‘You’ll hear very good news once it's fair': Piyush Goyal on India-US trade deal

UNion mercantilism government minister Piyush Goyal said on tues that the India-US merchandise talks was making positive progress, assuring members of the Indo-American Chamber of Commerce (IACC) that "when the deal becomes fair, equitable, balanced, you will hear very good news."Speaking at the 22nd Indo-US Economic Summit, organised by the IACC, Goyal sought to minimise concerns about any friction in the relationship. "I don't see any reason to be very worried. I don't believe there is any hiatus in the relationship. It continues to be very important, very strategic for both countries, the United States and India," he stated.The minister's remarks come a week after US president Donald Trump indicated matters were progressing well, saying on November 10: "We're making a deal with India, a much different deal than we had in the past. So right now, they don't love me, but they'll love us again".HT reported on Tuesday that the first phase of the India-US Bilateral Trade Agreement (BTA) was "near closure," with both sides converging via virtual means to strike a mutually beneficial deal.Goyal described the relationship as comprehensive, noting that trade was only one component. He cited a recently signed 10-year defence pact between the Indian defence ministry and the US Department of War as evidence of the strategic depth.Using a domestic analogy, he referred to the talks as a family argument: "Parivar mein bhi kabhi-kabhi thodi bahut nok-jhok to hoti rehti hai [Even in the family, there are sometimes some arguments]."He stressed that India must protect the interests of its stakeholders and businesses, balancing them with sensitivities related to farmers, fishermen, and small industry. "When we find the right balance, you can rest assured, we'll even get outcomes on this score," he added.The commerce minister characterised the India-US friendship as "very enduring" and the partnership as "ever growing," underpinned by strong pillars of democracy, diversity, and a shared commitment to development. "I can assure all the distinguished participants that just like the rest of the world, the US also shares a strong bond with India. They see India as a trusted partner. They see we are both equally committed to working to expand trade and commerce between the two countries," he said.He also highlighted a major LPG agreement signed "just a few days back" for importing 2.2 million tonnes per annum of LPG from the US every year over a long period of time.Domestically, Goyal said India had moved from being one of the "Fragile Five" to one of the top five global economies in the last 10 to 12 years. He projected that India is set to become the world's third-largest economy by 2027.He attributed India's strong economic fundamentals to factors including strong banking systems, low inflation, controlled fiscal deficits, and infrastructure growth supported by Goods and Services Tax reforms.He contended that the Indian economy is currently doubling every eight years and aspires to reach $30-35 trillion by 2047. Despite global volatility, India stands as an "oasis of stability," Goyal said, noting that the Indian stock market has grown nearly four and a half times in the last 11 years. He mentioned that more than 2,000 Global Capability Centres (GCCs), many from the US, operate in India.He concluded by citing government support for the ecosystem, including the recently launched second Fund of Funds for Startups worth ₹10,000 crore and a ₹1 lakh crore fund for research, development, and innovation.