It said Goyal mentioned the figure while discussing the emerging trade scenario after the US imposed reciprocal tariffs on several countries, including India with Export Promotion Councils (EPCs) and industry bodies.

“The meeting was called to deliberate on the impact as well as opportunities arising out of the evolving and very dynamic scenarios and to apprise the industry and trade about the steps being taken by the government,” the commerce ministry said in the statement.

Goyal assured them that the government was working in a proactive manner and exploring solutions.

“The team working on BTA (Bilateral Trade Agreement) is exploring the right mix and the right balance and he exhorted the exporters to not panic and look at the silver lining in the present scenario. He assured that the team is working with speed but not in undue haste to ensure the right outcome for the country,” it added.

He said there is a potential for increase in manufacturing, 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 a predictable business friendly destination.

People present in the meeting said on condition of anonymity that the 26% additional tariff imposed on India is significantly lower in comparison to India’s competitors such as China, Vietnam, Bangladesh and Sri Lanka, hence Trump’s tariff move could also provide opportunities, provided India was well prepared to encash them.

During the meeting, Goyal also apprised the exporters regarding discussions with the US for a mutually beneficial multi-sectoral BTA, which has been ongoing due to the foresight of Prime Minister Narendra Modi who was one of the first global leaders to agree on the BTA in his meeting with President Trump on February 13, 2025.

The minister assured the exporters that the government will work to provide a conducive environment to enable them to successfully navigate the recent changes in the global trade environment, the statement said.

Goyal praised the industry for remarkable export performance despite multiple headwinds, including the Red sea crisis, Israel-Hamas conflict spilling over to the Gulf region, continuation of Russia-Ukraine conflict and slow growth in some developed economies.