Indian exports to the United States are facing 50% tariffs, and there is no immediate respite in sight. While the Donald Trump administration is firm on its decision, India has refused to negotiate a trade deal on the United States’ terms. Amid this, Union Commerce and Industry Minister Piyush Goyal has made a big remark, urging the Indian companies to get out of their comfort zone, innovate, and look for other markets. Goyal also asked the Indian firms to turn the crisis into an opportunity.
Put Pressure: Goyal
Speaking during a CII conference, Piyush Goyal said that Prime Minister Narendra Modi has made it clear that the government is keen to work with the industry to solve any obstacles and is eager to hear from the businesses. He urged the industry to put pressure on the government with their ideas, suggestions and remedial measures. “Ask for help. Give us your support. Don’t lose this opportunity. Put pressure on us,” he said.
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‘India Inc In Comfort Zone’
Goyal further urged India Inc to come out of their comfort zone and look for opportunities globally, and hinted that they should not be limiting themselves to just domestic market or one or two countries abroad. The Union Minister said that the Indian businesses are in a ‘cosy comfort zone’ created by a robust domestic market and need to find opportunities globally.
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He urged the industry players to pull up their socks and not get deterred by the US tariffs. The Union Minister also highlighted the lack of value addition by India Inc. Sharing some examples, Goyal pointed out that India is a seller of rice but not rice puffs or ready-to-eat food products, or how it is an iron ore seller but not a high-quality steel exporter.
Despite Trump’s tariffs, Goyal expressed confidence that the overall exports will grow this year and also pointed out that over $46 billion of the $87 billion exports to the US are unaffected by the tariff moves.