A Conversation with Commerce Minister Piyush Goyal
In the wake of President Trump's imposition of steep import tariffs on key trade partners, concerns have been raised about the potential impact on India. However, Commerce Minister Piyush Goyal believes it's too early to worry.
Speaking at the India Today-Business Today Budget Round Table 2025, Goyal highlighted the strong relationship between India and the US, stating that past issues have never hindered trade discussions. He expressed confidence that the two countries, as mature partners, can navigate any challenges that may arise.
Regarding the issue of illegal immigration, Goyal aligned India's stance with the new US administration's policy of deporting illegal immigrants. He emphasized India's long-standing policy of not tolerating illegal immigration, aligning with the US on this front.
However, Goyal pointed out a disparity in the formal trade numbers between the two countries. He highlighted significant money flows from India to the US that are not accounted for in official calculations, citing the example of Indian students spending billions of dollars annually in the US.
Responding to criticism about the lack of bilateral and multilateral trade treaties under the Modi government, Goyal clarified the government's policy of not signing such treaties unless they serve the national interest. He emphasized that the government will not be pressured into signing agreements that do not benefit India.
Goyal concluded by reiterating the government's commitment to prioritizing national interest over deadlines, stating that they will sign an FTA only when it aligns with the nation's best interests.