Indian economy resilient despite global uncertainty: HM Amit Shah on US tariffs

New Delhi, April 9 (IANS) Union Home Minister Amit Shah on Wednesday said that external pressures would not cause panic among Indian citizens as the domestic economy remains resilient despite global uncertainties, as US reciprocal tariffs came into effect.

Speaking at the ‘Rising Bharat Summit’ in the national capital, Home Minister Amit Shah said that it is too soon to determine the impact of Trump tariffs but asserted that India's economy is resilient to such pressures.

“It's too soon to determine the impact. India is not the only country facing tariffs. Several countries are facing tariffs. Maybe our goods can be exported to other countries too,” the Home Minister told the gathering.

Amit Shah further stated that US tariffs are a complex issue, and it is not wise to determine their impact in haste. He also emphasised that India’s economy is resilient and assured that such external pressures would not cause panic among Indian citizens.

Earlier, Union Commerce Minister Piyush Goyal said that India will work with the US to secure exemptions from President Donald Trump’s 27 per cent reciprocal tariffs.

India has reached an understanding with the US to ink a bilateral trade agreement (BTA) by the fall of this year. According to External Affairs Minister S. Jaishankar, New Delhi's plan is to solidify a trade deal, as the effects of US reciprocal tariffs are still unknown.

“We decided that we will engage the (Donald) Trump administration early on this set of issues and we were very open with them, very constructive with them as they were with us, and what we agreed to do was to try to negotiate a bilateral trade agreement by fall of this year,” he said at the event earlier in the day.

Following bilateral talks between Prime Minister Narendra Modi and President Trump in Washington DC in February, the two nations announced that they would negotiate the first tranche of the BTA by the fall of 2025.

--IANS

na/dan