India poised to convert current market fluctuations into an opportunity: Piyush Goyal

IANS April 7, 2025 233 views

Union Minister Piyush Goyal has outlined India's strategic approach to navigating current market uncertainties caused by US trade policies. He emphasized the importance of maintaining nationalist economic principles while seeking fair trade practices. Goyal highlighted the strong relationship between Prime Minister Narendra Modi and US President Donald Trump as a potential pathway to resolving trade tensions. The minister's comments suggest India is positioning itself to convert current market challenges into potential economic opportunities.

"Unless we bring in the balance of honest values, we will see the world have more instability" - Piyush Goyal
New Delhi, April 7: Union Commerce and Industry Minister Piyush Goyal said on Monday that India is well poised to convert the current market fluctuations into an opportunity, against the backdrop of the reciprocal tariffs imposed by the US.

Key Points

1

India seeks fair trade practices amid US tariff challenges

2

Goyal emphasizes nationalist economic approach

3

Modi-Trump relationship key to bilateral negotiations

4

Early trade agreement resolution targeted

In his address at the 'India Global Forum' here, the minister said that Indian industries need to keep nationalism at the core of their work, and look to convert the current set of challenges into "opportunity".

"Unless we bring in the balance of honest values, we will see the world have more instability," he said.

On the Chinese growth story, 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.

"Exchanged perspectives on the Indo-Pacific, the Indian Subcontinent, Europe, Middle East/West Asia and the Caribbean," External Affairs Minister (EAM) S. Jaishankar wrote in a post on X after a phone call with his American counterpart, Secretary of State Marco Rubio.

"Agreed on the importance of the early conclusion of the Bilateral Trade Agreement," he went on to write in the post, adding, "look forward to remaining in touch".

On April 2, Trump imposed a 27 per cent tariff on Indian imports.

Reader Comments

R
Rahul K.
This is exactly the kind of leadership we need! Turning challenges into opportunities is what makes India strong. 🇮🇳 The focus on fair trade practices is refreshing after years of imbalanced global trade.
P
Priya M.
While I appreciate the optimism, I hope we're not being too naive about the US trade relationship. Their tariff policies seem quite aggressive - is "friendship" enough to protect our economic interests?
A
Amit S.
Finally someone calling out China's unfair practices! Their growth came at the expense of other economies. India's approach seems more sustainable in the long run.
S
Sanjana R.
The BTA could be a game-changer for Indian exporters if negotiated well. But 27% tariffs sound painful in the short term 😬 Hope our industries can adapt quickly!
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Vikram J.
"Nationalism at the core of their work" - this phrasing worries me a bit. Economic policy should focus on competitiveness, not nationalism. Otherwise we risk repeating China's mistakes.
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Neha P.
The Indo-Pacific focus is crucial! With proper trade agreements, India could become the manufacturing alternative to China that the world needs right now. Fingers crossed! 🤞

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Tags:
Piyush Goyal India Trade US Tariffs Economic Strategy Narendra Modi Donald Trump
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