Indian economy is self-reliant, and impact will be extremely minimal: BJP's Zafar Islam on Tariffs

"India's economy is growing rapidly," Islam stated. "In every sector, especially in power, we are witnessing significant development."

Addressing concerns about international economic policies, Islam remarked, "There is global nervousness around Trump's tariffs. However, the Indian economy is self-reliant, and the impact on it will be extremely minimal."

He further elaborated on the indicators of economic strength: "If you look at high-frequency data, it clearly shows the strength of the Indian economy--whether it's strong capital expenditure or sustained growth momentum."

Reflecting on the government's journey since 2014, Islam said, "When we came to power in 2014, PM Modi began working on an economic transformation. One of his first steps was launching the Jan Dhan Yojana to connect people with the banking system. Today, over 53 crore people are linked to this scheme, and remarkably, 66% of them are women."

He also emphasized the global recognition of Prime Minister Narendra Modi's initiatives, particularly the Pradhan Mantri Mudra Yojana (PMMY).

"The schemes introduced by Modi, like the Mudra Yojana, are being discussed worldwide. This scheme has become a global benchmark, enabling people to expand their businesses. There are numerous success stories associated with it," he said.

He concluded by highlighting the global impact of India's financial initiatives.

"Following that, he introduced the Mudra Yojana, which has now become a global model for supporting small businesses and entrepreneurship," he added.

Earlier on Friday, Union Commerce Minister Piyush Goyal said that one cannot compromise with national interest just to meet trade agreement deadlines. The Minister said that at the end of the day, trade agreements have to be win-win for both sides.

"You always need to have timelines for all deadlines for whatever work you do. We do that in business all the time, don't we? Every action should be defined in terms of a responsibility that takes a timeline, but in the case of retail agreements, these are indicated timelines...," the Commerce Minister said, speaking at the Carnegie Global Technology Summit here in the national capital.

"But at the end of the day, it has to be a win-win for both sides. It has to be a fair, equitable, and balanced solution. Just to meet the deadline, you cannot compromise national interest," he added.

India is currently working on trade agreements with many countries and blocks of nations, including the EU, the UK, and the US. The India-US trade deal is expected to be inked by the fall of 2025, and the India-EU FTA is expected by the end of 2025.