India agreed to open agriculture, dairy sectors to US players? Piyush Goyal answers
Earlier, Piyush Goyal shared the details of the deal that followed a framework interim trade agreement between the two countries, aimed at boosting exports, jobs and market access. The trade deal will formally be signed in March.
Union Minister Piyush Goyal on Thursday said India’s evolving trade engagements, including the modified India-US Bilateral Trade Agreement, mark a structural shift rooted in confidence and competitiveness, not a dilution of national interests.
Speaking in an exclusive conversation with India Today TV, the Minister of Commerce and Industry pushed back against opposition allegations that New Delhi has opened up sensitive sectors such as agriculture and dairy to Washington, asserting that "there is absolutely no compromise" on these fronts.
On agriculture, a key flashpoint in political debate, Goyal categorically denied any concessions. "Absolutely no compromise on dairy. No compromise on GM products, or cereals like rice and wheat," he said.
While India has allowed limited quotas for soybean oil—already a major import—soybean meal remains barred. Fruit imports, he noted, are already taking place and benefit consumers through better quality and choice.
"Wherever there are sensitivities, there is no opening up".
Goyal said India’s trade policy has been fundamentally reoriented since the Covid-19 pandemic, following Prime Minister Narendra Modi’s call for Atmanirbhar Bharat and the vision of making India a developed nation by 2047.
"India has reoriented its very approach to the economy, finding our position at the high table," he said, adding that the country has been the fastest-growing large economy for four consecutive years and will remain so for decades.
On whether the interim trade agreement with the US signals a deeper shift, Goyal stressed that no nation has achieved developed status without strong global engagement.
"You export what you are best at, and you import what is good for your country," he said, citing ICT imports as critical to India’s nearly USD 400 billion services exports.
Highlighting India’s recent trade pacts with the US, EU, UK, EFTA nations, Australia and others—together covering economies worth nearly USD 60 trillion—Goyal said India now negotiates "from a position of strength".
Free trade agreements, he noted, are about the future and about leveraging India’s journey from a USD 4 trillion to a USD 30 trillion economy. "India has emerged out of the shadows. Today, India is a very self-confident country," he said.
Addressing concerns over protectionism, Goyal argued that past governments erred by opening trade with competing developing economies rather than complementary developed ones.
In contrast, he said recent agreements are with partners that bring technology, capital and market access.
"The more competition, the better for India," he said, adding that global firms eventually realise it is attractive to "make it in India".
On the USD 500 billion goods and services trade targets over five years, Goyal said India is already importing nearly USD 300 billion worth of products where the US is globally competitive.
Sectors such as energy, semiconductors, aircraft, engines and critical minerals offer vast scope. "These are products which we have to buy in any case," he said, adding that competition ensures better value for India.
Goyal also downplayed concerns over H-1B visas, arguing that restrictions could actually benefit India by encouraging US companies to set up Global Capability Centres in India. With over 1,800 GCCs already operating, he said this model creates jobs, investment and demand domestically.
Goyal said labour-intensive sectors—textiles, apparel, leather, footwear, handicrafts, fisheries and toys—stand to gain significantly from improved market access and lower reciprocal tariffs. Pharmaceuticals, he confirmed, will continue to enjoy zero-duty access to the US.
Framing the trade push as part of a broader reform drive, Goyal said India’s FTAs are integral to the government’s "reform and transform" agenda. "Viksit Bharat 2047 is non-negotiable," he said, calling the current phase a historic opportunity for growth, jobs and global integration.
Union Minister Piyush Goyal on Thursday said India’s evolving trade engagements, including the modified India-US Bilateral Trade Agreement, mark a structural shift rooted in confidence and competitiveness, not a dilution of national interests.
Speaking in an exclusive conversation with India Today TV, the Minister of Commerce and Industry pushed back against opposition allegations that New Delhi has opened up sensitive sectors such as agriculture and dairy to Washington, asserting that "there is absolutely no compromise" on these fronts.
On agriculture, a key flashpoint in political debate, Goyal categorically denied any concessions. "Absolutely no compromise on dairy. No compromise on GM products, or cereals like rice and wheat," he said.
While India has allowed limited quotas for soybean oil—already a major import—soybean meal remains barred. Fruit imports, he noted, are already taking place and benefit consumers through better quality and choice.
"Wherever there are sensitivities, there is no opening up".
Goyal said India’s trade policy has been fundamentally reoriented since the Covid-19 pandemic, following Prime Minister Narendra Modi’s call for Atmanirbhar Bharat and the vision of making India a developed nation by 2047.
"India has reoriented its very approach to the economy, finding our position at the high table," he said, adding that the country has been the fastest-growing large economy for four consecutive years and will remain so for decades.
On whether the interim trade agreement with the US signals a deeper shift, Goyal stressed that no nation has achieved developed status without strong global engagement.
"You export what you are best at, and you import what is good for your country," he said, citing ICT imports as critical to India’s nearly USD 400 billion services exports.
Highlighting India’s recent trade pacts with the US, EU, UK, EFTA nations, Australia and others—together covering economies worth nearly USD 60 trillion—Goyal said India now negotiates "from a position of strength".
Free trade agreements, he noted, are about the future and about leveraging India’s journey from a USD 4 trillion to a USD 30 trillion economy. "India has emerged out of the shadows. Today, India is a very self-confident country," he said.
Addressing concerns over protectionism, Goyal argued that past governments erred by opening trade with competing developing economies rather than complementary developed ones.
In contrast, he said recent agreements are with partners that bring technology, capital and market access.
"The more competition, the better for India," he said, adding that global firms eventually realise it is attractive to "make it in India".
On the USD 500 billion goods and services trade targets over five years, Goyal said India is already importing nearly USD 300 billion worth of products where the US is globally competitive.
Sectors such as energy, semiconductors, aircraft, engines and critical minerals offer vast scope. "These are products which we have to buy in any case," he said, adding that competition ensures better value for India.
Goyal also downplayed concerns over H-1B visas, arguing that restrictions could actually benefit India by encouraging US companies to set up Global Capability Centres in India. With over 1,800 GCCs already operating, he said this model creates jobs, investment and demand domestically.
Goyal said labour-intensive sectors—textiles, apparel, leather, footwear, handicrafts, fisheries and toys—stand to gain significantly from improved market access and lower reciprocal tariffs. Pharmaceuticals, he confirmed, will continue to enjoy zero-duty access to the US.
Framing the trade push as part of a broader reform drive, Goyal said India’s FTAs are integral to the government’s "reform and transform" agenda. "Viksit Bharat 2047 is non-negotiable," he said, calling the current phase a historic opportunity for growth, jobs and global integration.