‘Do not panic, have a look at silver lining’: Piyush Goyal to Indian exporters amid Trump tariff pressure
“Do not panic, have a look at the silver lining,” Union Minister of Commerce and Trade Piyush Goyal instructed Indian exporters on Wednesday, as he held high-level discussions with Export Promotion Councils and trade our bodies in New Delhi amid rising commerce tensions following contemporary tariffs imposed by the US.
The assembly got here simply days after US President Donald Trump imposed a 26 per cent further responsibility on Indian items, alongside steeper tariffs on China (104%), Vietnam (46%), Indonesia (32%), and Thailand (36%). The brand new duties got here into impact on April 9, dealing a blow to sectors like shrimp, carpet, medical units, and gold jewelry.
Addressing trade leaders, Goyal praised exporters for his or her efficiency regardless of world headwinds. “Despite a number of headwinds together with the Crimson Sea disaster, Israel-Hamas battle spilling over to Gulf area, continuation of Russia-Ukraine battle and sluggish development in some developed economies,” he stated, “the exporters have proven resilience and efforts,” pointing to a document export determine of over USD 820 billion in 2024–25, marking almost 6% year-on-year development.
Goyal assured the trade that the federal government is intently monitoring the evolving world commerce surroundings and dealing “in a proactive method” to assist Indian exporters. He stated the workforce formulating India’s place on the Bilateral Commerce Settlement (BTA) with the U.S. is “exploring the correct mix and the proper steadiness” and added, “We’re working with pace however not in undue haste to make sure the proper end result for the nation.”
He attributed the continued BTA negotiations to “the foresight of Prime Minister Narendra Modi who was one of many first world leaders to agree on the BTA in his assembly with President Trump in February 2025.”
Goyal famous that completely different nations are responding to tariff modifications in their very own methods however stated India might emerge stronger. “There’s a potential for enhance in manufacturing, creation of further jobs as a result of it could actually entice large gamers in world provide chain as India has been capable of set up itself as a trusted and dependable accomplice and with a predictable business-friendly vacation spot.”
The assembly was attended by representatives from varied Export Promotion Councils, trade our bodies, and officers from the Commerce and different line ministries. Exporters raised considerations concerning the direct impression of recent duties and sought proactive measures from the federal government to cushion the blow.
Regardless of a slowdown in merchandise exports—India’s outbound shipments stood at USD 395.63 billion throughout April–February 2024–25, nearly flat from the earlier 12 months—companies exports continued to point out power, rising to USD 354.90 billion from USD 311.05 billion in the identical interval final 12 months,
Goyal reaffirmed the federal government’s dedication to enabling a conducive surroundings for commerce. “We’ll work to supply a conducive surroundings to allow exporters to efficiently navigate the latest modifications within the world commerce surroundings,” he stated.
