India can turn global trade volatility into Opportunity: Piyush Goyal

Amid a sharp selloff in Indian equities triggered by fresh U.S.-China trade tensions, Union Commerce Minister Piyush Goyal on Monday said India is well positioned to convert current global market upheavals into long-term economic opportunities. Speaking at the India Global Forum n Mumbai, Goyal asserted that the country stands resilient and ready to navigate global economic turbulence. “India is well poised to convert the current market fluctuations into an opportunity,” Goyal said, adding that the country’s domestic fundamentals, strong manufacturing base, and policy stability place it in a unique position to benefit from the global shift in trade and investment patterns.
Indian benchmark indices saw a significant decline early Monday, with the Sensex and Nifty plunging nearly 5% in early trade. The sharp decline came in line with a broader selloff across global markets after U.S. President Donald Trump’s latest tariff hikes and China’s retaliatory measures renewed fears of an all-out trade war. Investors across the globe responded nervously to the escalating tensions, anticipating widespread disruptions in global supply chains and economic growth.
Goyal, however, emphasized that the foundation of China’s rapid economic rise was built on practices that often distorted global trade norms. “China’s growth was fuelled by unfair trade practices,” he said, referring to issues like concealed subsidies, lax labor standards, and aggressive efforts to undercut global competition. Highlighting the need to restore balance in international trade, the minister said, “The focus is to bring back fair play—pricing of goods and services at an honest value. Unless we bring this balance, the world will be in more turbulence.” Goyal also raised concerns about trade models that undermine multilateral rules, calling for greater transparency and equity. He emphasized the need for a collective effort to restore fair trade principles to avoid prolonged global e conomic volatility..

INDIA IS UNSTOPPABLE pic.twitter.com/oGJibB6yw7

— Piyush Goyal (@PiyushGoyal) April 7, 2025

Defending his administration’s trade stance, President Trump stated on Sunday aboard Air Force One, “Sometimes you have to take medicine to fix something.” He reiterated that the tariffs are aimed at bringing jobs and investment back to the U.S., claiming that the country would become “wealthy like never before.”