Union Commerce and Industry Minister Piyush Goyal on Thursday assured exporters here that India is handling the ongoing tariff concerns with the United States wisely, aimed at ramping up bilateral trade by two-and-a-half times to take it to USD 500 billion.

“India is handling this matter very wisely. Prime Minister Narendra Modi and President Donald Trump had decided back in February to strengthen our bilateral relations and sign a trade agreement that will make trade between India and the United States easier. This will also increase trade up to 500 billion US dollars, which is about two and a half times more than before,” he said.

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“It will create more job opportunities for the people and further strengthen the country’s economy. I believe that India was already ahead in this race, and our discussions are making good progress,” he added.

During his meeting with exporters in Mumbai, Goyal assured them that the government is working on a bilateral trade agreement with the US which was decided between Prime Minister Modi and US President Trump in February.

He assured the exporters that the government is “keeping India’s interests at the forefront” and expressed hope that the bilateral trade agreement will “power” the economy towards Viksit Bharat 2047.

On Wednesday, before US President Trump’s announcement of the 90 day pause for tariffs, Goyal had asked exporters to not panic due to US tariffs and assured that India is working on the “right mix and right balance” towards its proposed bilateral trade agreement (BTA) with the United States.

He stated that the team working with the bilateral trade agreement (BTA) with the US is exploring options for the right balance for India and reiterated that the exporters should not panic in the current situation.

“The team working on BTA is exploring the right mix and the right balance and he (Piyush Goyal) urged the exporters to not panic and look at the silver lining in the present scenario. The team is working with speed but not in undue haste to ensure “the right outcome for the country,” according to a ministry statement.

During his meeting with exporters, Goyal stated that India has the potential for an increase in manufacturing and job creation growth, which is likely to draw in big players from the global supply chain.

“As far as India is concerned, there is a potential for an increase in manufacturing and the creation of additional jobs because it can attract big players in the global supply chain as India has been able to establish itself as a trusted and reliable partner and with a predictable business-friendly destination,” he said.

Goyal complimented Indian exporters in the meeting for achieving a record export level of more than $820 billion for the 2024-25 fiscal year, marking a 6 per
cent year-on-year (YoY) growth from the previous financial year.

According to the Ministry of Commerce and Industry data, India’s goods exports were at $395.63 billion as of February 2025, compared to its $395.38 billion levels in the same period a year ago.

The data also showed that India’s services exports until February in the 2024-25 fiscal year were at $354.90 billion, compared to $311.05 billion a year ago.