'US tariffs won't hurt India much': Piyush Goyal
Commerce Minister Piyush Goyal downplayed concerns over new US tariffs.
He told Network18 that India's economy runs mainly on what people buy and use at home, not exports—which only make up a small slice of our GDP.
Despite concerns over US tariffs, exports to the US were still $40-43 billion from April to August 2025, compared to $86 billion in the last financial year.
Goyal sees new opportunities for Indian businesses
Goyal pointed out that only about half of India's exports to the US face these tariffs, so the impact is limited.
He also sees new chances for Indian businesses as the US puts tariffs on other countries—opening up trade with around 50 nations.
Goyal highlighted ongoing reforms like scrapping outdated laws and making things simpler, saying transparency and honesty will help create better job opportunities for everyone.