Indian industries need to keep nationalism at the core of their work, and look to convert the current set of challenges into "opportunity", said Union Minister for Commerce and Industry Piyush Goyal on Monday, in the backdrop of the tariffs imposed by US President Donald Trump.
Speaking at the India Global Forum event 2025, Goyal said on tariffs that that one way to make sure the country is prepared for this challenge, is to convert it into opportunity.
"Unless we bring in the balance of honest values, we will see the world have more instability," he said.
Prime Minister Narendra Modi and President Trump are "very good friends", the minister stated, but added that the issues at hand should not be conflated. "What we discuss in a boardroom should not be discussed in public," he said, on hopes for exemption for India.
Earlier on April 2, Trump imposed 27% tariff on Indian imports, citing unfair trade practices and vowed to end decades of imbalances in US foreign trade as part of a larger tariff framework. He levied tariffs on all countries, including friends and foes, as part of his plan to bring down the US' trade deficit.
Goyal stated that India is open to do business with partners who are fair. The minister believes that with United States— even with the tariffs— "we can achieve everything" in terms of bilateral trade if everyone sticks to fair trade.
Goyal added that the world is currently in a period of "de-globalisation". However, India does not discriminate between Indian and foreign investments, he said, while stressing that the country is a democracy, believes in the rule of law and offers a conducive environment to work.
To support his point, the minister pointed that India opened its arms to all tech giants, even as peers like China
On being asked by reporters how the global trade might change, Goyal said that we have to "figure out" how it would be administered. "I do not know how it would be administered," he said.
"We believe we will stick to the rules of the game. In the long run, ethics play an important role," Goyal said.
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