Team News Riveting
New Delhi, July 31
Commerce and Industry Minister Piyush Goyal on Thursday said India would take all necessary steps to safeguard and promote national interest.
The statement came a day after US President Donald Trump announced 25 per cent tariffs plus penalty on domestic exports to America from August 1. In a suo motu statement in both the Houses of Parliament, he said, the government is examining the implications of these tariffs and is in consultation with all stakeholders, including farmers, exporters, MSMEs and industry bodies, on the tariffs.
“The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. We will take all necessary steps to secure and advance our national interest,” he said, adding that the implications of the recent development are being examined by the government.
The ministry is engaged with all stakeholders including exporters and industry for taking feedback of their assessment of the situation, the minister said.
US President Donald Trump on Wednesday announced the imposition of a 25 per cent tariff on all goods coming from India starting August 1, plus an unspecified penalty for buying Russian crude oil and military equipment. The surprise announcement came amid a US trade team visiting India from August 25 for the sixth round of negotiations for the proposed bilateral trade agreement.
Goyal’s remarks are important as India has hardened its stance on giving duty concessions to the US on agriculture and dairy sectors — a key demand of America in the trade talks with India.
The minister also said that in just over a decade, India has rapidly transformed from being one of the Fragile 5 to the fastest growing major economy in the world. “We 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 3rd largest economy in a few years,” Goyal said.
Today, he said, international institutions and economists see India as the bright spot in the global economy. India is contributing to almost 16 per cent of global growth, he added.
