Union Minister of State for External Affairs Kirti Vardhan Singh stated on Thursday that India is unlikely to face significant repercussions even if the United States imposes higher tariffs on bilateral trade. Speaking in New Delhi, the minister emphasized that the resilience and strength of the Indian economy are now widely acknowledged on the global stage, including by US President Donald Trump.
Recognition of India's Economic Resilience
Kirti Vardhan Singh highlighted that while President Trump had previously discussed imposing steep tariffs on Indian goods, there has been a notable shift in perspective. According to the minister, Trump has come to recognize that such measures would not inflict serious damage on India due to its solid economic fundamentals. This assessment was reported by the news agency PTI, underscoring the growing confidence in India's economic stability.
Diversified Global Trade Partnerships
Addressing the perceived softening of Trump's stance towards India, Singh pointed out that India today maintains robust trade engagements with numerous regions worldwide. He specifically mentioned Africa, the European Union, and several other countries as key partners in India's expansive trade network. "With its large population, India is a vast market. No country, especially the United States, should assume that India’s economy depends only on a handful of nations," Singh asserted, reinforcing the idea of India's economic independence and global integration.
Growing Economic and Military Strength
Citing India's ascending economic and military capabilities, the minister remarked, "This realisation is gradually becoming clear to everyone." He elaborated that India's progress in these domains has bolstered its position in international affairs, making it less vulnerable to external economic pressures. This growing strength is seen as a key factor in mitigating potential impacts from tariff changes.
Shift in Global Power Dynamics
Reflecting on broader global trends, Kirti Vardhan Singh observed that the world order has transitioned from a bipolar framework to a multipolar one. He noted the emergence of several power centres, which diversifies global influence and reduces dependency on any single nation. This multipolarity, according to the minister, further insulates India from being disproportionately affected by trade policies of individual countries like the United States.
In summary, the minister's comments underscore a confident outlook on India's economic fortitude in the face of potential trade challenges, backed by diversified partnerships and a shifting global landscape.
