India is looking forward to a deep and substantive engagement with the incoming Trump administration that assumes office later this month, commerce and industry minister Piyush Goyal said Friday.
“I have had the privilege of working with that administration personally also. Everyone of our engagements over the years have only got better and better,” he told reporters.
As the time for the inauguration of Trump draws near the world is eagerly waiting for its moves on threats regarding import tariffs that have been dished out by US President-elect Donald Trump to its key trading partners after winning elections in November last year.
On radar for higher duties are China, Canada, Mexico, European Union, members of BRICS as a whole. On some occasions India has been singled out by Trump for imposing higher tariffs on US imports.
On India’s trade prospects in the coming year, Goyal said both goods and services exports cumulatively will cross $ 800 billion this financial year that ends on March 31.
“Given the current world situation where world trade is contracting or under stress this growth will be creditable.”
In April-November India’s cumulative exports stand at $ 536.2 billion. While both services and goods exports have expanded, the year has also seen record trade deficits in merchandise trade.
“Imports are a sign of a growing economy. It shows there has been a demand for machinery and equipment, inputs and intermediate products. It means many more opportunities for people to start new businesses in India and invest in india. It shows that there is a demand for consumer goods which encourages people to invest in India. This ultimately is leading up to a great growth story,” Goyal said.