India Will Not 'Bow Down' To Anybody, Says Commerce Minister Piyush Goyal Amid Trump Tariffs

Amid rising global trade tensions, including a new 25 per cent US tariff on Indian goods over India’s ongoing Russian oil purchases, Union Minister Piyush Goyal declared that India would not "bow down to anybody", India Today reported.

Addressing India’s engagement with global trade blocs at the Business Today India@100 Summit, Goyal highlighted the nation’s economic strength, stating that the country is "much stronger and self-confident", with a 6.5 per cent annual growth rate and potential for further acceleration.

He dismissed notions of "deglobalisation", arguing that nations are restructuring trade routes and partners.

"I am quite confident that India will do more exports this year than last year," he said, noting measures to counter trade barriers.

On free trade agreements, Goyal explained that India’s strategy has evolved beyond seeking duty reductions.

Reflecting on talks with the EFTA bloc, he stated, "We are a $4 trillion economy and the fastest-growing large economy in the world. We have the power of youth, while you have an ageing population."

He announced that EFTA nations committed to investing $100 billion in India, generating 10 lakh direct jobs and around 50 lakh total jobs.

"From October 1, the EFTA agreement is going to come into effect and the benefits will be visible," he said.

Goyal sharply criticised Congress MP Rahul Gandhi for labeling India’s economy as "dead", stating, "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."

He underscored India’s economic resilience, noting that the country’s currency, foreign exchange reserves, stock markets, and fundamentals remain robust, with inflation among the lowest compared to other emerging economies.

Goyal emphasised global recognition, stating, "The whole world recognises us as the fastest-growing large economy, contributing 16 per cent to global growth," and highlighted India’s 1.4 billion young, skilled, and aspirational citizens as a key attraction for global partners.

Reflecting on India’s transformation since 2000, Goyal credited the IT sector for job creation and noted how the nation capitalised on the Covid-19 crisis.

"India will always emerge victorious during challenging times," he affirmed.

Looking ahead, Goyal noted that India is negotiating or concluding trade agreements with nations including the UAE, Mauritius, Australia, the EFTA bloc, the UK, the EU, Chile, Peru, New Zealand, the US, and others.

He expressed confidence in India’s global standing, stating, "India today is stronger, more respected, led by a tall leader in Prime Minister Narendra Modi," signaling optimism for India’s role in the global trade landscape.

Also Read: Trump's Deal With China Pushed India To Harden Stance On Trade Pact With US: Report