'India Progressing Despite International Difficulties': Piyush Goyal After Trump Tari
'India Progressing Despite International Difficulties': Piyush Goyal After Trump Tariff Row
M.U.H
18/10/202523
Commerce and Industry Minister Piyush Goyal on Saturday said that despite global turbulence, India’s economy continues to show remarkable resilience and momentum. He added that the government’s fiscal and monetary policies were effectively keeping inflation in check.
Speaking in Delhi, in reference to the Donald Trump administration’s tariffs on Indian imports, Goyal said, “Despite the international difficulties, in a very volatile, very turbulent international environment, India is progressing so rapidly that even the IMF had to revise its forecast upward to 6.6 per cent growth this year."
The Union Minister’s remarks came during a joint press conference with Finance Minister Nirmala Sitharaman on the auspicious occasion of Dhanteras, with a focus on how GST reforms are influencing festive season sales and consumer sentiment.
At the event, Goyal also said, “The GST reform plan has been underway since before the US elections took place, meaning it has nothing to do with the tariffs."
“In the first quarter, we saw a historic growth of 7.8 per cent this year," the Union Minister said in Delhi.
“The Ministry of Finance, the Reserve Bank of India, and the Monetary Fiscal Policy are taking consistent steps to ensure that India is not affected by inflation," he said.
“Last month, the lowest inflation rate in eight years was 1.5 per cent," he said, noting that S&P had raised India’s rating for the first time in 17 to 18 years.
Goyal also pointed to consumer demand as a sign of economic strength, saying, “Maruti Suzuki sold 165,000 vehicles in just eight days, the first eight days of Navratri."
Also speaking at the event, Finance Minister Sitharaman said, “If GST cuts are a response to the tariff war, I think even on the day of the GST Council, we clearly said this was in the works."
“Who would have thought of a tariff war at that time? Several groups of ministers were working in this one-and-a-half years. So, these were discussed at various levels and at various times. It’s no way close to the tariff war. This (GST cuts) had to happen. It has happened now," she said.
Meanwhile, Information & Broadcasting Minister Ashwini Vaishnaw underscored India’s growing success in electronics manufacturing.
“This year, India has surpassed its neighbour in exporting smartphones to the United States. This is a huge achievement for our country. Some of the biggest companies, about 20 per cent of their manufacturing is now happening in India," Vaishnaw said.
