India EU Trade Deal: At a time when India is in talks with the US and European Union regarding a trade agreement and it is expected to be signed soon, Union Commerce Minister Piyush Goyal said that the government is not in any hurry in this deal. According to Reuters, during the Berlin Global Dialogue, Goyal said that if any attempt is made by any trading partner country to impose any condition which hinders India’s trade options, it will be rejected.

Strong message from Piyush Goyal

It is noteworthy that talks on Free Trade Agreement are going on continuously between India and the European Union, but no consensus has been reached yet on market access and other issues. This conversation has been going on for a long time.

This strong message from Piyush Goyal has come at a time when Trump administration and the European Union are putting pressure on India to purchase cheap crude oil from Russia. America has imposed a high tariff of 50 percent on India, which includes an additional tariff of 25 percent due to the purchase of crude oil from Russia.

Attempt to put pressure on India

Western countries allege that India is indirectly helping in the fight against Ukraine by purchasing cheap oil from Russia. US President Donald Trump has claimed that Prime Minister Modi has committed to him that the purchase of crude oil from Russia will be reduced. However, the Government of India has not issued an official statement in this regard.

On the other hand, President Trump has imposed sanctions against Russia’s two major oil companies, Rosneft and Lukoil. As a result, India and China may be forced to reduce the purchase of oil from Russia.

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Moody Report on India’s Manufacturing: Additional 25 percent tariffs imposed by US President Donald Trump on Indian goods can become a major challenge for India. It can emerge as a significant obstacle in front of India’s self -sufficient mission. US rating agency Moody’s has reported in its forecast that the additional penalty trump imposed on India due to frequent purchases of cheap Russian oil will have a direct impact on the manufacturing competition of the country.

It is worth noting that the announcement of 25 percent tariff on India was announced by the US on 31 July, which has become effective from 7 August. Apart from this, Trump announced 25 percent penalty as an additional fine on August 6, which will be applicable from August 28. However, the routes of possible negotiations between the two countries are still open.

Increased challenge for India

Moody’s said on Friday that India’s ambitious ‘Make in India’ campaign may be affected due to high tariff rates than other Asian countries and the manufacturing sector may be shocked. Its impact will be more visible in particularly high -value electronics sectors.

If the additional tariffs imposed on India are effective due to purchasing oil from Russia, then the self -reliant Bharat Abhiyan, which is aimed at promoting domestic production and reducing foreign dependence, may be adversely affected.

Impact on ‘Make in India’

Under ‘Make in India’, since 2020, the Government of India has been giving exemption and encouragement to promote various sectors. Its positive impact has been seen in the past years. There has been a tremendous boom within the country in drugs and mobile construction, while areas such as textile, semiconductor industry and solar energy are moving relatively slow.

During the financial year 2024-25, India’s trade with the US stood at $ 131.8 billion, which makes it clear that America is a major trade partner of India. India’s exports to the US reached around $ 86.5 billion, which mainly includes textile, electronics, machinery and medicines. Most of these products are part of the incentive schemes given under the PLI scheme of the Government of India.

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