'India's Gain Is In It': Union Minister Piyush Goyal Highlights Silver Lining In US Tariffs

Union Minister for Commerce and Industry Piyush Goyal on Monday expressed optimism about the impact of U.S. President Donald Trump ’s recent tariff announcements, stating that India’s industries could benefit despite global market uncertainty.

Speaking at FICCI’s 98th Foundation Day celebrations, Goyal addressed varying reactions from different sectors but remained hopeful. “Every sector has a different sentiment. I am in communication with each one of them. The industries of India see opportunities in this. We are confident that India's gain is in it," he said.

Goyal also highlighted the remarkable rise of India’s startup ecosystem under Prime Minister Narendra Modi ’s leadership. “PM Modi launched the start-up India movement 9 years ago. From 400 startups, we are now more than 170,000-plus startups. The country is proud of it,” he added.

Shashi Tharoor Voiced His Worries

However, concerns remain about the impact of Trump’s tariff policies on India’s exports. Congress leader Shashi Tharoor voiced his worries, stressing the importance of bilateral engagement. “It is a very concerning issue. You know that there is a lot of hope that the bilateral talks with the United States will bring some assurances and relief, but as of now, in the short term, the situation is quite negative,” Tharoor said. 

He further commented on the global market scenario, stating, “The global market is bad, not just in India but across the world. As you said, prices are also rising, and nobody understands Trump's tariffs and what they mean.”

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India's Exports to Decline

Adding to the caution, a research report from the Global Trade Research Initiative (GTRI) estimated that India’s exports to the U.S. could decline by USD 5.76 billion, or 6.41 per cent, in 2025 due to the newly introduced tariffs, according to ANI report. In 2024, India exported USD 89.81 billion worth of goods to the U.S. The report outlined the sectors that might be most affected, painting a mixed picture of the possible gains and setbacks for India’s trade.