Union commerce minister Piyush Goyal has said that India will not "bow down" to the US President Donald Trump's tariffs and instead focus on capturing new markets.
In his first remarks since the tariffs went into effect, Goyal on Friday said India was always ready for a free trade agreement.
But India "will neither bow down nor ever appear weak. We will continue to move together and capture new markets,” Goyal said, while speaking at a construction industry event in New Delhi.
Goyal said the union government would announce several measures in the coming days to support every sector and boost exports.
"I can say with confidence that India's exports this year will exceed 2024-25 numbers," he said.
Donald Trump's 50 percent tariff on Indian goods
Donald Trump imposed 50 percent tariffs on many Indian imports into the United States earlier this month as a punitive measure for New Delhi's massive purchases of Russian oil. The levies took effect this week and are part of US efforts to pressure Moscow into ending its war in Ukraine.
{{/usCountry}}Donald Trump imposed 50 percent tariffs on many Indian imports into the United States earlier this month as a punitive measure for New Delhi's massive purchases of Russian oil. The levies took effect this week and are part of US efforts to pressure Moscow into ending its war in Ukraine.
{{/usCountry}}Since his return to the White House in January this year, Trump has used tariffs as a wide-ranging policy tool, upending global trade.
The latest tariff salvo from Trump has strained US-India ties, with New Delhi earlier criticising the levies as "unfair, unjustified and unreasonable".
Trade talks between the two countries have stumbled over agriculture and dairy markets.
Trump wants greater US access, while Prime Minister Narendra Modi is determined to shield India's farmers, having publicly stated that he would not yield to the pressure. He has even started a ‘swadeshi’ push.
The US was India's top export destination in 2024, with shipments worth $87.3 billion.
But analysts have cautioned that a 50 percent duty is akin to a trade embargo and is likely to harm smaller firms.
Exporters of textiles, seafood and jewellery have already reported cancelled US orders and losses to rivals such as Bangladesh and Vietnam, raising fears of heavy job cuts.
(With agency inputs)