India will not “bow” and focus on the conquest of the new markets, “Indian Minister Piyush Goyal said on Friday after the customs surcharge imposed by Washington on their products.
“We are always ready if someone wants to conclude a free trade agreement with us,” he added. The customs tasks imposed by the United States on Indian products increased on Wednesday from 25 to 50%, a decision made by Donald Trump in retaliation for the purchase of Russian oil by New Delhi. The entry into force of these sanctions had not aroused the immediate reaction of the Indian authorities, who had already denounced them as “unfair, not justified and not reasonable.”
These 50% customs tasks are among the highest imposed by the US president since his return to the White House.
First destination of Indian products
Despite the concerns about the perspectives of the Indian economy, the country’s Gross Domestic Product (GDP) rose 7.8% during the quarter from April to June, according to the official data published on Friday, compared to the same period of the previous year. This solid performance comes from the increase in public spending, the growth of the manufacturing sector and the improvement of consumer confidence.
Indian expeditions to the United States have remained largely between April and July, in particular because exporters had advanced shipments of goods. But with the entry into force of 50%surcharge, experts predict a strong decrease. The United States was the first destination of Indian products in 2024, for a total value of $ 87.3 billion.
India’s Minister of Commerce has announced that the Government would take measures in the coming days to support all sectors and stimulate the economy. Piyush Goyal said he could “affirm with certainty that Indian exports will exceed this year the figures by 2024-2025”. Prime Minister Narendra Modi also said in mid -August that he wanted to support household consumption with tax cuts.
Source: BFM TV
