Piyush Goyal’s over six minute statement was also an answer to Trump’s jibes about India’s economy.

No Compromise on National Interest

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US President Donald Trump has in the last 24 hours announced 25% tariffs on India, warned of additional penalties, expressed displeasure over BRICS of which India is a member, and called India a ‘dead economy’. The turn of events has taken everyone by surprise since till a few days ago Trump had expressed confidence about a trade deal with India – which has clearly not come through ahead of his August 1 reciprocal tariff deadline.What has India’s response been to the higher than expected 25% rate? Commerce minister Piyush Goyal gave a statement in Parliament on Thursday saying, “The implications of the recent developments are being examined by the government. The Ministry of Commerce & Industry is engaged with all stakeholders including exporters and industry, and has taken feedback on their assessment of the situation.”Goyal’s over six minute statement was also an answer to Trump’s jibes about India’s economy. Here are the top 5 highlights from India’s clear message to Trump:Piyush Goyal was firm that any trade deal would only be agreed to if India’s national interest is not compromised.“The government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. The government will take all necessary steps to secure and advance our national interest,” he said.“We are consistently working for the welfare of the farmers and Indian agriculture to promote prosperity and ensure food security,” he added.One of the thorns in India-US trade deal talks is Trump’s insistence that India open up its agriculture and dairy sectors, which are both economically and politically sensitive. India has on its part maintained that these two sectors are off the table for trade talks, and that has been the case for any trade agreements with other countries as well.Trump has called India and Russia dead economies in a recent post on Truth Social. He posted, “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together….”Goyal’s statement in the Parliament seemed to address this jibe, with the Commerce minister highlighting that India is currently the fastest growing.“In just over a decade, India has rapidly transformed from being one of ‘Fragile Five’ to the fastest growing major economy in the world. Today, international institutions and economists see India as the bright spot in the global economy. India is contributing to almost 16% of global growth,” he said.Also Read | Donald Trump to help Pakistan build ‘massive oil reserves’! How much known crude oil does it have & how does that compare to India? Top points to know Goyal also pointed to the fact that India ranks among the top five world economies in nominal GDP terms. As per latest International Monetary Fund (IMF) estimates, India is slated to surpass Japan to become the fourth largest by the end of this financial year. IMF estimates also indicate that India will overtake Germany in the coming years to become third largest after the US and China.“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 third largest economy in a few years,” he said.Goyal highlighted that India is progressing towards becoming a ‘self-sufficient’ or ‘Atmanirbhar’ economy.“In the last decade, the government has taken transformative measures to promote India as the manufacturing hub of the world, driven by the ‘Make in India’ initiative.India’s young, skilled and talented youth is driving innovation and competitiveness of Indian industry,” he said.“The government is confident that we will continue our fast pace journey of inclusive growth and sustainable development towards the goal of Viksit Bharat 2047. We are progressing towards a self-sufficient India with confidence,” he added.Also Read | Donald Trump tariffs: Why India’s stock market has not crashed, is resilient even after 25% tariff announcement – explained Goyal spoke extensively on several rounds of trade talks that India engaged in with the US for a trade deal starting March. He said that apart from physical meetings, several virtual discussions have also taken place.“Our exports have steadily increased during the last 11 years. In an increasingly protectionist world, India has done mutually beneficial trade agreements with UAE, UK, Australia, and EFTA (European Free Trade Area) countries. We are also committed to similar trade agreements with other countries,” he said.Goyal’s statement to the Parliament while sending a message to the US on India’s focus on deals that benefit both countries, also seemed to suggest an openness to engage in trade discussions with America.In the last few days, it has been reported that US government officials will visit India in the second half of August for the sixth round of trade talks.With India facing a 25% tariff rate effective August 1, and the possibility of an additional penalty being announced by Trump for its oil and arms trade with Russia, the future of trade deal talks remains uncertain.Also Read | Donald Trump’s 25% tariff to hit India’s exports! Which sectors are at maximum risk? Top 5 points to know