Piyush Goyal Rebuts Rahul Gandhi’s Claims on India-US Trade Deal
Union Minister of Commerce and Industry Piyush Goyal criticized Lok Sabha Leader of Opposition Rahul Gandhi on Thursday, accusing him of making “false claims” regarding the India-US trade deal.
Speaking to reporters in New Delhi, Goyal stated that Gandhi had “spread another lie in Parliament” by claiming that Bangladesh receives more benefits than India under current trade agreements. Goyal dismissed these allegations, clarifying that India will receive the same advantages as its neighbors under the new trade structure.
Clarifying the “Zero Tariff” Rule for Textiles
A major point of debate has been the “zero reciprocal tariff” facility. Under a recent agreement with the U.S., Bangladesh can export finished clothing products duty-free, provided the raw materials (like cotton or yarn) are sourced from the United States.
Goyal explained that this same benefit is available to India.
“He spread another lie in Parliament that Bangladesh has gained more than India. Just like Bangladesh, if India purchases raw materials from America, processes them into cloth, and exports it back, it will be available at zero reciprocal tariff,” Goyal told news agency ANI.
He added that while this specific detail may not be in the initial framework, it will be clearly outlined in the final agreement.
Expanding India’s Global Export Footprint
According to Minister Goyal, the finalization of this agreement will significantly boost India’s presence in major global markets. This includes not only the United States but also the European Union, the United Kingdom, Switzerland, Norway, and Australia.
He highlighted that these trade deals are designed to directly benefit:
- Indian Farmers: By opening new markets for agricultural products.
- MSME Workers: Through increased demand for manufactured goods.
- Fisherfolk and Artisans: Specifically those under the traditional Vishwakarma sector.
A Goal to Double Exports
Goyal shared an ambitious vision for the future, suggesting that India’s current exports of ₹5 lakh crore could potentially double.
“The ₹5 lakh crore that we export today will become ₹10 lakh crore,” Goyal said. He further called for Rahul Gandhi to apologize to India’s workers, farmers, and artisans for misleading them about the deal’s impact.
Understanding the Competitive Landscape
Recent trade shifts have changed the market dynamics:
- Bangladesh: Recently secured a reduced 19% tariff with the U.S., with duty-free exemptions for garments made from U.S. materials.
- India: The U.S. recently lowered tariffs for India to 18% (down from 50%) as part of the new interim framework.
Goyal emphasized that these changes ensure India remains highly competitive and is not losing market share to neighboring countries.
Also Read : New Income Tax Rules: How to Prepare Your Salary Structure Before April
