“Confident that India’s gain is in it”: Union Minister Piyush Goyal on US tariff announcements

Union Minister for Commerce and Industry Piyush Goyal on Monday expressed confidence that India’s industries will benefit from the recent tariff announcements made by US President Donald Trump amid the turmoil in global markets following its recent announcement.

Speaking to reporters during the FICCI’s 98th Foundation Day celebrations, Goyal acknowledged the different sentiments expressed by the different sectors upon the tariff announcement and that India sees this as an opportunity.

“Every sector has a different sentiment. I am in communication with each one of them. The industries of India see opportunities in this. We are confident that India’s gain is in it,” he said.

Goyal also highlighted the growth of India’s startup ecosystem, noting that under Prime Minister Narendra Modi’s leadership, the “Start-Up India” initiative, launched nine years ago, has resulted in the rise of over 170,000 startups, up from just 400.

“PM Modi launched start-up India movement 9 years ago. From 400 startups, we are now more than 170,000-plus startups. The country is proud of it,” he added.

Meanwhile, Congress leader Shashi Tharoor expressed concerns over the impact of US tariffs on India’s economy and emphasised the need for effective bilateral trade agreements and called the situation “quite negative”.

“It is a very concerning issue. You know that there is a lot of hope that the bilateral talks with the United States will bring some assurances and relief, but as of now, in the short term, the situation is quite negative,” he stated.

He emphasised that the global market has been severely affected, saying, “The global market is bad, not just in India but across the world. As you said, prices are also rising, and nobody understands Trump’s tariffs and what they mean.”

Moreover, according to a research report by the Global Trade Research Initiative (GTRI), India could see a decline of USD 5.76 billion or 6.41 per cent, in exports to the US because of the tariffs in 2025.

The research highlights sectors where India may gain or lose ground, offering a nuanced picture of the challenges and opportunities emerging from the new US tariff regime.

The tariffs are likely to give a mild blow to India’s merchandise exports to the US. In 2024, India exported USD 89.81 billion worth of goods to the U.S, but this could decline by approximately USD 5.76 billion, a drop of 6.41 per cent, as a result of the new trade measures in 2025.