Exploring solutions which are in best interest of nation, Piyush Goyal tells industry bodies amid Trump tariffs

Union Commerce Minister Piyush Goyal on Wednesday assured exporters and industry bodies that the Indian government is working to explore solutions in the nation's best interest amid the escalating trade war between the United States and other nations over President Donald Trump's reciprocal tariffs. 

“The commerce and industry minister assured the exporters that the government will work to provide a conducive environment to enable them to successfully navigate the recent changes in the global trade environment,” according to an official announcement from the Ministry of Commerce and Industry.

Goyal also highlighted that the team working with the bilateral trade agreement (BTA) is exploring options for the right balance for India and reiterated that the exporters should not panic in the current situation.

“The team working on BTA is exploring the right mix and the right balance and he (Piyush Goyal) exhorted the exporters to not panic and look at the silver lining in the present scenario. He assured that the team is working with speed but not in undue haste to ensure the right outcome for the country,” said the ministry in the statement. 

What's India's tariff plan?

During the meeting, Goyal focused on how different nations are approaching the Trump tariffs in their own way. As far as India is concerned, he said the nation has the potential for an increase in manufacturing and job creation growth, which is likely to draw in big players from the global supply chain.

“However, as far as India is concerned, there is a potential for an increase in manufacturing and the creation of additional jobs because it can attract big players in the global supply chain as India has been able to establish itself as a trusted and reliable partner and with a predictable business-friendly destination,” he said.

The minister also stated that the nation is in discussions with the US for a mutually beneficial multi-sectoral BTA with the United States. 

Indian exports achieve record

Piyush Goyal complimented the Indian exporters in the meeting for achieving a record export level of more than $820 billion for the 2024-25 fiscal year, marking a 6 per cent year-on-year (YoY) growth from the previous financial year.

According to the Ministry of Commerce and Industry data, India's goods exports were at $395.63 billion as of February 2025, compared to its $395.38 billion levels in the same period a year ago.

The data also showed that India's services exports until February in the 2024-25 fiscal year were at $354.90 billion, compared to $311.05 billion a year ago.

India exports tobacco, electronic goods, coal, and other minerals to nations such as Australia, the US, Japan, and Brazil.