Exports to US dip due to tariffs: Piyush Goyal

Business Oct 18, 2025

India's Commerce Minister Piyush Goyal is feeling positive about export growth for 2025-26, despite some bumps from US tariffs.
Between April and September 2025, India's exports (goods and services) grew 5% to $413.3 billion, with merchandise exports up 3%.
Goyal credits this to India's resilience and steady global demand.

On GST rate cuts

US tariffs led to a 12% dip in exports to the US in September.
The government recently cut GST rates, which, according to Goyal, led to a big drop in outward foreign portfolio investment—from $4 billion in August to under $900 million in September.
Goyal says most e-commerce companies are passing GST savings on to shoppers, and that the consumer affairs department can take action if they aren't.