Goyal Promises Measures To Boost Exports And Domestic Consumption

New Delhi: As India is facing a steep US tariff on exports, Union commerce and industry minister Piyush Goyal on Friday talked tough, saying that India will neither bow down nor ever appear weak in any trade deal with any country. Besides, the minister also assured all domestic exporters that the government would soon announce a slew of measures to boost exports and domestic consumption to shield the industry from the adverse impact of unilateral actions by other countries.

His comments come at a time when India has been hit by 50 per cent US tariffs on Indian goods entering America from August 27, while trade deal negotiations between the two countries are still under consideration. “If any country wants to enter into a free trade agreement with us, we are always ready. But I believe any form of discrimination, which affects the self-confidence and self-respect of India’s 1.4 billion citizens, will neither bow down nor ever appear weak,” Goyal said in an event here.

Underlining India's commitment to shield the industry from the adverse impact of unilateral actions by other countries, the minister also called on industry players to make the initiative fully independent and self-sufficient, while assuring government support to manage trade-related stress. “Let this be a completely self sufficient industry led initiative. Together, we will continue moving forward and capture new markets. I can confidently say that this year our exports will surpass last year's,” he said.

Concerned with the US hefty tariff, exporters are in fear that shipments from labour intensive sectors such as shrimp, chemicals, leather and footwear would be badly hit from these tariffs. However, Goyal assured exporters of all support in dealing with the current global uncertainties at the trade front, which were caused by the imposition of high tariffs. “The government is committed to make sure that all of you do not face any stress or difficulties in managing the current situation emanating from some unilateral actions,” he said.

The minister further said that the government is in consultation with all the stakeholders, including Indian Missions abroad, for diversification of exports. “I can assure each one of you that in the days ahead, the government will be coming out with a variety of measures to support every sector, both to expand the domestic outreach and look for complementarities in other markets around the world to expand our global foray so that this year, our exports will exceed last year’s exports,” he said.

As per the latest government data, India’s goods and services exports touched an all-time high of $825 billion in 2024-25. “India's exports share in the global market is low, so we do not need to worry too much about the global uncertainties at the trade front. India is an import-dependent economy and we will capture new markets soon. I can say with confidence that this year our exports will be more than last year,” he added.