NEW DELHI: India will not bow down and will uphold the self-respect of 140 crore people if faced with discrimination, assured Commerce Minister Piyush Goyal on Friday. His remarks came in response to the US decision to impose a 50% tariff on a large segment of Indian exports, effective August 27.
"I do not want to see any kind of discrimination. I think we will never bow down. We will never become weak," said Goyal during his opening remark at the curtain raiser event of Bharat Buildcon. He assured that India will be closing several Free Trade Agreements (FTA) soon so that the exporters can have new markets to explore. FTAs with the European Union, Oman will be closed soon.
"This year will define our self-confidence, " added Goyal.
He further said that India will continue to move forward and capture new markets. “This year, our exports will be higher than last year. Our share in the global market is still very low, so what is there to fear?” Goyal remarked.
According to him, exporters are fully supportive of the government and none of the affected sectors have raised complaints about their business being hurt due to the recent geopolitical tensions. He added that India has already signed free trade agreements (FTAs) with advanced economies like the UK and will continue to expand such partnerships. The government, he said, will help exporters tap alternate markets. Goyal also confirmed that Australia is exploring a second phase of its FTA with India, while talks are underway with Saudi Arabia. “India will soon be able to build a stronger, more resilient supply chain that is not dependent on other countries,” he noted.
The comments came in the backdrop of US President Donald Trump’s decision to impose a 50% tariff on several Indian exports as a penalty for India’s continued purchase of Russian oil. Following the move, sectors such as apparel, textiles, carpets and furniture have been among the hardest hit.
Government ministries and the Reserve Bank of India have been holding regular consultations with exporters. Authorities have assured that exporters will be supported through both domestic outreach initiatives and efforts to expand their global presence.