Union Commerce Minister Piyush Goyal addressed Parliament on Thursday, asserting that India will take all necessary steps to protect its national interest despite US President Donald Trump&rsquo;s decision to impose a 25% tariff and penalties on Indian exports from August 1.
Rejecting Trump&rsquo;s remarks about India being a &ldquo;dead economy,&rdquo; Goyal highlighted that India has risen from the 11th to the 5th largest economy in the past decade and remains the fastest-growing major economy globally.
&ldquo;International agencies consider India the shining star of the world economy,&rdquo; Goyal said. &ldquo;We have signed beneficial Free Trade Agreements (FTAs) with the UAE, UK, Australia, and EFTA nations, and are looking to strike similar deals with more countries.&rdquo;
The minister said that India is currently the world&rsquo;s fourth-largest economy, thanks to structural reforms and efforts by MSMEs and industry players, and is set to become the third-largest soon.
He further assured the House that the government will protect the interests of farmers and promote the &lsquo;Make in India&rsquo; initiative. &ldquo;Our aim is a developed India, and we are progressing towards it with confidence,&rdquo; he stated.
Goyal also confirmed that India and the US have initiated talks on a mutually beneficial Bilateral Trade Agreement (BTA), with the first phase expected to be completed by October&ndash;November 2025.
President Trump had issued a reciprocal tariff order on April 2, 2025, which initially imposed a 10% base duty from April 5. This was followed by an announcement of a 26% tariff on Indian goods, scheduled to take effect on April 9 but deferred by 90 days &mdash; now set to be implemented on August 1.
Referring to the IMF&rsquo;s latest World Economic Outlook report, Goyal noted that India&rsquo;s GDP is projected to grow at 6.4% in FY26 and FY27, an upward revision of 20 basis points for FY26 and 10 for FY27 from earlier estimates.
The Commerce Ministry reiterated that India is pursuing fair and balanced trade negotiations with the US, with a focus on safeguarding the interests of farmers, entrepreneurs, and small businesses, as seen in the recently concluded Comprehensive Economic Partnership Agreement with the UK.

India to Tackle Tariffs, Eyes Trade Deal With US

Piyush Goyal says India will defend national interest, trade talks with US underway

India to Tackle Tariffs, Eyes Trade Deal With US

Piyush Goyal says India will defend national interest, trade talks with US underway

July 31, 2025 | 18:34 IST