Our Bureau
New Delhi
The President of the United States, Donald Trump shocked everyone with the announcement of 25% tariffs on India as well as his comments on the condition of Indian economy. India’s Commerce Minister, Piyush Goyal has in the parliamentary session responded to the comments and stated that India will protect its national interest while entertaining trade deals with world economies.
In his recent comments, Donald Trump took a jibe at India and Russia stating, “They can take their dead economies down together.” Piyush Goyal has responded to these comments stating that India is closing in to become the third largest economy in the world. He stated that in the past decade the country has shown improvement like no other and has reached heights to a level that economists consider them as a bright spot in the global economy.
“In less than a decade, India came out of ‘Fragile Five’ economies and it has now become the fastest-growing economy of the world. On the basis of the hard work of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we will be the third largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy,” Goyal said.
With the US imposing 25% tariffs on India, the country has been thrown into a frenzy but the Commerce Minister has tried to calm the situation. He has stated that the government is going to examine the impact of the tariffs and is going to safeguard the national interest and will take every necessary step.
“The government is examining the impact of the recent events. The Ministry of Commerce and Industry is holding talks with export, industries and all stakeholders and gathering information on their assessment of this issue. The government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest.”
