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

New Delhi(The Uttam Hindu):  Union Home Minister Amit Shah reassured Indian citizens on Wednesday that external pressures, including the implementation of US reciprocal tariffs, would not lead to panic, as the domestic economy remains resilient despite global uncertainties.

Speaking at the ‘Rising Bharat Summit’ in the national capital, Shah acknowledged that it was too early to assess the full impact of the US tariffs. However, he emphasized that India’s economy is well-equipped to handle such challenges.

“It’s too soon to determine the impact. India is not the only country facing tariffs. Several other nations are also dealing with them. Perhaps our goods can find new markets in other countries as well,” the Home Minister remarked. Shah further explained that US tariffs are a complicated issue, and it would be unwise to draw conclusions hastily. He reassured the public that India’s economic resilience would prevent any panic among citizens due to these external pressures.

Earlier, Union Commerce Minister Piyush Goyal stated that India would engage with the US to secure exemptions from the 27 percent reciprocal tariffs imposed by President Donald Trump. India is also working on a bilateral trade agreement (BTA) with the US, with plans to finalize it by the fall of this year. External Affairs Minister S. Jaishankar added that the goal is to solidify the trade deal, with the effects of the US tariffs still uncertain.

“We decided to engage the Trump administration early on these issues. Our approach has been constructive and transparent, and we agreed to negotiate a bilateral trade agreement by the fall of this year,” Jaishankar said during the event.

This follows the February discussions between Prime Minister Narendra Modi and President Trump in Washington, where both leaders agreed to negotiate the first phase of the BTA by the fall of 2025.