India will not bow down to discrimination: Commerce minister Piyush Goyal

India will not bow down to discrimination: Commerce minister Piyush Goyal

India will not bow down to discrimination and will uphold the self-respect of 140 crore people, Union minister for commerce and industry Piyush Goyal said on August 29 in his first comments since the 50% tariffs imposed by the United States kicked in.

"If any country wants to enter into a free trade agreement with us, we are always ready. But I believe that any form of discrimination affects the self-confidence and self-respect of India's 1.4 billion citizens. Keeping that in mind, we will neither bow down nor ever appear weak," Goyal said at the curtain raiser of Bharat Buildcon in New Delhi.

"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 added.

US President Donald Trump’s 50 percent tariff on Indian exports came into effect from August 27. Labour-intensive exports such as textiles, leather, gems and jewellery to the US are the hardest hit as these sectors face a rate of more than 50 percent given that Trump’s reciprocal tariffs are over and above the most favoured nation (MFN) duties in place.

"We at the commerce ministry are talking to sectors across board to understand not just the impact of certain unilateral actions by some countries, but also how they are managing it. Through our missions, we are reaching out to other parts of the world to look at other opportunities, other markets which we can capture," Goyal said.

He emphasised that, alongside global outreach, boosting domestic consumption remains a priority. The upcoming GST Council meeting, he said, is expected to provide measures that will quickly stimulate demand and give a strong boost to domestic manufacturing.

"India has successfully navigated challenges such as COVID-19 and even nuclear sanctions, and today it stands strong, ready to expand its share in global trade," the minister said.

Goyal reiterated India’s expanding network of free trade agreements with developed countries, including Australia, the UAE, Switzerland, Norway, Liechtenstein, Iceland, and the UK, with negotiations ongoing with the European Union and others. These agreements, he said, will further open global opportunities for Indian industries such as construction, steel, and allied sectors.

"Nations such as Qatar and the United Arab Emirates (UAE) have expressed keen interest in entering into FTAs with India. Such partnerships will not only provide a major boost to India’s export opportunities and global market integration but also complement the country’s efforts in scaling up its clean energy and manufacturing capabilities," he said.

He also said India has a vast export potential in steel and iron ore, adding that India could export 15 million tonnes of steel annually, strengthening its export basket with high-quality, competitively priced products.