India to Be Third-Largest Economy, Says Piyush Goyal
Commerce Minister Piyush Goyal firmly dismissed U.S. President Donald Trump’s recent remark labeling India a “dead economy.” Speaking in Parliament, Goyal asserted that India has moved from being among the “Fragile Five” economies to becoming the world’s fastest-growing major economy. He added that India, currently ranked fifth, is on track to become the third-largest economy in the near future.
India Committed to Fair Trade
Goyal emphasized that the government is actively engaging with the U.S. on trade issues. He said multiple rounds of negotiations have taken place since April to ensure that any agreement upholds India’s interests. The minister assured that India will protect the rights and livelihoods of farmers, MSMEs, exporters, and workers during ongoing and future trade discussions.
Global Contribution and Confidence
Highlighting India’s role in the global economy, Goyal noted that the country contributes around 16% of global GDP growth. He said India continues to be viewed as a “bright spot” by international financial institutions and reaffirmed that domestic policy will be guided by national priorities rather than foreign commentary.
Tariffs and Political Fallout
Trump’s announcement of a 25% tariff on Indian imports has stirred political debate. While markets showed mild reactions, opposition parties have accused the government of poor diplomatic handling. Economic analysts have warned that the tariff could slightly dent India’s GDP growth over the next year if not addressed swiftly.
Strategic Partnerships Continue
Despite tensions, Goyal reiterated India’s commitment to expanding trade ties through agreements with other global partners. He pointed to recent deals with countries like the UK, Australia, and the UAE as evidence that India’s trade strategy is rooted in diversification and resilience.
