In response to former US President Donald Trump’s surprise imposition of 25 per cent tariffs on Indian imports and ‘Dead Economy’ jibe, India’s Commerce and Industry Minister Piyush Goyal on Thursday said the Government is actively assessing the situation and will take all necessary steps to protect national interests.
Piyush Goyal, addressing Parliament, confirmed that his ministry has initiated consultations with key stakeholders, including exporters, industry leaders and representatives from the MSME sector, to evaluate the potential impact of the new tariffs.
“The Government is examining the impact of the recent events. The Ministry of Commerce and Industry is in talks with exporters, industries and all stakeholders, gathering information on their assessment of this issue,” Goyal said. “We give utmost priority to safeguarding the welfare of farmers, labourers, entrepreneurs, exporters and MSMEs. All necessary steps will be taken to defend our national interest.”
The tariff announcement, made by Trump on Wednesday via Truth Social, was linked to India’s ongoing trade ties with Russia. Trump accused India of aiding a “dead economy” and criticised its tariff structure, calling it among the highest in the world.
“I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump social media post. “We have done very little business with India; their Tariffs are too high… Let’s keep it that way.”
Without naming Trump directly, Goyal pushed back strongly against the criticism, highlighting India’s economic trajectory and global standing. “In less than a decade, India has gone from being one of the ‘Fragile Five’ to becoming the fastest-growing economy in the world,” Goyal said. “Thanks to the hard work of our reformers, farmers, MSMEs and industrialists, we have moved from the 11th to the 5th largest economy globally.
We are well on our way to becoming the third-largest economy in the world.”
He further emphasised that global financial institutions and analysts now view India as a “bright spot” in the global economy, a far cry from Trump’s portrayal.
The tariffs come at a time of heightened geopolitical tensions and could strain economic ties between Washington and New Delhi.