Latest news with #SubhashGoyal
Canada News.Net
6 days ago
- Business
- Canada News.Net
"America is pushing India towards Russia and China": Foreign affairs expert Subhash Goyal
New Delhi [India], August 6 (ANI): Foreign affairs expert Subhash Goyal has criticised US President Donald Trump's decision to impose an additional 25 per cent tariff on India over its purchase of Russian oil, warning that the move will damage trade ties and hurt both Indian and American consumers. 'Look, India and Russia have a very old relationship. And Russia is a trusted friend of ours. If we're importing oil from Russia, the reason for that is that we have to look at our oil security in our agriculture sector and transport sector. And it is not that we are doing it only through Russia, but we are doing it from 10-15 countries. And the European Union is also doing it through Russia in a large number, but all the sanctions are being imposed on India,' Goyal told ANI. 'So, I don't understand what the strategy is, but this will cause a lot of loss to our exports. Our exports are more than $100 billion, and our exports will be reduced by at least $30-40 billion. And the sectors like electronics or steel, which already account for 50% of our exports, will not be affected so much. Or if they are excluding pharmaceuticals, then it will not be affected so much. But still, our neighbouring countries like Bangladesh, Sri Lanka and Vietnam will be subject to 10% tariffs. Singapore also has a 10% tariff. So, either our exporters will have to route through there. And more than us, the American industry and the American consumers will be more affected,' he added. Goyal stressed that the US depends significantly on Indian goods and services, including in the technology sector. 'Because, look, today there are medicines and other things which a lot of industry depends on Indian goods. Our software industry, all their technology, at this time, 30-50% are of Indian origin. Whether it is Microsoft, Google, Apple, or any big company, they have a lot of software development and manufacturing units in India. So, what will happen with this is that America is pushing India towards Russia and China,' he said. Highlighting the geopolitical implications, he added, 'Because, in Asia-Pacific, India was a partner of America, which was a balance, which was reducing China's influence in Asia-Pacific. So, India was countering it. So, for so many years, American diplomacy has increased relations with India, joint military exercises have taken place. So, all those things will go on the back burner. And I think that American consumers will start protesting.' Citing the impact on tourism and bilateral relations, Goyal said, 'Because, look, now the tourists in America -- first the tourists from Canada used to come. First they upset Canada, so the tourists from Canada stopped coming. They upset Europe a lot, so the tourists from the European Union stopped coming. And because of the war in Europe, the condition of America is a bit worse. So, the tourists from India will also stop coming. Because India's visa is waiting for a year. And Indian tourists will also go there, because businessmen combine tourism and business.' On the trade front, he said, 'And if there is no business in America, they say that necessity is the mother of invention. So, we will have to find new markets. There are markets in South America, Africa, Japan, Australia, Asian countries. And we will have to increase our trade with China and Russia. So, we have just signed a favourable trade agreement with the UK. So, I think this geopolitical situation is changing the world. And in this, India will definitely lose exports. But more than us, America and America's goodwill are losing.' He added, 'Look, there will be a short-term difference in tariffs. But in the long term, our products are good. We will get more markets. And there are more than 200 countries in the world. America is only one country. Okay, America's economy is our largest importer, but this does not mean that we will be completely dependent on America.' Criticising Washington's trade policy, Goyal said, 'America is kicking its feet because America's influence in the world is decreasing with tariffs. Now, in retaliation, we will also impose tariffs on American products. So, this is a trade war. Trump is starting tariffs all over the world. And this is not good for international trade and peace in the world. So, I pray to God that good sense will prevail. And now, there is going to be a delegation from America for trade negotiations. And I hope that in those trade negotiations, mutually beneficial tariffs will be decided.' Echoing criticism of the move, the Ministry of External Affairs (MEA) on Wednesday termed the United States' decision to impose additional tariffs on India over its oil imports from Russia as 'unfair, unjustified and unreasonable,' asserting that New Delhi will take 'all actions necessary to protect its national interests.' In an official statement, the MEA said, 'The United States has in recent days targeted India's oil imports from Russia. We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India.' 'It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest,' the statement added. 'We reiterate that these actions are unfair, unjustified and unreasonable. India will take all actions necessary to protect its national interests,' the MEA stressed. This came after US President Donald Trump on Wednesday signed an Executive Order imposing an additional 25 per cent tariff on imports from India. According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an 'unusual and extraordinary threat' to the United States. After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions. The Executive Order also allows for modifications based on changing circumstances, including potential retaliation by other countries or steps taken by Russia or India to address the national emergency. 'Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent,' the order stated. 'This rate of duty shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 21 days after the date of this order, except for goods that (1) were loaded onto a vessel at the port of loading and in transit on the final mode of transit prior to entry into the United States before 12:01 a.m. eastern daylight time 21 days after the date of this order,' the order added. (ANI)
Times of Oman
31-07-2025
- Business
- Times of Oman
Indian trade bodies disappointed with Trump tariffs on India
New Delhi: Indian trade bodies have expressed disappointment over US President Donald Trump's decision to impose 25 per cent tariffs and additional penalties on imports of goods from India, calling it a setback for the Indian export market while also highlighting potential opportunities for export diversification and supply chain realignment. While some trade and industry leaders warned of short-term disruptions, others expressed confidence that India's strong manufacturing base, especially in sectors such as pharmaceuticals and medical equipment, would help it withstand the impact and forge new trade partnerships. Subhash Goyal, Chairman of the Tourism Expert Committee at the Chamber of Commerce, called it "a sad day for Indian exports," warning that the tariffs would slow exports and impact manufacturing. "It is a sad day for Indian exports because India is doing exports worth over USD 100 billion, and the surplus is over USD 40 billion," Goyal said, adding, 'It will slow down some of our exports, and there will be a ripple effect on our manufacturing... But it will also adversely affect the American consumers. We are seeing that a lot of American airports are devoid of tourists... India will also have to diversify its export markets, and it will have to relook at certain Asian and European markets.' Dilip Kumar, Chairman of Medical Tourism, Chamber of Commerce, said, "... He (US President Trump) is trying to kill the market of the Indian economy, but it is not going to happen. The reason behind this is that we are exporters, especially of medical equipment, pharmaceuticals, and disposables, which mostly come from India.' 'The American market is dependent upon the Indian and Chinese markets... The cost of the treatment and procedure will increase in America... His country's people are affected by this rather than India. India won't be impacted, as we will go by the route of exporting to the European countries. We can survive in the toughest times and bounce back," Kumar added. Ranjeet Mehta, CEO and Secretary General of the PHD Chamber of Commerce and Industry (PHDCCI), said India is now entering an era of global supply chain realignments. 'The US is also recalibrating its trade policy by imposing tariffs on major exporting economies like China, Vietnam, Bangladesh and India. There will be a momentary impact on our MSMEs, but we see this as an opportunity as well. This is the time that India scales it up... we have the demographic dividend, technological agility, and entrepreneurial depth. India is being seen as one of the most promising partners by the global leaders looking to de-risk their over-dependence on selected economies... Even the US consumers will have to pay more for the products. When there are numerous tariffs across economies, the consumer will be impacted ultimately,' he said. Mehta added, "Recently, India has signed a comprehensive agreement with the UK. We are in advanced (stage of) discussions with various nations... India is going to gain with the tariff imposed, because it will emerge as a very reliable partner for the global players looking to realign their supply chain..." US President Trump on Wednesday announced 25 per cent tariffs on India starting August 1. Trump also said India will face additional penalties for purchasing oil from Russia. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country. Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE - ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST 1st. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!", Trump said in a post on his Truth Social account. The Federation of Indian Chambers of Commerce & Industry (FICCI) expressed disappointment over the decision, with its President Harsha Vardhan Agarwal calling the move 'unfortunate' and saying it would 'have a clear bearing on our exports.' 'FICCI is disappointed by the decision taken by the U.S. to levy a 25 per cent tariff on exports from India and impose secondary sanctions. While this move is unfortunate and will have a clear bearing on our exports, we hope that this imposition of higher tariffs will be a short-term phenomenon and that a permanent trade deal between the two sides will be finalised soon,' Agarwal said in a statement. Dr Ajay Sahai, DG and CEO of Federation of Indian Export Organisations (FIEO), said the penalties were 'disappointing' and that discussions with the US on a Bilateral Trade Agreement (BTA) were ongoing. "The 25 per cent tariff imposed on India is a little disappointing for us, and we are constantly engaged with the US on the BTA. The 'penalty' President Trump has talked about is also not clear... In a few months, there will be a BTA between India and the US, and these tariffs will come down significantly..." Sahai said. Manoranjan Sharma, Chief Economist of Infomerics Ratings, suggested that Indian industries will have to do some kind of repositioning. "This is important because the US is our largest trading partner and the largest exporting destination. We can offset this impact to a limited extent by trade agreements with the UK, the European Union, and the Middle East. There is no doubt that this will cause a major hit on the incomes and profits of the products of the companies exporting to the US," he said. Claiming that the recent US-Indonesia trade deal was a "clear example of how aggressive US pressure can force" countries to ink one-sided agreements, think tank Global Trade Research Initiative (GTRI) suggested that India be careful and not "fall into the same trap". Ajay Srivastava, founder of the GTRI told ANI that 25 per cent tariffs would have a varied impact on different sectors. He essentially meant that India will have a competitive advantage vis-à-vis countries that have been slapped with even higher tariffs. US President Trump's decision came two days ahead of the impending US tariff deadline of August 1. Over the past few months, India and the US have been negotiating for an interim trade deal, but there were some reservations from the Indian side on the US demand for opening up the agricultural and dairy sectors for the US. Agriculture and dairy are critical for India as these two sectors provide livelihood opportunities to a large section of its people. US President Trump had imposed reciprocal tariffs on dozens of countries with which the US has a trade deficit. Later, President Trump decided to pause the tariffs for 90 days after many countries initiated talks with the US administration for a trade deal. In these 90 days, starting April 9 and ending on July 9, President Trump imposed a 10 per cent baseline tariff on all countries. The Trump administration had deferred imposing additional tariffs on several countries till August 1, and had indicated a further extension was unlikely. Since assuming office for his second term, President Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. On Tuesday, ahead of the self-imposed August 1 deadline date for tariffs to come into effect, President Trump had stated that the India-US trade deal was "working out very well" but hinted at a 20 per cent to 25 per cent tariff, which he eventually announced today. Representatives of India's Department of Commerce and the Office of the U.S. Trade Representative have held several rounds of talks to conclude a trade agreement. India and the United States have agreed to expand bilateral trade to reach USD 500 billion by 2030, including through the conclusion of a Bilateral Trade Agreement by the fall of 2025.
Time of India
15-06-2025
- Time of India
‘Car accidents are common but we don't stop driving, life goes on': Aviation expert Subhash Goyal Ahmedabad on plane tragedy
NEW DELHI: An aviation expert has urged people not to fear air travel following the tragic crash of Air India Flight AI 171, which claimed 241 lives shortly after takeoff from Ahmedabad on Thursday. Subhash Goyal, a prominent aviation industry figure, told ANI that the crash should not deter travellers, as air travel remains significantly safer than road transport. 'No one should be afraid of air travel. Road accidents are more common than air accidents, but we do not stop commuting. Life has to go on,' Goyal said. He explained that the ill-fated Dreamliner had arrived from Paris and undergone a security check in Delhi before proceeding to Ahmedabad. 'The flight involved in the Ahmedabad plane crash first came from Paris, and then the check was done in Delhi. Later, the flight came to Ahmedabad. No pilot and crew would even sit in the flight if they had doubts. We do our best to ensure the safety,' he added. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
Time of India
13-06-2025
- Automotive
- Time of India
Trump Warns Iran To 'Make A Deal Or Face More Strikes' As Tehran Vows Retaliation To Israel Attacks
Air India Crash 'Shocking': Expert Warns Aircrafts Are Like Flying Bombs Loaded With Fuel Aviation expert Subhash Goyal has called the tragic Air India crash in Ahmedabad 'very shocking,' raising major concerns about aviation safety in India. Goyal, who is the Chairman of the Aviation and Tourism Committee of the Indian Chamber of Commerce, warned that airplanes — especially when fully loaded with fuel — can become 'flying bombs' in case of malfunctions. Stressing that safety checks are standard and stringent in India, he noted that Air India does adhere to all protocols and that the Dreamliner involved in the crash was relatively new and well-equipped with the latest features. His statement comes amid rising scrutiny of Boeing 787 Dreamliners, after whistleblowers raised serious concerns earlier this year. As investigators begin probing what went wrong, experts and global regulators are now calling for a comprehensive review of aircraft manufacturing and maintenance standards. Stay tuned for more verified updates.#airindiacrash #subhashgoyal #aviationsafety #boeing787 #flyingbombs #airindia #ahmedabadcrash #expertreaction #toi #toibharat #bharat #breakingnews #indianews 8.7K views | 5 hours ago
Time of India
13-06-2025
- Automotive
- Time of India
Israel ‘PANICS,' Shuts Down All Embassies Worldwide; Iran's Revenge ‘Triggers' All-Out War
Air India Crash 'Shocking': Expert Warns Aircrafts Are Like Flying Bombs Loaded With Fuel Aviation expert Subhash Goyal has called the tragic Air India crash in Ahmedabad 'very shocking,' raising major concerns about aviation safety in India. Goyal, who is the Chairman of the Aviation and Tourism Committee of the Indian Chamber of Commerce, warned that airplanes — especially when fully loaded with fuel — can become 'flying bombs' in case of malfunctions. Stressing that safety checks are standard and stringent in India, he noted that Air India does adhere to all protocols and that the Dreamliner involved in the crash was relatively new and well-equipped with the latest features. His statement comes amid rising scrutiny of Boeing 787 Dreamliners, after whistleblowers raised serious concerns earlier this year. As investigators begin probing what went wrong, experts and global regulators are now calling for a comprehensive review of aircraft manufacturing and maintenance standards. Stay tuned for more verified updates.#airindiacrash #subhashgoyal #aviationsafety #boeing787 #flyingbombs #airindia #ahmedabadcrash #expertreaction #toi #toibharat #bharat #breakingnews #indianews 8.7K views | 5 hours ago
