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Piyush Goyal lauded the GST reforms, saying they will bolster India’s economy, and dismissed trade tensions between the US and India over Donald Trump’s tariff hike.
Commerce Minister Piyush Goyal. (File pic)
Commerce Minister Piyush Goyal spoke to Network18 Group Editor-in-Chief Rahul Joshi on Thursday, where he lauded the landmark GST reforms and discussed the impact of US President Donald Trump’s tariff pressure on Indian trade.
Goyal hailed the reduced GST rates as the most monumental and transformational reforms since independence, asserting that they will improve ease of living for the aspirational middle class. He also said the reforms would boost the Indian economy and Prime Minister Narendra Modi’s vision of Atmanirbharta.
He also addressed the US tariff issue, saying that the India-US ties were one of the most consequential partnerships in the world and appeared confident that the relationship would strengthen over time. He also said India was looking for new export markets, and fast-tracking trade pacts with other countries.
Top Points Of Piyush Goyal’s Interview
‘Transformative GST Reforms’
Goyal lauded Prime Minister Modi for taking a bold step and highlighted his efforts in promoting self-reliance. “I see this as the most transforming step the nation has seen, possibly in the last 56 years. This is a journey that Prime Minister Narendra Modi started in 2014. Right back then, he spoke about ‘making in India’. He was conscious that ultimately we will have to become self-reliant,” he told News18.
The minister praised the PM for taking a broken and fragile economy towards one of the top five economies in the world, and said India was aiming to become a $30 trillion economy by 2047.
A Boon For Aspirational Middle Class
Delving deeper in the GST reforms, Goyal said they brought down the cost of real estate and building a home, giving the opportunity to the aspirational middle-class to own an affordable home.
“When you make two-wheelers cheaper, the aspirational middle-class, the young men and women who want to have a two-wheeler are encouraged and able to afford to a two-wheeler—especially with interest rates also simultaneously coming down, thanks to low inflation and loans becoming cheaper and easily available in a strong banking system that we have today,” he said.
“When the housewife goes out to the market, almost every product of daily use—all food products, all processed goods, foods, all material that is required for our kitchen, utensils, everything – will see a transformational reduction in prices.”
Revenue Implication
Goyal also said India’s revenue would increase after the GST cuts, saying the industry will make sure that the full benefit is net of input taxes passed on to the consumers. He said India was already collecting Rs 2 lakh crores every month, and with the boost in demand, it will earn more.
Rahul Gandhi’s ‘Dead Economy’ Jibe
Goyal hit out at Congress leader Rahul Gandhi for agreeing with Donald Trump’s “dead economy” jibe, saying that he had no understanding of economics. “He sees ghosts where there are none. He cannot appreciate that the people of India are seeing significant improvement in their lives. He has not yet been able to reconcile that the people of India have voted him out three times in a row,” he said.
The Commerce Minister also accused Congress of having low-ambition ideas, which were filled with scams and scandals, and asserted that PM Modi was leading an honest government that was committed to improving lives.
Market In Safe Hands
Goyal also assured people that the market was in safe hands under the leadership of PM Modi, who will prioritise national interest before everything else. He said India was poised for a great future and would also increase its volume of exports in comparison with last year.
India-US Trade Tensions
Goyal dismissed trade tensions between India and the US over President Donald Trump’s tariff hike, saying the US-India ties are one of the most consequential in the world and the two countries are “allies and friends”. He also hinted at a trade pact with the US in a few months.
“I look at this (tariffs) only as one more situation which will pass as there is a deeper understanding of the reality of the situation. I am very confident this relationship will only strengthen in the years to come,” he said. Goyal said India would continue to be engaged with the United States and be friends.
Goyal also ruled out retaliatory tariffs against the US, saying India has always believed in dialogue and diplomacy to strengthen ties. Regarding certain incendiary comments on India’s purchase of Russian oil, Goyal said the India-US friendship is strong and would not be deterred by “comments made by a few people”.
‘Won’t Compromise On Farmers, Fishermen’
He also reiterated Prime Minister Modi’s pledge that India will never compromise on the interests of its farmers, fishermen, MSMEs and religious sensitivities. “I think any issue that can hurt national interests, that can hurt the interests of our farmers, our fishermen, our MSME industry, issues with just sensitive, with religious sensitivity, those would be broadly the issues where India would need a understanding when we finalize the framework of our agreement,” he said.
India Identified 50 Countries For Exports
Piyush Goyal further told News18 that India had identified 50 countries for India’s exports, adding that he will soon send a business delegation to the UAE. He also said India is fast-tracking free trade agreements and would finalise deals soon with Australia, Oman and New Zealand.
Push For ‘Swadeshi’ Products
The minister urged people to commit themselves to purchasing ‘Make in India’ products. He said the US was a small destination for Indian exports and the tariffs would not significantly impact the country’s GDP, but laid the emphasis on buying Indian goods rather than relying on foreign commodities.
India-China Ties
When asked about PM Modi’s visit to China, Goyal said New Delhi always had good relations with Beijing, but the Galwan Valley clash in 2020 created a hiatus. “Now that we have been largely able to resolve the issues of disagreement with China, I think it was very natural that we should also reset our ties, take them to the pre-Galwan level,” he said.
He refuted speculation that India-China ties had anything to do with any other country. He also revealed that India was looking to work together with the Chinese authorities to expand opportunities for Indian businesses in China.
Aveek Banerjee is a Senior Sub Editor at News18. Based in Noida with a Master’s in Global Studies, Aveek has more than three years of experience in digital media and news curation, specialising in international…Read More
Aveek Banerjee is a Senior Sub Editor at News18. Based in Noida with a Master’s in Global Studies, Aveek has more than three years of experience in digital media and news curation, specialising in international… Read More
September 04, 2025, 20:32 is
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