Commerce and Industry Minister Piyush Goyal has said that India will face no difficulty in importing goods worth 500 billion dollars from the United States over the next five years. He expressed confidence that the growing Indian economy will generate sufficient demand to absorb such imports.
Speaking in New Delhi, Goyal explained that India currently imports goods worth nearly 300 billion dollars from the US. With steady economic expansion, this figure could rise significantly in the coming years. He stated that India’s economy is expected to create demand worth nearly two trillion dollars, making higher imports manageable. He assured that while India welcomes trade, it will remain competitive in the global market.
Goyal emphasized that adequate safeguards have been incorporated in the trade understanding with the United States to protect the interests of Indian farmers and domestic industries. He said that the government has carefully negotiated the terms to ensure that sensitive sectors are not adversely affected.
Referring to the livestock and poultry sectors, the minister noted that India has agreed to certain tariff rate quotas for products such as corn based animal feed, also known as DDGS. He said this decision would strengthen the poultry and animal husbandry sectors by ensuring access to quality feed at competitive prices.
Goyal added that India is negotiating trade agreements with confidence and strength. He pointed out that India could access a market worth 35 trillion dollars in the future through such partnerships. According to him, the objective of these agreements is to expand opportunities for Indian goods and services globally.
The minister further stated that Indian farmers are already exporting agricultural products worth 50 to 55 billion dollars. With improved access to international markets, including the United States, farmers are expected to benefit from better prices and higher demand. He highlighted that Indian products will gain a competitive advantage in the American market, especially when compared with countries that face higher tariffs.
Meanwhile, political reactions have also emerged. Punjab BJP president Sunil Jakhar said that the India US trade understanding would boost economic development and create new employment opportunities for youth. He remarked that the agreement was finalized after detailed discussions and careful consideration.
On the other hand, the Communist Party of India Marxist expressed concern, alleging that the agreement could pose risks to the country’s economic sovereignty. The party claimed that excessive concessions may have been granted to the United States. In response, the Prime Minister’s Office clarified that national interests remain paramount in all trade negotiations.
Overall, the government maintains that the proposed expansion in trade with the United States will strengthen India’s economy, generate jobs, support farmers, and safeguard domestic industries while enhancing India’s position in global markets.
Discussion about this post