India's growth story intact despite US tariff threat, says Piyush Goyal

Amid the looming threat of reciprocal tariffs that the United States (US) plans to impose from April 2, commerce and industry minister Piyush Goyal on Thursday exuded confidence that irrespective of the ‘turbulence’, India’s growth story will remain intact.

 

“For that, you have to either consult an astrologer or look up the chronicles of Nostradamus. I am neither an astrologer nor do I believe in it, but I can only tell you one thing. We have the courage and conviction to say that the India growth story will be intact, India will continue to power the global economy, and India, under Prime Minister Narendra Modi, will continue to steer its economy with our motto of India First,” Goyal said at the Times Now Summit, when asked if India is expecting ‘turbulence’ on April 2.

 

 

Since taking over as the US President over two months ago, Trump has been implementing protectionist policies in an attempt to Make America Great Again.

 

Countries, including India, are not clear about the shape and form of reciprocal tariffs that Trump has threatened to impose from next week.

 

While Trump has repeatedly stated that India, with its high tariff structure, will not be granted special treatment, he has softened his stance over the last few days. Without naming any country, he said that a lot of countries will be given a break on April 2. He has also said that tariffs will likely be more “lenient than reciprocal”.