“Don’t panic, look at the silver lining,” Union Minister of Commerce and Industry Piyush Goyal told Indian exporters on Wednesday, as he held high-level discussions with Export Promotion Councils and industry bodies in New Delhi amid rising trade tensions following fresh tariffs imposed by the United States.
The meeting came just days after US President Donald Trump imposed a 26 per cent additional duty on Indian goods, alongside steeper tariffs on China (104%), Vietnam (46%), Indonesia (32%), and Thailand (36%). The new duties came into effect on April 9, dealing a blow to sectors like shrimp, carpet, medical devices, and gold jewellery.
Addressing industry leaders, Goyal praised exporters for their performance despite global headwinds. “In spite of multiple headwinds including the Red Sea crisis, Israel-Hamas conflict spilling over to Gulf region, continuation of Russia-Ukraine conflict and slow growth in some developed economies,” he said, “the exporters have shown resilience and efforts,” pointing to a record export figure of over USD 820 billion in 2024–25, marking nearly 6% year-on-year growth.
Goyal assured the industry that the government is closely tracking the evolving global trade environment and working “in a proactive manner” to support Indian exporters. He said the team formulating India’s position on the Bilateral Trade Agreement (BTA) with the U.S. is “exploring the right mix and the right balance” and added, “We are working with speed but not in undue haste to ensure the right outcome for the country.”
He attributed the ongoing BTA negotiations to “the foresight of Prime Minister Narendra Modi who was one of the first global leaders to agree on the BTA in his meeting with President Trump in February 2025.”
Goyal noted that different countries are responding to tariff changes in their own ways but said India could emerge stronger. “There is a potential for increase in manufacturing, creation of additional jobs because it can attract big players in global supply chain as India has been able to establish itself as a trusted and reliable partner and with a predictable business-friendly destination.”
The meeting was attended by representatives from various Export Promotion Councils, industry bodies, and officials from the Commerce and other line ministries. Exporters raised concerns about the direct impact of new duties and sought proactive measures from the government to cushion the blow.
Despite a slowdown in merchandise exports—India’s outbound shipments stood at USD 395.63 billion during April–February 2024–25, almost flat from the previous year—services exports continued to show strength, rising to USD 354.90 billion from USD 311.05 billion in the same period last year,
Goyal reaffirmed the government’s commitment to enabling a conducive environment for trade. “We will work to provide a conducive environment to enable exporters to successfully navigate the recent changes in the global trade environment,” he said.
