'In Adversity...': Piyush Goyal Confident Of India's GDP Growth Momentum Amid Tariff Cloud

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The Centre is committed towards sustainable economic growth, as reflected in the five-quarter high growth of 7.8% in India's gross domestic product in the April-June period, Union Minister Piyush Goyal said on Saturday, while speaking at an event organised by the Confederation of Indian Industry in Mumbai."We are committed to working with all of you, and we would like to ensure that this GDP growth of 7.8% is sustainable," Goyal said. "It can happen, as in adversity, we Indians shine out. We all have the ability to put that little extra," he added.The minister's remarks comes amid the tariff cloud on India, with the United States—a crucial destination for Indian exports—imposing 50% levies on Indian goods. This makes India the among worst-affected by the US tariffs, along with Brazil which has also been hit with a similar 50% levy.While India was first hit with so-called reciprocal tariff of 25% from Aug. 7 onwards, an additional 25% tariffs were added by the Donald Trump-led American administration to "penalise" India for its purchase of Russian crude.Q1 GDP At 7.8% Shows Strong Economic Momentum: DEA Secretary — Profit ExclusiveThe additional US tariffs are expected to be short-lived, India’s Chief Economic Adviser V Anantha Nageswaran said on Friday, adding that the government is treading cautiously in response to developments around the additional tariffs imposed by Washington. On whether domestic consumption and anticipated GST relief would offset the impact of the tariffs, the CEA said yes and that is why the overall growth forecast for the year remains unchanged. Nageswaran stated, “Yes, we are and which is why we have not downgraded our growth estimates for the year and kept the range between 6.3–6.8%. This is despite the reciprocal/penal tariffs."Goyal, while speaking at the CII event, also made a reference to the likely reduction in goods and services tax slabs. He remarked that people are going to be "immensely pleased" with the upcoming GST Council meeting.The GST Council will meet on Sept 3–4 in the national capital to mull over on a simplified two-structure GST tax slab of 5% and 18%, along with a special 40% rate for select demerit or sin goods such as pan masala, tobacco, and online gaming, proposed by the Centre. If this proposal is accepted, then the 12% and 28% tax slabs would be eliminated, thereby leading to a reduction in tax on an array of goods and services.High-End EV Cars: GoM Pitches 18% GST; Centre Favours Retaining Concessional Rate. Read more on Economy & Finance by NDTV Profit.