Despite the US tariffs, the West Asia crisis and a series of geopolitical tensions, India has maintained pace of merchandise exports and grown its services exports, Minister of Commerce and Industry Piyush Goyal told Hindu group of journalists on Monday.
Responding to a question on India’s export prospects for FY27, he said that they anticipate growth in exports with many more free trade agreements (FTAs) coming into play.
ON US trade deal
On India’s much-awaited trade deal with the US, the minister said that they have finalised it, but a trade deal should give India preferential market access compared to our competitors. “In fact, UK and EU in their history would not have cleared any FTA as fast as they will do with India,” he said.
“We finalised the trade deal and then the US Supreme Court order took away that competitive edge. We have to work with the US to see how that competitive edge can come back to us. And the trade deal is on. The US FTA will happen as soon as we can get that competitive edge,” he said.
“On June 1, Oman FTA will be effective…We are trying to operationalise the UK FTA to come into effect on May 1,” the Union Minister said, about India’s other trade deals. The India-EFTA Trade and Economic Partnership Agreement (TEPA) has already come into effect and the trade deal with New Zealand are among the others in the offing, he added.
On the impact for India from the West Asia crisis, Goyal said despite the stress on energy prices, India maintains energy costs for the common man. “There are no lines at any petrol pump. LPG cylinders are available for all. In LNG also India is restoring very fast and its almost up to 80-90 per cent,” he said. Though fertilizer prices are up, the Centre has absorbed that entire increase, he added.
