The government will take all possible steps to protect national interests. Union Minister of Commerce and Industry Piyush Goyal said this on Thursday in the Lok Sabha, just a day after US President Donald Trump imposed 25 percent tariff on India along with penalty on domestic exports to America from August 1.

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.

The centre is also discussing this agreement with experts. Goyal 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. However, India will not take the path of imposing retaliatory tariffs on America immediately.

India will have to be punished for buying oil and weapons from Russia: US President Trump

On Wednesday, the US President said, “You have to remember that even though India is our friend, our bilateral trade is very low. That’s because their tariffs are very high. Moreover, they buy a lot of their weapons from Russia. The biggest buyers of Russian energy resources are India and China. Especially at a time when everyone is saying that Russia should stop the genocide in Ukraine. So India will pay a 25 percent tariff this time. India will also have to be punished for buying oil and weapons from Russia separately. The new tariffs will come into effect from August 1.”

India and Russia can take their dead economies down together: Trump

Trump once again mounted a sharp attack on India and Russia for their close ties and said he doesn’t care what New India does with Moscow.

“I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” he said. “We have done very little business with India, their tariffs are too high, among the highest in the World,” he added.

India responds

However, India did not respond in an aggressive manner like Trump. A statement from the Ministry of Commerce said, “The government is examining the US President’s statement on bilateral trade. The impact of this announcement is also being considered. India and the US have been discussing a profitable and transparent bilateral trade agreement for the last few months. We are still interested in that issue. The government will take all necessary steps to protect our national interests.”

India has risen to one of the top 5 economies: Piyush Goyal

The Commerce and Industry Minister said in the Lok Sabha on Thursday, “The impact of this announcement by America has already been discussed with several analysts and their opinions have been taken. The government attaches the utmost importance to protecting the development of farmers, workers and others. We will take all steps to protect our national interests.”

Goyal further said that in the last decade, the government has taken measures to promote India as the manufacturing hub of the world, driven by the Make in India initiative.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 said.

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