In an interview with Bloomberg, Indian Union Minister of Commerce and Industry Piyush Goyal said India might gain from Trump’s tariffs.
He said India is not an export-dependent country, although we always support exports in India but because of the current situation, we will try to find opportunities in other sectors such as the service sector.
He also mentioned that India has been imposed with relatively low tariffs (26%) compared to other Asian countries.
On April 9, Union Minister Piyush Goyal scheduled a meeting with Indian exporters to discuss the challenges and to find a way to counter them.
A report by GTRI (Global Trade Research Initiative) also supports Piyush Goyal’s words and indicates that India might gain from Trump’s Tariffs if the Indian government carries out reforms scaling up the production and improving domestic value addition.
Recently, we have started to see tariff’s impact on India when the government has raised prices of LPG by ₹50. Most of the people in India are not happy with the government’s this decision and social media platforms are bombarded with LPG price hike memes in Modi government.
Read also: Trump’s Tariffs Trigger Rise in India’s LPG, Petrol, and Diesel Prices