ANI mumbai

Union Commerce and Industry Minister Piyush Goyal on Thursday said that India is handling the US reciprocal tariff issue wisely, with a focus to increase its trade with the US by two and half times.

Speaking to reporters in Mumbai, the Union Minister assured that India is already ahead in this race, and that discussions were making good progress. He further said that Prime Minister Narendra Modi and President Donald Trump had decided in February to strengthen bilateral relations.

"India is handling this matter very wisely. Prime Minister Narendra Modi and President Donald Trump had decided back in February to strengthen our bilateral relations and sign a trade agreement that will make trade between India and the United States easier. This will also increase trade up to USD 500 billion, which is about two and a half times more than before," Goyal said.

"It will create more job opportunities for the people and further strengthen the country's economy. I believe that India was already ahead in this race, and our discussions are making good progress," the Minister said.

Meanwhile, Minister Goyal, during his meeting with industry representatives in Mumbai, assured them that the Government is working on a bilateral trade agreement with the US as was decided between Prime Minister Modi and US President Trump in February.

Cos should explore alternate mkts, create contingency plan: Experts  

Corporates should create a contingency plan and explore alternate markets for their products during the 90-day pause announced by the Trump administration for the levy of reciprocal tariffs, EY said on Thursday.

It also provides time for India to finalise and execute the BTA with the US to achieve the vision of USD 500 billion in trade by 2030. “It is imperative for businesses to assess their export elasticity to quantify the impact, without ruling out the possibility of increased tariffs being imposed after 90 days...

"Thus, industries must prioritise and create a contingency plan by re-evaluating their supply chain and pricing strategies to align them with competitive global benchmarks and actively explore alternative international markets for various scenarios," EY India Tax Partner Bipin Sapra said.