Minister of Commerce and Industry, Piyush Goyal, addressed on a wide spectrum of geopolitical and geo-economic challenges currently encountered by India. He hailed India as a strategically ‘patient’ country and asserted that as the key to sustain relations with the US. He expressed optimism in reaching a trade deal with Washington DC in the coming months; however, he confirmed that the interests of farmers and Indian businesses will not be compromised.
The Minister claimed that the US tariffs will not predominantly affect India’s GDP as exports were only a small part of the complex Indian economy and even New Delhi is engaging with more than 50 countries for export diversification. Meanwhile, Minister also criticized Opposition leader Rahul Gandhi for not knowing the basics of economics.
Strain in India-US ties is temporary
Commerce Minister Piyush Goyal reiterated that the fragility in India-US relations is a temporary ‘blip’ and India will sail through the current challenges successfully. He asserted that New Delhi and Washington share one of the most consequential relationships in the current geopolitical landscape thus, it is not vigilant to let go of the bilateral ties. He said that India and US remain as “friends and allies” despite temporary differences.
“The US-India relationship is one of the most consultative partnerships built on mutual trust and shared values. Although we have faced certain challenges, I believe these situations will pass, and the relationship will only grow stronger”, Minister Goyal exclaimed.
#Exclusive | US-India relationship is one of the most consequential relationships in the globe today. This relationship will only get strengthened as the time passes. We have always believed in dialogue and diplomacy: Union Minister @PiyushGoyal#TrumpTariffs… pic.twitter.com/7IFohqdXUE
— News18 (@CNNnews18) September 4, 2025
Optimistic on trade deal, no compromise on farmers’ well-being
Minister Goyal also expressed his confidence and optimism in striking a fair and reasonable trade deal with the US, which is currently under negotiations. He said that New Delhi continue to hope for a trade deal with Washington as both sides recognize the long-term importance of the strong strategic and economic partnership.
“We will continue to work towards finding solutions and aim to reach an outcome within a few months”, Mr. Goyal reiterated. Also, he affirmed that though negotiations are underway to ink a trade deal, nothing against the interests of farmers’ fishermen, MSMEs and other export vulnerable communities is acceptable. “We will never compromise on the interests of our farmers, fishermen, or the nation”, the Minister added.
Despite, spiking tariff pressure from the Trump administration, government’s commitment to protect the domestic economy and reach a fair, mutually beneficial and balanced trade deal will not be compromised.
No impact on GDP and a call for Swadeshi
Minister Goyal also expressed confidence in the positive growth trajectory of the Indian economy and assured that Trump’s tariffs will not impact the GDP of the country to a large extent as the Indian economy is predominantly domestic in nature and exports comprise only a fractional part of the overall GDP parameter.
“India is predominantly a domestic country, and exports are a relatively small part of our overall GDP. So the Indian economy is a very complex economy and therefore I do not think that the impact on the GDP will be significant”, Minister said.
Meanwhile the Minister also urged the countrymen to embrace more and more Swadeshi or home-grown products in order to secure the economy from the unpredictable and sudden external shocks, like the Trump tariffs.
“I appeal to all Indians to commit themselves to buying ‘Swadeshi’ and ‘Made in India’ products. Whatever may have happened in the past is fine, at least in the future. Let’s all go for Swadesh,” Minister said.
Solution is strategic patience and not retaliatory tariffs
Commerce Minister Piyush Goyal also dismissed speculations about India imposing retaliatory tariffs on US exports to India. Instead, he asserted that New Delhi believes in ‘dialogue and diplomacy’ rather than unnecessary escalation of tussle that ultimately benefits no one.
He further emphasized that India is a ‘patient nation’ which aims at long-term prospects in any relationship and does not react immediately. New Delhi seeks to strengthen a relation with diplomatic skills and does not weaken a relation in view of temporary tensions.
Export diversification, inking FTAs is the goal
Minister Piyush Goyal also spoke about the potential export diversification efforts of New Delhi in order to efficiently absorb the negative impacts of Trump’s tariffs on India and secure the interests of Indian economy. “Our Missions are working in 50 countries which we have identified through data analytics and artificial intelligence (AI) on the data of import and export of all other nations to identify where our products can be offered. Besides, we are also identifying what we can buy from these countries, as they too might be in similar stress”, Minister said.
India is in continues talks with the Gulf and African nations to boost the export potential of Indian businesses especially the textile exports. For example, the Prime Minister of Singapore who was in India for a bilateral visit promised to import more chicken, eggs and poultry from India.
India is also swiftly and rigorously involved in FTA negotiations with Australia, New Zeeland and European Union etc. Realization of these FTAs will further boost India’s export potential and ease of doing business, said the Minister.
Apart from exploring the export opportunities, Minister said that government is also focusing on easing the domestic sale prospects for the exporters in the country, so that any losses can be rectified.
“I am going to be talking to all other high street malls or retail large-scale outlets to see if they can help garment exporters by buying their products and making it available at affordable prices. We are trying to make it easier so that they can supply to the domestic market, it is one of the reforms we are working on,” the minister added.
Personal opinions doesn’t impact long-term India-US ties
While addressing the comments emanating from Washington experts, Minister Goyal reiterated that some ‘misunderstandings or personal opinions’ do not affect the long-term India-US relationship.
Minister was replying to a comment made by Donald Trump’s Trade Advisor Peter Navarro who had said India as the ‘Maharaja of tariffs’ and India being profiteering from the Russian oil. Navarro had also irrationally crowed the Russia-Ukraine war as ‘Modi’s war’ and India is central to sustaining Russia’s war machine. He also accused that Brahmins are being disproportionately profited as an impact of India’s oil purchase from Russia.
Piyush Goyal refuted these comments and reiterated that such personal opinions do not inflict the loon-term India-US strategic partnership.
Goyal takes a jibe at Rahul Gandhi
Commerce Minister also took a sharp jibe at the Opposition leader Rahul Gandhi for his irrelevant and irresponsible remarks and exclaimed that he doesn’t know the basics of economics. “He sees ghosts where there are none. He cannot appreciate that the people of India have seen significant improvement in their lives. He cannot reconcile with the fact that people have voted him out three times”, said Minister Goyal.
