India looking forward to deep engagement with new US govt - minister Goyal
This story was originally published at 18:02 IST on 3 January 2025
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--Minister Goyal: Look forward to deep engagement with new US administration
--CONTEXT: Minister Goyal's comments at a media briefing on Startup India
--Minister Goyal: Expect total exports to cross $800 bln in FY25
NEW DELHI – India is looking forward to a deep and substantive engagement with the new government in the US under Donald Trump, Commerce Minister Piyush Goyal said on Friday. Trump is set to take charge as US president on Jan. 20.
The Narendra Modi government has worked with the Trump administration in the past, Goyal said, adding that the "relation has only improved over the years."
Trump has threatened to impose high tariffs on all countries that have a trade surplus with the US, including India. New Delhi had a trade surplus of $35.32 billion with the US in 2023-24 (Apr-Mar). Last month, Trump emphasised his plan to implement reciprocal tariffs in response to "high tariffs" that India imposes on specific American goods.
Besides possible tariff actions, India's exports also face challenges from low global demand and supply chain disruptions. However, Goyal expects India's total exports, including services exports, to exceed $800 billion in FY25. India's total exports were $536.25 billion in Apr-Nov, which included $284.31 billion of merchandise exports.
Had it not been for the Red Sea crisis, which had an impact on shipping costs, exports could have grown much more to Europe, America, Latin America, and also to African countries, Goyal said. "A lot of that growth has been affected." The trade route through the Red Sea, which accounts for 30% of the global container traffic--has been disrupted for over a year now due to the conflict in west Asia. End
US$1 = INR 85.77
Reported by Krity Ambey
Edited by Saji George Titus
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