Business: Amidst the discussion on oil purchases from Russia and the sanctions imposed by America, Union Commerce and Industry Minister Piyush Goyal on Friday gave a befitting reply to the Western countries at the Berlin Global Dialogue conference. He raised the question that when Germany itself is seeking exemption from US sanctions and Britain has already got it, then why is India being targeted. Hearing this from Goyal, UK Trade Minister Chris Bryant, who was present there, said that his exemption is only for a subsidiary of Rosneft.
In such a situation, Goyal retorted and said that India also has a subsidiary of Rosneft, then why should we? Hearing his words, the leaders in the meeting remained silent for some time. Goyal stressed that India keeps independent and national interests paramount in its economic policies and will not compromise under any external pressure.
Goyal’s comments came at a time when America and its allies are increasing pressure on India to buy cheaper oil from Russia. Last month, the Trump administration had imposed additional tariffs on some Indian products, taking the total tariff to about 50 percent. India has termed it unfair and unjust.
What does America want to achieve by imposing sanctions?
Let us tell you that America is continuously threatening sanctions regarding the purchase of Russian oil. The reason is that US President Donald believes that putting pressure on countries like India will weaken Russia and Ukraine will be forced to end the war, whereas recently the European Union imposed sanctions on three Indian companies and the US imposed sanctions on two big Russian oil companies Rosneft and Lukoil.
India follows its independent policy- Goyal
During this, Piyush Goyal also emphasized that India always follows its independent trade policy and for us our national interest is paramount. He said that we will never compromise under the pressure of any ‘deadline’ or ‘gun pointed at our head’. Goyal bluntly said that if someone imposes a tariff, then impose it. We are exploring new markets, strengthening domestic demand and building long-term resilience.
‘Will not compromise on trade under external pressure’
Goyal expressed confidence that India’s economic fundamentals are strong, 1.4 billion youth are the country’s strength, and the country will not succumb to any pressure and make weak or short-term deals. Union Commerce and Industry Minister Piyush Goyal clarified that India will not enter into trade agreements under any external pressure or deadline.
India’s economic strategy shared
Along with this, during the conversation, Piyush Goyal also shared India’s economic policy, in which the target is to make the country a 30 trillion dollar economy in the next 20–25 years. Goyal said India bases its trade agreements on trust and relationships, and not on external pressures. It is noteworthy that currently negotiations are going on on bilateral trade agreement with EU and America and the target of the proposed India-US agreement is 500 billion dollars trade by 2030.
