn the current market swings into an opportunity.
The minister stated during his speech at the “India Global Forum” that Indian firms must maintain nationalism at the center of their operations and seek to turn the current set of obstacles into “opportunities.”
He stated, “We will see more instability in the world unless we bring in the balance of honest values.”
On the Chinese growth story, Mr Goyal said that the foundation of China’s growth was fuelled by unfair trade practices.
“The focus is to bring back fair play, pricing of goods and services at an honest value. Unless we bring this balance, the world will be in more turbulence,” he added.
Prime Minister Narendra Modi and US President Donald Trump are “very good friends”, the minister stated, stressing the early conclusion of the US-India bilateral trade agreement (BTA).
Meanwhile, India and the US on Monday said that they both wanted an “early conclusion” of a bilateral trade agreement.
The two countries have accelerated talks on the agreement in the run-up to and following US President Donald Trump’s announcement of a reciprocal tariff of 26 per cent on goods from India, along with a broader levy of varying degrees that covers nearly all of America’s trading partner countries.
Following a phone conversation with Secretary of State Marco Rubio of the United States, External Affairs Minister (EAM) S. Jaishankar posted on X, saying, “Exchanged perspectives on the Indo-Pacific, the Indian Subcontinent, Europe, Middle East/West Asia and the Caribbean.”
He continued in the post by writing, “Agreed on the importance of the early conclusion of the Bilateral Trade Agreement,” and he added, “look forward to remaining in touch.”
Trump levied a 27% duty on Indian goods on April 2.
