“Do not panic, take a look at the silver lining,” Union Minister of Commerce and Business Piyush Goyal advised Indian exporters on Wednesday, as he held high-level discussions with Export Promotion Councils and business our bodies in New Delhi amid rising commerce tensions following recent tariffs imposed by the US.
The assembly got here simply days after US President Donald Trump imposed a 26 per cent further responsibility on Indian items, alongside steeper tariffs on China (104%), Vietnam (46%), Indonesia (32%), and Thailand (36%). The brand new duties got here into impact on April 9, dealing a blow to sectors like shrimp, carpet, medical units, and gold jewelry.
Addressing business leaders, Goyal praised exporters for his or her efficiency regardless of international headwinds. “Regardless of a number of headwinds together with the Purple Sea disaster, Israel-Hamas battle spilling over to Gulf area, continuation of Russia-Ukraine battle and sluggish development in some developed economies,” he mentioned, “the exporters have proven resilience and efforts,” pointing to a document export determine of over USD 820 billion in 2024–25, marking almost 6% year-on-year development.
Goyal assured the business that the federal government is carefully monitoring the evolving international commerce setting and dealing “in a proactive method” to help Indian exporters. He mentioned the workforce formulating India’s place on the Bilateral Commerce Settlement (BTA) with the U.S. is “exploring the correct mix and the proper steadiness” and added, “We’re working with velocity however not in undue haste to make sure the proper final result for the nation.”
He attributed the continuing BTA negotiations to “the foresight of Prime Minister Narendra Modi who was one of many first international leaders to agree on the BTA in his assembly with President Trump in February 2025.”
Goyal famous that completely different nations are responding to tariff adjustments in their very own methods however mentioned India may emerge stronger. “There’s a potential for improve in manufacturing, creation of further jobs as a result of it could appeal to huge gamers in international provide chain as India has been in a position to set up itself as a trusted and dependable companion and with a predictable business-friendly vacation spot.”
The assembly was attended by representatives from numerous Export Promotion Councils, business our bodies, and officers from the Commerce and different line ministries. Exporters raised considerations in regards to the direct impression of latest duties and sought proactive measures from the federal government to cushion the blow.
Regardless of a slowdown in merchandise exports—India’s outbound shipments stood at USD 395.63 billion throughout April–February 2024–25, nearly flat from the earlier 12 months—companies exports continued to point out power, rising to USD 354.90 billion from USD 311.05 billion in the identical interval final 12 months,
Goyal reaffirmed the federal government’s dedication to enabling a conducive setting for commerce. “We are going to work to supply a conducive setting to allow exporters to efficiently navigate the current adjustments within the international commerce setting,” he mentioned.
