New delhi: Indian Commerce Minister Piyush Goyal affirmed on Friday, after the implementation of a 50% tariff on his country's products exported to the United States, that India "will not yield" and will focus on "conquering new markets."
According to Yemen News Agency, Goyal stated during a press conference in New Delhi, "We will not yield, and we will not show weakness." He emphasized the country's resolve to continue advancing and exploring new markets for Indian products.
He also highlighted India's readiness to pursue free trade agreements as a strategic response to the current tariff challenges. The tariff increase, which saw levies on Indian imports rise from 25% to 50%, was enacted by Donald Trump as a reaction to India's continued purchase of Russian oil.
While Indian authorities have not officially commented on the tariff hike, they had previously labeled the measure as "unfair, unjustified, and illogical." These tariffs are among the most significant imposed by Trump since his return to the White House.
Despite concerns about the potential impact on India's economy, recent data shows a 7.8% rise in India's GDP from April to June compared to the same period last year. This growth has been driven by increased public spending, advancements in the manufacturing sector, and a boost in consumer confidence.
Indian exports to the United States have continued to rise from April to July, although experts predict a potential decline due to the new tariffs. In 2024, the United States was India's largest export market, with goods valued at $87.3 billion.
The Indian Ministry of Commerce has announced plans to implement measures to support affected sectors and stimulate economic growth. Goyal expressed confidence that Indian exports will surpass the figures recorded in the 2024-2025 period.
In a related effort to bolster the domestic economy, Prime Minister Narendra Modi announced tax cuts in mid-August aimed at stimulating household consumption.
