'US 2.0, India 6.4': Piyush Goyal takes a dig at Donald Trump, says ‘India’s economy is THRIVING’

Union Minister Piyush Goyal today shared the latest International Monetary Fund (IMF) growth projections on social media, highlighting India’s strong economic outlook amid US President Donald Trump’s controversial remarks calling India and Russia "dead economies." Without taking any name, Goyal posted a chart from the IMF’s World Economic Outlook Update (July 2025) and wrote: “India’s economy is THRIVING.” The chart shows India leading global growth through 2026, with a projected GDP growth rate of 6.4%, compared to the United States’ 2.0%.

India tops growth forecast, US lags behind

According to IMF estimates, India is expected to grow at 6.5% in 2024, and sustain 6.4% growth in both 2025 and 2026. In contrast, the US economy is projected to grow at 2.8% in 2024, falling to 1.9% in 2025 and rising slightly to 2.0% in 2026. India's performance also outpaces other major economies such as Germany (−0.2% in 2024), Japan (0.2%), and the UK (1.1%).

Global output is projected to grow at 3.3% in 2024 and 3.0% in 2025. Advanced economies are expected to lag behind, with the Euro Area growing at 0.9% in 2024 and Japan at just 0.2%. Among emerging markets, India leads the table, followed by China at 5.0% in 2024 and 4.2% in 2026.

Goyal’s remarks in Parliament

Earlier during the ongoing Monsoon Session of Parliament, Goyal responded to Trump’s comments by highlighting India’s economic rise over the last decade.

“Within just a decade, India has transformed from being one of the 'Fragile Five' economies to one of the largest economies in the world,” he said. “We have become one of the top five economies in the world due to our reforms and the hard work of our farmers, entrepreneurs and MSMEs. Soon, we will become the third-largest economy in the world.”

What Trump said

On Truth Social, Trump posted: “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World.”

“India will therefore be paying a tariff of 25 per cent, plus a penalty for the above, starting on August first.”

Trump further criticised India’s trade regime, calling it the “most strenuous and obnoxious non-monetary trade barriers of any country.”

India faces tariff and penalty for Russian imports

Last week, Trump announced a 25% tariff on all Indian goods starting August 1, alongside an additional penalty for India’s crude oil and military purchases from Russia. The announcement followed reports that a US trade delegation would visit New Delhi later this month to explore a bilateral trade deal. India is currently the second-largest buyer of Russian crude after China. Its share of oil imports from Russia has risen from under 1% before the Ukraine war to nearly 40% now.