Commerce and Industry Minister Piyush Goyal on Friday projected confidence in the face of steep new US tariffs, insisting that India will convert the setback into a springboard for greater growth. Speaking at the India@100 summit hosted by Business Today, Goyal said the global trade map may shift, but the fundamentals of globalisation remain intact.

“I do not see any de-globalisation,” he asserted. “I see countries restructuring their trade routes and partners. I am confident India’s exports this year will surpass last year’s record.”

India exported goods and services worth USD 825 billion in 2024–25, and Goyal expects the 2025–26 figure to climb even higher. “Every challenge has been converted into an opportunity,” he said, citing ongoing negotiations with trade partners including the US, Oman, European Union, Chile, Peru, and New Zealand, along with interest from several other nations.

Responding to US President Donald Trump’s recent dismissal of India as a “dead economy,” Goyal countered that the country remains the fastest-growing large economy, contributing 16% to global growth, with strong macroeconomic fundamentals and one of the lowest inflation rates among emerging markets. “India today is stronger, more confident and far more respected,” he said.

Recalling the Covid-19 pandemic, Goyal highlighted how India not only met its domestic needs but also exported vaccines worldwide. “The nation’s morale is high. There is a lot of strength in the Indian economy. India will emerge a winner in any crisis,” he declared.

On the India-UK free trade agreement, where disputes over procurement rules and Scotch whisky duties have surfaced, the minister dismissed concerns. “There are no concerns,” he said, noting that Indian firms would gain reciprocal access to UK procurement systems.

Goyal also used the platform to criticise Congress leader Rahul Gandhi, calling his remarks on the economy “sad” and “unfortunate,” and accusing opposition parties of blocking parliamentary proceedings.

The India-US trade talks—ongoing since March—will gain urgency with a US delegation arriving in New Delhi on August 25. Washington has already imposed a 50% tariff on Indian goods, with the first half taking effect on August 7 and the rest due August 27, in retaliation for India’s continued purchase of Russian oil.

The Global Trade Research Initiative (GTRI) has warned that these tariffs could make Indian goods up to 50% costlier in the US, risking a 40–50% drop in exports to the American market. With annual exports to the US worth USD 86.5 billion, India now faces some of the highest trade barriers of any US partner, surpassing even China, Vietnam, and Bangladesh.

GTRI co-founder Ajay Srivastava noted that China imported USD 62.6 billion of Russian oil in 2024—more than India’s USD 52.7 billion—yet escaped US penalties, largely due to Beijing’s dominance in critical minerals vital to US defence and technology.

Trump’s tariff decision was paired with a July 31 social media attack, stating: “I don’t care what India does with Russia. They can take their dead economies down together.” The comment drew widespread rebuttals, with Sixteenth Finance Commission Chairman Arvind Panagariya retorting: “Maybe dead bodies do move,” pointing to India’s 7%+ real GDP growth and even faster expansion in dollar terms.