NEW DELHI: Commerce and industry minister Piyush Goyal on Friday highlighted India’s ongoing efforts to strengthen trade partnerships globally, including negotiations with the United States, despite rising tariff barriers. Speaking at the BT India @100 event, Goyal expressed confidence that India’s exports for the fiscal year 2025-26 will surpass last year’s record of $825 billion.
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“We are in dialogue with many countries, Oman, the European Union, the US, Chile, Peru, New Zealand. Many others want to start engaging with India,” Goyal said, pointing to India’s demographic advantage of 1.4 billion people and its vast domestic market as key factors attracting global trade interest.India and the US have been negotiating a bilateral trade agreement since March, with the next round scheduled for late August. These talks have gained urgency after the US imposed a 50% tariff on Indian goods in two phases, 25% starting August 7 and the remaining 25% from August 27.Despite these tariffs, Goyal remained optimistic. “I do not see any de-globalisation. I see countries restructuring their trade routes and partners. I am quite confident this year India will do more exports than last year,” he said.He also referenced recent trade deals signed with the UAE, Mauritius, Australia, the European Free Trade Association (EFTA), and the UK, underscoring India’s expanding global trade footprint.Addressing the broader economic landscape, Goyal emphasized India’s status as the fastest growing large economy, contributing 16% to global growth with one of the lowest inflation rates among emerging markets. “Our macroeconomic fundamentals are the best. India today is stronger, more confident, and more respected,” he said.Goyal countered US President Donald Trump’s prior characterization of India as a “dead economy,” asserting that India’s 6.5% growth rate and strategic trade alignments position the country for further success.On the topic of the ongoing US tariffs, Goyal framed the challenges as opportunities, referencing India’s resilience during the Covid-19 pandemic. “The nation’s morale is high… India will emerge as the winner in any kind of crisis,” he added.Regarding concerns over the India-UK trade agreement, particularly on government procurement and duties on Scotch whiskey, Goyal reassured that Indian businesses are gaining access to the UK’s procurement market and dismissed worries as unfounded.The minister also took a swipe at Congress leader Rahul Gandhi’s economic criticisms, labeling them “unfortunate” and accused opposition parties of disrupting parliamentary proceedings with “fake narratives.”Responding to allegations by Rahul Gandhi about election rigging, Goyal called the claims “absurd,” praising India’s Election Commission for conducting globally recognized free and fair elections.