India-US trade deal: Will protect farmers' interests, says government

NEW DELHI: Amid Donald Trump's offensive, the government on Thursday dug its heels in on trade, saying it will not compromise on the interests of farmers.

Commerce and industry minister Piyush Goyal's statement in Parliament reflected the stalemate between India and the US over the sensitive issue of farm and dairy sectors. "We are consistently working for the welfare of the farmers and Indian agriculture, to promote prosperity and ensure food security," the minister said.

The two sectors are seen to have been the main stumbling blocks as India refused to offer concessions, given the dependence of millions of small farmers, largely for subsistence. The government has managed to keep dairy and agriculture out of the trade deals it has signed in recent years, including the most recent one with the UK.

While vowing to protect national interest, Goyal also sought to make clear that India had signed several trade deals, amid rising protectionism. "In an increasingly protectionist world, India has done mutually beneficial trade agreements with UAE, UK, Australia and EFTA countries. We are also committed to similar trade agreements with other countries," he said.

The minister also seemed to be putting the record straight on Trump's comments on India and Russia being "dead economies", pointing out that India was the fastest growing major economy in the world and was now the fifth largest and poised to become the third biggest over the next few years.

"Today, international institutions and economists see India as the bright spot in the global economy. India is contributing to almost 16% of global growth. In the last decade, govt has taken transformative measures to promote India as the manufacturing hub of the world, driven by the Make in India initiative... Govt is confident that we will continue our fast paced journey of inclusive growth and sustainable development towards the goal of Viksit Bharat 2047."

Goyal said that govt is examining the implications of the recent development and the commerce department was holding stakeholder consultations. "The Govt attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of the industry," he said in what was a message to comfort businesses and other stakeholders.

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