Union Minister Piyush Goyal on Friday said India would not “bow down to anybody” as global trade tensions rise, including over the United States’ decision to impose an additional 25 per cent tariff on Indian goods in response to New Delhi’s continued purchase of Russian oil.
Speaking at the India@100 Summit, Goyal said India was “much stronger and self-confident” than before, growing at an annual rate of six-and-a-half per cent and poised for faster expansion.
“India will always emerge victorious during challenging times,” he said, citing the country’s record of turning crises, including the Covid-19 pandemic, into opportunities.
Rejecting suggestions that the world was entering a phase of “deglobalisation,” Goyal said countries were instead restructuring their trade routes and partnerships. “I am quite confident that India will do more exports this year than last year,” he said, adding that the government had put measures in place to counter trade barriers.
On future free trade agreements, the minister said India’s strategy had shifted beyond seeking tariff concessions. Recalling negotiations with the European Free Trade Association (EFTA), he told them: “We are a USD 4 trillion economy and the fastest-growing large economy in the world. We have the power of youth, while you have an ageing population.”
Goyal said EFTA nations had agreed to invest USD 100 billion in India, creating 10 lakh direct jobs and about 50 lakh jobs in total. “From October 1, the EFTA agreement is going to come into effect and the benefits will be visible,” he said.
He also criticised Congress MP Rahul Gandhi for calling the Indian economy “dead,” saying such remarks were a matter of shame. “Parroting a negative narrative by the leader of the opposition is a matter of shame. I condemn him for that, and frankly, the nation will never forgive Mr Rahul Gandhi for these demeaning comments about the great story that Bharat is demonstrating to the world,” Goyal said.
Highlighting India’s economic resilience, the minister said the rupee, foreign exchange reserves, stock markets, and economic fundamentals remain strong, with inflation among the lowest globally compared to other emerging economies. “The whole world recognises us as the fastest-growing large economy, contributing 16 per cent to global growth,” he added.
Goyal praised the transformation of the IT industry since 2000, which he said had created thousands of jobs, and reiterated that India’s 1.4 billion young, skilled, and aspirational citizens remain a major draw for international partners.
Looking ahead, he said India is actively pursuing or finalising trade agreements with the UAE, Mauritius, Australia, the EFTA bloc, the UK, the EU, Chile, Peru, New Zealand, the US, and other nations.
“India today is stronger, more respected, led by a tall leader in Prime Minister Narendra Modi,” he said, expressing optimism about the country’s role in the evolving global trade order.
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