US President Donald Trump, frustrated by India's tough stand on the trade agreement, declared the Indian economy dead. In response, Commerce and Industry Minister Piyush Goyal said that India contributes 16 percent to the world's growth, and India is among the top five economies of the world.
It is also expected that India will become the third-largest economy in a few years. In less than a decade, India has emerged from a weak economy to the world's fastest-growing economy.
After Trump announced imposing a 25 percent duty on India from August 1, Goyal told Parliament on Thursday that India is moving confidently towards self-reliance. The government is examining the effects of the 25 percent duty.
Government's emphasis on farmers, workers, and entrepreneurs
The Ministry of Commerce and Industry is communicating with all stakeholders, including exporters and industry, and gathering information about their assessment on this subject.
In his separate addresses to both houses of Parliament, Goyal again made it clear that the government gives utmost importance to the protection and promotion of the welfare of all farmers, workers, entrepreneurs, exporters, and MSMEs.
He again reiterated that we will take all necessary steps to secure our national interests and move forward. America was pressuring India to open its agriculture and dairy sector for itself.
India did not listen to America.
America also wanted to it should be allowed to sell genetically modified soybean and maize along with grains duty-free in India, but India refused to do so, keeping in mind the interests of farmers. Only after this, America announced it would impose a 25 percent duty and penalty on India.
Goyal also told the Parliament that India and America have started negotiations for a fair, balanced, and mutually beneficial bilateral trade agreement in March this year, to complete the first phase of the agreement by October-November this year. Four rounds of meetings have been held between the two sides in this direction. Apart from this, many meetings have also been held virtually.
After Trump's statement on the Indian economy, Goyal said that our exports have increased continuously during the last 11 years.
India has entered into mutually beneficial trade agreements with the UAE, Australia, and European Free Trade Association (AFTA) countries, and we are committed to entering into similar trade agreements with other countries as well. We are continuously working for the welfare of farmers and Indian agriculture so that food security and prosperity can be ensured.
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