Will come up with measures to expand India's presence in global mkts: Goyal

In his first comments after the imposition of 50 per cent tariffs by the US this week, Union Commerce and Industry Minister Piyush Goyal on Friday dubbed it as a “unilateral action” and asserted that India was taking a host of steps to support every sector and to expand its presence in global markets.

 

The Union minister exuded confidence that the measures will ensure that India’s exports in the current financial year will exceed that of last year’s. 

India exported goods worth $437 billion during the financial year 2025 (FY25). During the first four months of the current financial year (April-July), India has exported goods worth $149 billion. 

 

“In the days ahead, the government will be coming out with a variety of measures to support every sector, both to expand domestic outreach and look for complementarities with other markets around the world, to expand global foray. So that this year exports exceed last year’s,” Goyal said at an event organised by the Confederation of Indian Industry (CII). 

At a separate event during the launch of the curtain raiser for Bharat Buildcon 2026, the minister said that the government was committed to ensuring that the Indian industry does not face undue stress or disruption due to the unilateral trade actions by other countries. 

There’s little cause for alarm over the steep tariff imposed on Indian goods as India’s share in global exports is small at 2 per cent. That apart, India is an import dependent nation and dependent on domestic consumption. 

The US administration imposed a 25 per cent reciprocal tariff from 7 August and an additional 25 per cent kicked in from August 27, for New Delhi’s Russian crude oil purchases. 

India is talking to the US for a bilateral trade agreement, whose first phase was planned to compl­ete by October-November this year. 

India is expanding a network of Free Trade Agreements (FTAs) with developed countries, including Australia, the United Arab Emi­rates (UAE), Switzerland, Nor­w­ay, Liechtenstein, Iceland, and the UK, with negotiations ongoing with the European Union and others. 

These agreements, Goyal said, will further open global opportunities for Indian industries. Discussions are also ongoing with Peru, Chile and the Eurasian Economic Union. Qatar has also shown interest in entering into an FTA with India. These agreements will open new opportunities, markets and investment possibilities for India. 

“Goyal asserted the capability of India is not being correctly understood by some experts and media. He pointed out that while certain analysts underestimate the nation’s potential, the resilience of Indian industry, the strength of its startups, and the confidence of its people tell a different story. India has successfully navigated challenges such as Covid-19 and even nuclear sanctions, and today it stands strong, ready to expand its share in global trade,” commerce department said in a statement.