'India To Beat Export Record Despite Donald Trump’s 50% Tariff,' Says Minister Piyush Goyal, Calling It Chance To Grow Stronger

Mumbai: Commerce and Industry Minister Piyush Goyal on Friday struck a confident note, declaring that India will turn adversity into advantage in the wake of steep new tariffs imposed by US President Donald Trump. Speaking at Business Today’s India@100 summit, Goyal said the tariffs might alter global trade routes, but they would not derail globalisation. “I do not see any de-globalisation,” he asserted. “I see countries restructuring their trade routes and partners. I am confident India’s exports this year will surpass last year’s record.”

In 2024–25, India’s goods and services exports touched USD 825 billion. Goyal expressed optimism that the 2025–26 figures would be even higher, stressing that “every challenge has been converted into an opportunity.”

India is negotiating trade agreements with a wide array of partners, including the US, Oman, the European Union, Chile, Peru and New Zealand. “Many others want to start engaging with India,” he said, citing the nation’s demographic strength, vast domestic market. Responding to Trump’s “dead economy” jibe, Goyal reminded his audience that India is the world’s fastest-growing large economy, contributing 16% to global growth, with one of the lowest inflation rates among emerging markets and strong macroeconomic fundamentals.

“India today is stronger, more confident and far more respected,” he said.

He recalled how, during the Covid-19 crisis, India not only managed domestic needs but also supplied vaccines abroad—proof, he said, of the country’s resilience. “The nation’s morale is high. There is a lot of strength in the Indian economy. India will emerge a winner in any crisis.”

On India-UK free trade talks—where issues have been raised over government procurement and duty cuts on Scotch whisky—Goyal dismissed any alarm. “There are no concerns,” he said, noting Indian companies were also gaining access to the UK procurement system.

In a political aside, he criticised Congress leader Rahul Gandhi’s comments on the economy as “sad” and “unfortunate,” accusing opposition parties of blocking Parliament’s functioning.

Goyal concluded that global trade is always in flux. “Every few years, new countries rise and others decline. This churn is part of history. What we are seeing today is simply another turning point—and India is ready to seize it.”

The India-US trade talks, ongoing since March, will enter a fresh round when a US delegation visits New Delhi on August 25. The discussions have gained urgency after Washington imposed a punitive 50% tariff on Indian goods—half taking effect on August 7, the rest due August 27. The White House said the move was in response to India’s continued purchase of Russian oil, which Trump claims funds Moscow’s war in Ukraine.

The Global Trade Research Initiative (GTRI) has warned the tariff could make Indian goods up to 50% costlier in the US, potentially slashing exports by 4050%. India now faces some of the highest US trade barriers in the world, above even China, Vietnam and Bangladesh—threatening a large share of its USD 86.5 billion exports to America.

GTRI co-founder Ajay Srivastava noted that China imported USD 62.6 billion of Russian oil in 2024— more than India’s USD 52.7 billion—yet Washington has avoided penalising Beijing, given its dominance in critical minerals vital to US defence and technology. Trump’s tariff move came alongside a 31 July social-media broadside, in which he derided India as a “dead economy.” “I don’t care what India does with Russia,” he wrote. “They can take their dead economies down together.”

The remark drew sharp rebuttals. Sixteenth Finance Commission Chairman Arvind Panagariya quipped: “Maybe dead bodies do move,” noting India is growing at over 7% in real terms and faster still in dollar terms.