Piyush Goyal Fires Back at Trump’s Dead Economy Comment, Touting India’s Ascent as a Global Economic Powerhouse
PATNA, Bihar, India – July 31, 2025: India’s Commerce and Industry Minister Piyush Goyal didn’t hold back in his response to President Donald Trump’s recent jab about India having a dead economy. Goyal said India’s on track to be the world’s third biggest economy pretty soon. In a speech to the Lok Sabha on Thursday, Goyal made it clear that India will put its own interests first when it comes to trade talks, a direct reaction to the 25% tariff the U.S. announced on Indian goods.
Trump’s Dead Economy Dig
President Trump took to his Truth Social platform to say, I don’t care what India does with Russia. They can sink together with their dead economies, for all I care. He tied this to the new tariffs, justifying them by saying India’s tariffs are way too high and that they have annoying trade barriers and keep buying Russian military gear and oil. This was just one of many harsh statements from the Trump administration about trade between the two countries.
Goyal’s Response and the Numbers
In his speech, Goyal talked about India’s fast economic growth. In less than ten years, India went from being one of the ‘Fragile Five’ economies to the fastest-growing economy in the world, he said. Goyal pointed out that India has jumped from the 11th largest economy to the 5th largest in a short time and is expected to be the third-largest soon. He said experts now see India as a bright spot in the global economy, directly disagreeing with Trump’s description.
India’s Position on Trade and Tariffs
Goyal said the government is carefully looking at what the U.S. tariffs will mean, since they’re supposed to start on August 1. He said his ministry is talking to everyone involved, like exporters and small businesses, to figure out what the impact will be. Goyal repeated that India is dedicated to protecting its farmers, business owners, and factory owners, saying the government will do whatever it takes to protect our national interests.
Ongoing Trade Talks
Goyal told everyone that talks with the U.S. about a trade agreement started in March 2025, with the goal of finishing the first part of a fair, balanced, and mutually beneficial deal by October or November 2025. He mentioned that the U.S. had issued an order about reciprocal tariffs back in April, which was extended to the current August 1 deadline. Despite the recent issues, India’s trade ministry has said it’s still aiming for a trade deal.
