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‘We Shine Out’: Piyush Goyal Says India Committed To Economic Growth Amid Trump Tariffs
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Commerce Minister Piyush Goyal had reaffirmed that India is open to trade talks with the United States but will never succumb to pressure amid a tariff hike.
Union Minister Piyush Goyal. (File Photo: PTI)
Union Commerce Minister Piyush Goyal on Saturday assured that the Indian government is committed towards sustainable economic growth, after India’s GDP grew at 7.8% in the first quarter ending on June 30, 2025, as per official data.
“We are committed to working with all of you, and we would like to ensure that this GDP growth of 7.8% is sustainable,” he was quoted as saying by NDTV at an event organised by the Confederation of Indian Industry in Mumbai.
“It can happen, as in adversity, we Indians shine out. We all have the ability to put that little extra,” Goyal said. His remarks came after US President Donald Trump imposed 50% tariffs on Indian imports as a penalty for purchasing Russian oil, impacting key trade sectors such as textiles and shrimp.
India has condemned the tariffs as “unfair and unreasonable”, citing the US and Europe’s own imports from Russia. The Finance Ministry has said that the immediate impact of recent US tariffs on Indian exports may appear limited but their secondary and tertiary effects on the economy pose challenges that must be addressed.
‘India Will Never Back Down’
On Friday, Goyal said India was open to trade talks with the US, but would never succumb to pressure or appear weak in the face of punitive tariffs. “We are always ready if anyone wants to have a free trade agreement with us,” he said at the curtain raiser event of Bharat Buildcon in Delhi.
“However, any form of discrimination affects the self-respect of India’s 140 crore Indians, and we will neither bow down nor ever appear weak. We will continue to move together and capture new markets,” he added.
Goyal also expressed confidence that the recent trade agreements with various countries will help the Indian economy to grow. He also assured that the government will soon introduce various measures to expand the domestic outreach and boost exports.
He also said there was “no need to fear”, citing India’s management of nuclear sanctions and the Covid-19 pandemic. “The government is committed to make sure that all of you do not face any stress or difficulties in managing the current situation emanating from some unilateral actions,” he said.
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
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Business
Digital payments safety: RBI Deputy Governor Rao flags off Chandigarh walkathon; stresses responsible digital use – The Times of India
Reserve Bank of India Deputy Governor M Rajeshwar Rao on Sunday flagged off a walkathon on cyber security awareness at Sukhna Lake here, stressing that banking services, especially digital platforms, are designed for public convenience and must be used responsibly.The walkathon, organised by the Bankers’ Club, Chandigarh, saw enthusiastic participation from bankers across the region, who came together to spread awareness on safe banking and responsible digital practices, PTI reported.According to an official statement, Rao said physical outreach campaigns like this, alongside RBI’s online initiatives, are highly effective in promoting cyber security. He added that while the circulation of counterfeit currency is minimal, people should continue to use the “look, touch, and feel” method to verify notes.Highlighting the shift in banking behaviour, Rao noted that with the rising adoption of digital payments, reliance on cash is declining, ensuring safer and more secure transactions.He also congratulated the banking fraternity for their commitment to promoting cyber safety through such awareness programmes.The event was attended by RBI Executive Directors, Vinod Kumar Arya, Chief General Manager of NABARD (Haryana), Nivedita Tiwari, Chief General Manager of Nabard (Punjab), Krishan Sharma, Chief General Manager of State Bank of India, Lalit Taneja, General Manager of Punjab National Bank, and zonal managers of several other institutions.The Bankers’ Club is a forum of senior bankers in Chandigarh, with members from RBI, Nabard, SBI, PNB, ICICI Bank, HDFC Bank and other financial institutions represented at the Deputy General Manager level and above.
Jonathan BealeDefence correspondent and
Jessica RawnsleyBBC News
UK MOD Crown CopyrightThe UK has secured a £10bn deal to supply the Norwegian navy with at least five new warships.
The agreement to provide Type 26 frigates will be the UK’s “biggest ever warship export deal by value”, the Ministry of Defence (MoD) said, while Norway said it would be its largest “defence capability investment” to date.
The government said the deal would support 4,000 UK jobs “well into the 2030s”, including more than 2,000 at BAE Systems’ Glasgow shipyards where the frigates will be built.
UK Prime Minister Sir Keir Starmer said the agreement would “drive growth and protect national security for working people”.
“This success is testament to the thousands of people across the country who are not just delivering this next generation capabilities for our Armed Forces but also national security for the UK, our Norwegian partners and Nato for years to come,” he added.
The deal is also expected to support more than 400 British businesses, including 103 in Scotland, the MoD said.
Speaking to the BBC, defence minister Luke Pollard called it the “biggest British warship deal in history” and “a huge vote of confidence in British workers and the British defence industry”.
But the move was criticised by some in Norway, including Tor Ivar Strømmen, a naval captain at the Norwegian Naval Academy, who said French and German frigates were superior to British.
“The British Navy builds vessels for one role,” he told Norwegian outlet NRK. “It simply has old-fashioned and quite limited air defence.”
The agreement represents a victory for the British government and defence industry over France, Germany and the United States – which were also being considered by Norway as possible vendors.
It will create a combined UK-Norwegian fleet of 13 anti-submarine frigates – eight British and five Norwegian vessels – to operate jointly in northern Europe, significantly strengthening Nato’s northern flank.
The warships will be constructed at the BAE Systems yard in the Govan area of Glasgow, where frigates for the Royal Navy are currently being built.
Scottish Secretary Ian Murray said the choice of the UK “demonstrates the tremendous success of our shipbuilding industry and showcases the world-class skills and expertise of our workforce on the Clyde”.
Norway’s Prime Minister Jonas Gahr Støre, who informed Sir Keir of the decision to select the UK in a phone call on Saturday night, said the partnership “represents a historic strengthening of the defence cooperation between our two countries”.
Støre said the government had weighed two questions in its decision: “Who is our most strategic partner? And who has delivered the best frigates?… The answer to both is the United Kingdom.”
PA MediaThe Type 26 frigates purchased by the Royal Norwegian Navy will be as similar as possible to those used by their British counterparts, and have the same technical specifications.
They are specifically designed to detect, track, and destroy enemy submarines, with deliveries expected to begin in 2030.
UK Defence Secretary John Healey said the UK would “train, operate, deter, and – if necessary – fight together” under the defence deal.
“Our navies will work as one, leading the way in Nato, with this deal putting more world-class warships in the North Atlantic to hunt Russian submarines, protect our critical infrastructure, and keep both our nations secure,” he added.
Citing this year’s strategic defence review, Pollard said Russia had been identified “as the principal threat to not just the UK’s security but NATO’s security”.
“A key threat of that is Russian submarines in the North Atlantic,” he told the BBC. “These new Type 26 frigates are world-class submarine hunters.”
PA MediaEight Type 26 frigates are currently being built at BAE Systems’ Glasgow shipyards for the Royal Navy, to replace its ageing Type 23 frigates – whose service life has already had to be extended.
It is not yet clear how the Norway deal will impact the delivery of the new vessels to the Royal Navy.
A UK defence source said the plan was still to deliver all 8 Type 26 frigates to the Royal Navy within the next decade. Norway has said it wants its first Type 26 delivered by 2029.
British officials told the BBC that the sequencing of delivery for both Norway and the UK still had to be worked out.
Two of the warships, HMS Glasgow and HMS Cardiff, have been built and are currently being fitted out at a second BAE shipyard, Scotstoun. They are due to enter service in 2028.
Another three, HMS Belfast, HMS Birmingham and HMS Sheffield, are under construction.
BAE has also licensed the Type 26 design to Canada and is building the warships in Australia under contract.
As part of a £300m modernisation at BAE Systems, a new shipbuilding hall – dubbed the “frigate factory” – was opened earlier this year.
The Janet Harvey Hall, named after a pioneering female electrician, is large enough for two frigates to be built simultaneously.
The Royal Navy is also buying 5 new Type 31 General Purpose Frigates – which are being built at Rosyth.
Kemi Badenoch has committed the Tories to extract as much oil and gas as possible from the North Sea.
The Conservative Party leader said it was “absurd” to leave the fossil fuel resources untapped.
But the Government said issuing new licences for oil and gas exploration would “not take a penny off bills” and would accelerate the “worsening climate crisis”.
A Conservative government would make “maximising extraction” its goal if it wins power, rather than measures aimed at shifting the North Sea industry away from fossil fuels.
Mrs Badenoch will use a speech in Aberdeen on Tuesday to set out her plans.
She will announce that the Tories plan to completely overhaul the North Sea Transition Authority (NSTA), which oversees the issuing of licences, dropping the word transition and giving it a simple order to extract the maximum possible amount of fossil fuels.
Ahead of her speech, Mrs Badenoch pledged that “we are going to get all our oil and gas out of the North Sea”.
She said: “We are in the absurd situation where our country is leaving vital resources untapped while neighbours such as Norway extract them from the same seabed.
“With the ONS (Office for National Statistics) confirming that economic growth is down partly because of falling oil and gas extraction, we cannot afford not to be doing everything to get hydrocarbons out the ground.
“Britain has already decarbonised more than every other major economy since 1990, yet we face some of the highest energy prices in the developed world.
“This is not sustainable and it cannot continue. That is why I am calling time on this unilateral act of economic disarmament and Labour’s impossible ideology of net zero by 2050.
“Russia’s war in Ukraine has only underscored that our energy supplies are a matter of national security.”
A Department for Energy Security and Net Zero spokesman said: “We are already delivering a fair and orderly transition in the North Sea to drive growth and secure skilled jobs for future generations, with the biggest ever investment in offshore wind and three first of a kind carbon capture and storage clusters.
“We are committed to delivering the manifesto commitment to not issue new licences to explore new fields because they will not take a penny off bills, cannot make us energy secure, and will only accelerate the worsening climate crisis.”
A Labour Party spokeswoman said: “We’ll take no lectures from Kemi Badenoch. Every family and business paid the price of the Conservatives’ failure to secure the UK’s energy.
“The Conservatives oversaw thousands of lost jobs in the North Sea. In contrast, this Labour Government is investing in the North Sea’s clean energy future, creating good jobs in offshore wind, hydrogen and carbon capture and storage, as we take back control of our energy for good.”
Offshore Energies UK chief executive David Whitehouse said: “As long as the UK continues to use oil and gas, it makes sense to produce as much of it as we can here at home.
“Every barrel of oil and gas we leave in the North Sea is a barrel we’ll need to import.
“Even in a net zero future, the UK will use 10-15 billion barrels of oil and gas between now and 2050. Current plans show the UK will produce less than four billion barrels, leaving us increasingly reliant on imports.
“Producing it here supports jobs, strengthens our economy, and improves our energy security.”
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