Amid the ongoing global tariff war, Commerce and Industry Minister Piyush Goyal on Wednesday asked exporters not to panic and assured them that India is working on the "right mix and right balance" in its proposed trade agreement with the US.
He also said the Indian team is working with "speed" but not in "undue haste" to ensure the right outcome for the country.
The two countries are negotiating a bilateral trade agreement (BTA) with an aim to more than double bilateral trade to USD 500 billion by 2023 from the present about USD 191 billion. They are aiming to conclude the first phase by the fall (September-October) this year.
Goyal made the remarks during a meeting called by the ministry with the export promotion councils and industry bodies here in the light of the emerging trade scenario due to the imposition of high tariffs by the US. America has imposed an additional 26 per cent duty on India, which came into effect on Wednesday.
During the meeting, the minister also apprised the exporters regarding discussions with the US for a mutually beneficial multi-sectoral BTA.
"The minister assured that the country is working in a proactive manner and exploring solutions which are in the best interest of the nation. The team working on BTA is exploring the right mix and the right balance and he exhorted the exporters to not panic and look at the silver lining in the present scenario," an official statement said.
Goyal noted that different countries are approaching the tariff imposition in a different manner.
"However, as far as India is concerned, there is a potential for increase in manufacturing, creation of additional jobs because it can attract big players in 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 meeting was called to deliberate on the impact as well as opportunities arising out of the evolving and dynamic scenarios and to apprise the industry and trade about the steps being taken by the government.
© 2025