India and the United States are not competitors but rather partners in trade, as both nations manufacture goods at different costs, Commerce Minister Piyush Goyal said on Saturday.
Speaking at the ‘ABP News Ideas of India Summit’, he stated that the evolving trade policies under US President Donald Trump could bring more opportunities for Indian businesses rather than creating trade tensions.
He explained that products made in India are not produced in the US at the same price, and India benefits from American advancements in artificial intelligence, defence, and innovation.
Goyal highlighted the vast economic gap between the two countries, pointing out that the US has a per capita income of $80,000, while India’s stands at just $3,000.
He dismissed concerns about India being overly dependent on imports, saying that while some products may not be manufactured domestically due to a lack of expertise, the country would continue to import them when necessary.
He also noted that India is not against imports but aims to build self-reliance where possible.
The Commerce Minister addressed the ongoing discussions with electric vehicle manufacturer Tesla, stating that the company would find a strong demand in India if it decides to enter the market.
He reaffirmed the government’s commitment to promoting electric mobility and welcomed Tesla, along with other global manufacturers, to invest in India.
Concerns remain among Indian industries about the potential impact of Trump's tariff policies, particularly on sectors that rely heavily on US trade.
Pharmaceutical companies saw stock prices drop last week after Trump warned of possible tariffs on cars and pharmaceutical products.
Similarly, the US government recently imposed a 25 per cent import duty on steel and aluminium, raising fears of increased costs for Indian exporters. Trump has also signalled plans for reciprocal tariffs in April, a move that could affect India’s exports.
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