$500 Billion India US Trade Target Is Conservative, Says Piyush Goyal

New Delhi: Union Commerce and Industry Minister Piyush Goyal on February 8 said India is negotiating its interim trade framework with the United States from a position of strength and described the $500 billion goods purchase target over five years as extremely conservative.

In evening interviews, Goyal said the scale of the proposed trade must be seen against India’s ambition of becoming a $30 to $35 trillion economy by 2047, adding that expanding trade ties reflect India’s rising economic capacity rather than any compulsion.

He rejected claims that the framework would harm farmers or domestic industry, stating that safeguard mechanisms are in place and there is no risk of a sudden import surge. Goyal emphasised that protecting Indian agriculture and manufacturing remains a core priority of the government.

BJP national general secretary Nitin Nabin echoed the government’s stand, saying Prime Minister Narendra Modi diplomatically protected India’s interests during negotiations and ensured a balanced outcome.

The opposition has continued to raise concerns. AIMIM chief Asaduddin Owaisi cautioned that large imports could weaken the “Make in India” programme, while some farmer groups expressed apprehension over foreign market access.

The government, however, maintains that the interim framework is a net positive for India and strengthens long term economic engagement with the United States while safeguarding domestic interests.