Commerce and Industry Minister Piyush Goyal on Sunday said Indian exporters will enjoy a “competitive advantage” in the US market under the interim trade framework, asserting that the revised 18 per cent tariff on Indian goods compares favourably with higher duties imposed on several other countries.
Speaking a day after US President Donald Trump signed an executive order reducing tariffs on Indian imports to 18 per cent, Goyal rejected criticism that India conceded too much by accepting the rate while offering duty-free access to American goods.
In an exclusive interview with PTI, Goyal noted that China continues to face tariffs of 35 per cent, while many other countries are subject to duties of 19 per cent or higher, placing India in a relatively stronger position.
The executive order rolls back an additional 25 per cent duty imposed in August 2025, which had been levied on top of an earlier 25 per cent reciprocal tariff. This had pushed effective duties on some Indian exports to nearly 50 per cent. The revised 18 per cent tariff marks a significant easing of trade tensions and restores India’s competitiveness in the US market after months of strain linked to New Delhi’s purchases of Russian oil.
Goyal said the brief nature of the interim document should not be seen as reflecting the full scope of the agreement, adding that adequate safeguards—particularly for Indian farmers—have been built into the framework.
“I am very excited about the future of India,” Goyal said, pointing to nine trade agreements concluded across continents covering 38 countries. Of these, 37 are developed economies, while Mauritius—home to a largely Indian-origin population—does not compete directly with India. Together, these nations account for a significant share of global GDP, he said.
“These are rich economies that largely do not compete with us and are mostly complementary,” he added, highlighting the opportunities such agreements create for farmers, fishermen, workers, businesses, investors and MSMEs through expanded market access and economies of scale.
Goyal said India’s growing global engagement would support high-quality manufacturing and service delivery, generating employment and strengthening the country’s long-term growth trajectory. “This is the path to Viksit Bharat 2047,” he said.
Framing India’s trade negotiations as being conducted from a position of strength, Goyal noted that the country is currently a $4 trillion economy and is projected to grow to $30–35 trillion by 2047. “That delta of opportunity—from $4 trillion to $30–35 trillion—is the future India offers,” he said.
