‘Dead economy’? Piyush Goyal hits back: ‘India is fastest growing, top five, rising to number three’

On Thursday, the Minister of Trade and Industry of the Federation responded to the description of US president Donald Trump as a “dead economy”, saying that India is now a fastest growing economy in the world and is preparing to become the third larger in the coming years.

“In less than a decade, India has emerged from the” five fragile “economies, and is now the fastest growing economy in the world,” said Joyal in Luke Sebha. “On the basis of hard work of reforms, farmers, small and medium blood, and industrialists, we have reached the best 5 economies in the world from the 11 largest economists. We are expected to be the third largest economy in a few years.”

In reference to the economic perception of India worldwide, Joyal added: “Today, global and economic institutions see that India is a bright point in the global economy.” His remarks came hours after Trump described India as a dead economy: “I do not care about what India does with Russia. They can transfer their dead economies together, for everything I care about.”

Trump’s statement was followed by a 25 % tariff on all Indian imports starting from August 1, along with the penalty for the continuation of India’s trade with Russia, especially in oil and crude defense equipment. The Indian customs tariff system also described “among the highest rates in the world”, and its commercial barriers “arduous and hateful”.

Trump’s introduction is seen as a pressure tactic aimed at forcing New Delhi concessions, following similar agreements that Washington obtained with Japan, the United Kingdom and the European Union.

In addressing the direct political position of India, Joyal said that the government is consulting with the stakeholders in the industry. “The government is studying the impact of recent events,” he said. “

He added: “The government gives a top priority to protect the welfare of farmers, workers, businessmen, industrialists, exporters, compact floors and stakeholders in the industrial sector. We will take all the necessary steps to protect our national interest.”

The Scottish historian and expert of India, William Dalrembal, publicly also faced Trump’s statements, saying: “Actually, the Indian economy has grown, away from death, twice in the fastest time in the United States, and is expected to grow three times the average United States this year.”

According to the latest global economy expectations in the International Monetary Fund, India is expected to grow by 6.4 % in 2025 and 2026, while the United States is expected to be 1.9 % and 2 %, respectively. India is expected to grow by 6.7 % in 2025 on the basis of calendar, while maintaining its position as one of the fastest economies in the world.

Meanwhile, the Trump administration also imposed six Indian companies to buy Iranian petrochemical products. Sanctions are part of Washington’s broader efforts to isolate Iran and now expand the scope of economic friction between the United States and India.