![\"'India](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/07\/123025648.jpg\" "\\"'India")
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Piyush Goyal\u2019s over six minute statement was also an answer to Trump\u2019s jibes about India\u2019s economy. <\/p>\n
US President Donald Trump has in the last 24 hours announced 25% tariffs on India, warned of additional penalties, expressed displeasure over BRICS of which India is a member, and called India a \u2018dead economy\u2019. The turn of events has taken everyone by surprise since till a few days ago Trump had expressed confidence about a trade deal with India – which has clearly not come through ahead of his August 1 reciprocal tariff deadline.What has India\u2019s response been to the higher than expected 25% rate? Commerce minister Piyush Goyal gave a statement in Parliament on Thursday saying, \u201cThe implications of the recent developments are being examined by the government. The Ministry of Commerce & Industry is engaged with all stakeholders including exporters and industry, and has taken feedback on their assessment of the situation.\u201dGoyal\u2019s over six minute statement was also an answer to Trump\u2019s jibes about India\u2019s economy. Here are the top 5 highlights from India\u2019s clear message to Trump:No Compromise on National InterestPiyush Goyal was firm that any trade deal would only be agreed to if India\u2019s national interest is not compromised.\u201cThe government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. The government will take all necessary steps to secure and advance our national interest,\u201d he said.\u201cWe are consistently working for the welfare of the farmers and Indian agriculture to promote prosperity and ensure food security,\u201d he added.One of the thorns in India-US trade deal talks is Trump\u2019s insistence that India open up its agriculture and dairy sectors, which are both economically and politically sensitive. India has on its part maintained that these two sectors are off the table for trade talks, and that has been the case for any trade agreements with other countries as well.\u2018Dead Economy\u2019? India Fastest Growing!Trump has called India and Russia dead economies in a recent post on Truth Social. He posted, \u201cI don\u2019t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together\u2026.\u201dGoyal\u2019s statement in the Parliament seemed to address this jibe, with the Commerce minister highlighting that India is currently the fastest growing.\u201cIn just over a decade, India has rapidly transformed from being one of \u2018Fragile Five\u2019 to the fastest growing major economy in the world. Today, international institutions and economists see India as the bright spot in the global economy. India is contributing to almost 16% of global growth,\u201d he said.Also Read | Donald Trump to help Pakistan build \u2018massive oil reserves\u2019! How much known crude oil does it have & how does that compare to India? Top points to know<\/a>India To Be Third Largest Economy SoonGoyal also pointed to the fact that India ranks among the top five world economies in nominal GDP terms. As per latest International Monetary Fund (IMF) estimates, India is slated to surpass Japan to become the fourth largest by the end of this financial year. IMF estimates also indicate that India will overtake Germany in the coming years to become third largest after the US and China.\u201cWe have risen from the 11th largest economy to one of the top 5 economies driven by our reforms, hard work of our farmers, MSMEs, and entrepreneurs. It is also widely expected that we will become the third largest economy in a few years,\u201d he said.March towards \u2018Atmanirbhar Bharat\u2019Goyal highlighted that India is progressing towards becoming a \u2018self-sufficient\u2019 or \u2018Atmanirbhar\u2019 economy.\u201cIn the last decade, the government has taken transformative measures to promote India as the manufacturing hub of the world, driven by the \u2018Make in India\u2019 initiative.India\u2019s young, skilled and talented youth is driving innovation and competitiveness of Indian industry,\u201d he said.\u201cThe government is confident that we will continue our fast pace journey of inclusive growth and sustainable development towards the goal of Viksit Bharat 2047. We are progressing towards a self-sufficient India with confidence,\u201d he added.Also Read | Donald Trump tariffs: Why India\u2019s stock market has not crashed, is resilient even after 25% tariff announcement – explained<\/a>Trade Deals Need To Be \u2018Mutually Beneficial\u2019; Committed To TalksGoyal spoke extensively on several rounds of trade talks that India engaged in with the US for a trade deal starting March. He said that apart from physical meetings, several virtual discussions have also taken place. \u201cOur exports have steadily increased during the last 11 years. In an increasingly protectionist world, India has done mutually beneficial trade agreements with UAE, UK, Australia, and EFTA (European Free Trade Area) countries. We are also committed to similar trade agreements with other countries,\u201d he said.Goyal\u2019s statement to the Parliament while sending a message to the US on India\u2019s focus on deals that benefit both countries, also seemed to suggest an openness to engage in trade discussions with America.In the last few days, it has been reported that US government officials will visit India in the second half of August for the sixth round of trade talks. With India facing a 25% tariff rate effective August 1, and the possibility of an additional penalty being announced by Trump for its oil and arms trade with Russia, the future of trade deal talks remains uncertain.Also Read | Donald Trump\u2019s 25% tariff to hit India\u2019s exports! Which sectors are at maximum risk? Top 5 points to know<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Piyush Goyal\u2019s over six minute statement was also an answer to Trump\u2019s jibes about India\u2019s economy. 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