‘India will come out as winners’: Hardeep Puri on the future of trade war | Rising Bharat Summit 2025

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, expressed confidence that India would emerge victorious in the ongoing tariff war, underscoring the resilience of the country’s economic strategies. Speaking at the News18 Rising Bharat Summit 2025, Puri addressed concerns about the impact of US tariffs and emphasised India’s ability to adapt and thrive in challenging circumstances.

Responding to questions about India’s energy imports and trade relations with the United States, Puri highlighted India’s robust energy strategy. “Yes, they [the US] have oil. They are the world’s largest producer, producing 13 million barrels a day and now increasing by another 1.6 million barrels. But the issue is not whether they have oil but whether they sell it to us. We’ve been buying $15 to $20 billion worth of energy from them annually,” he said.

When asked about India’s ability to offset the effects of tariffs through increased energy imports, Puri dismissed excessive concern over tariffs. “Why are you so mesmerised by this tariff? Every country is free to determine its own economic policy, but we are part of a multilateral system. Tariffs apply to goods crossing borders, but 40 per cent of our exports are services, which are not covered by tariffs,” he explained.

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Puri also expressed optimism about concluding an early trade agreement with the United States, citing discussions between External Affairs Minister S Jaishankar and US Secretary of State Rubio. “We are on track,” he affirmed.

Addressing broader concerns about potential adverse effects on India, Puri emphasised the importance of resilience and opportunity in overcoming challenges. “Every challenge presents an opportunity. Prime Minister Narendra Modi has a unique ability to navigate this, and his team is second to none. We will come out winners in this,” he declared confidently.

Puri’s remarks reflect India’s strategic approach to navigating global trade dynamics while maintaining its focus on economic growth and energy security.