Overview

• At the Business Today India@100 Summit, commerce minister Piyush Goyal declared that India “will not bow down to anybody” in response to incoming US tariffs of 25% from October 5 and 50% on select exports from August 27.
• Goyal projected that exports this fiscal year will surpass last year’s levels despite the looming duties, citing resilient demand and reconfigured trade routes.
• He highlighted India’s status as the fastest-growing large economy contributing 16% to global growth and among the lowest inflation rates in emerging markets.
• The minister announced that the EFTA agreement will take effect on October 1, triggering commitments of $100 billion in investments and the creation of over one million direct jobs.
• Goyal attacked Rahul Gandhi for repeating Trump’s “dead economy” jibe, calling it a matter of national shame that would not be forgiven.