New Delhi, Aug 29: Commerce and Industry Minister Piyush Goyal on Friday said the government will soon announce measures to boost exports and domestic consumption, underlining its commitment to shield the industry from the adverse impact of unilateral actions by other countries.
The remarks are important as the US has imposed a steep 50 per cent tariff on Indian goods entering America from August 27.
According to exporters, shipments from labour intensive sectors such as shrimp, chemicals, leather and footwear would be hit from these tariffs.
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,” Goyal said here at an industry event.
He urged the industry to highlight sectors that may get impacted by these tariffs and need alternative markets.
“We in the commerce ministry, through our Missions, are reaching out to other parts of the world, to look at other opportunities which we can capture. We are also looking at giving a boost to domestic consumption…
The upcoming GST Council meeting, he noted, is expected to provide measures that will quickly stimulate demand and give a strong boost to domestic manufacturing.
The government is in consultation with all the stakeholders, including Indian Missions abroad, for diversification of exports, he said.
In 2024-25, India’s goods and services exports touched an all-time high of USD 825 billion.
Further, he said, 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.
Talks with US for BTA
Goyal on Friday said India is negotiating a bilateral trade agreement with the US, indicating that the steep 50 per cent tariff imposed by America on Indian goods will not have much impact on the country’s economy.
“If somebody wants to have a good free trade agreement, we will always be ready. But if somebody discriminates…We will never bow down, nor will we ever be weak, together we will keep moving forward,” he said here at an industry event.
The imposition of this high duty is seen as a pressure tactics by America on India to accept its demands in the proposed bilateral trade agreement (BTA). The US is seeking greater market access in politically sensitive agri and dairy sectors.
India has described these duties as unfair and unjustified. It has stated that the government will not compromise the interests of farmers and cattle rearers. (PTI)