India is looking for a good trade deal with the US to boost economic growth and ensure smooth supply chains. This was said by Finance Minister Nirmala Sitharaman at The Economic Times Awards. She also said that amid the growing global tariff war, India will have to move smartly to avoid possible dumping of goods from countries facing higher US tariffs. At the same time, India will protect the interests of domestic industries that depend on affordable imports.
"I think both sides should have the ambition to have a good deal, and nobody can fault that. Especially for India… when you are looking at developed India, you should have good traction. Everybody is worried about the growth numbers," Sitharaman said. The minister said a lot of steps need to be taken to strengthen the country's exports wherever there is potential.
Sitharaman further said, "I am sure Commerce Minister Piyush Goyal is fully aware of this. He will take the trade deal as meeting our ambitions in terms of promoting growth, ensuring that our supply chains are intact and smooth. And therefore, I think this will guide his discussions."
India and America want to double the trade by 2030
India and the US are negotiating a bilateral trade deal aimed at doubling trade to $500 billion by 2030. Goyal returned from Washington on Saturday after holding trade talks with his American counterparts during a week-long visit to the US.
You have to smartly protect yourself from potential dumping
On concerns that the US tariffs could lead to dumping of goods in the country, Sitharaman said when there are such possibilities, we have to protect ourselves from it. We need to work smartly about such things. She said there are some sections of stakeholders who want to completely stop dumped goods and there are some sections who prefer a fine-tuned approach to it. "So, the government's job is to ensure that we plan for it and balance everyone's interests," the minister said. Various sectors like steel have already approached the government to impose safeguard duty to protect them from increased imports from countries like China.
