Hours after Donald Trump's jibe, Piyush Goyal says India fastest-growing economy

Reacting to Donald Trump's surprise 25 per cent tariffs on India, Commerce Minister Piyush Goyal said on Thursday that the government is examining the event and will take necessary steps to safeguard national interests. Apprising the parliament about the US announcement of tariffs, Goyal said his ministry is holding talks with exporters, industry leaders, and all stakeholders, seeking their assessment of the issue. He said the government is prioritizing safeguarding the interests of farmers, labourers, and MSMEs.

"The government is examining the impact of the recent events. The Ministry of Commerce and Industry is holding talks with exporters, industries, and all stakeholders and gathering information on their assessment of this issue. The government gives utmost priority to the safeguarding of the welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs, and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest," he said.

Hours after Donald Trump said that India is a dead economy, Goyal, without naming the US president, saidthat the Indian economy was on the way to becoming the third-largest in the world.

"In less than a decade, India came out of 'Fragile Five' economies, and it has now become the fastest-growing economy in the world. Based on the hard work of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we will be the third-largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy," he added.

Donald Trump on Wednesday imposed a tariff of 25 per cent on Indian imports for trading with Russia. Today, in a fresh outburst, Trump called Russia and India "dead economies".

“I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India; their Tariffs are too high, among the highest in the World," Trump wrote on Truth Social.

"Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory," he added.