New Delhi, Sep 9 Commerce and Industry Minister Piyush Goyal on Tuesday said that the US tariff hike will not have a significant impact on India’s GDP as the country is not dependent on exports for its growth.
In his address at the NDTV Profit conclave here, Goyal said that India has a large domestic market and is import-dependent. Additionally, India's GDP is not dependent on exports.
However, the minister said that the textile sector might see a significant impact of US tariffs. "There are two or three sectors that will face significant US tariffs, and textiles is one such sector," he pointed out.
Goyal further stated that the GST rate cut will boost disposable income, which will increase demand in the economy and spur growth. He further added that Prime Minister Narendra Modi has strengthened the nation's economy with well-planned efforts in the last 11 years.
The minister said that it is not US President Donald Trump that is keeping him awake, but PM Modi's resolve to work for the people that is keeping him up at night.
At the same time, Goyal said that the US and India are two important nations and good friends. "All good things take time," he remarked in reference to the India-US bilateral trade talks.
Goyal’s comment comes against the backdrop of the recent conciliatory statement issued by US President Trump after the SCO meeting in Beijing attended by PM Modi.
“I will always be friends with Modi, he is a great Prime Minister. India and the United States have a special relationship. There is nothing to worry about," Trump stated.
To this, Prime Minister Modi replied: "I deeply appreciate and fully reciprocate President Trump’s sentiments and positive assessment of India-US ties."
"India and the US have a very positive and forward-looking Comprehensive and Global Strategic Partnership", he posted on X.
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