The Crisis Manager, Piyush Goyal and the Art of Defending the Indefensible
In the high-stakes world of Indian politics, few figures have been as consistently thrust into the eye of the storm as Piyush Goyal. A chartered accountant by training, a seasoned politician by inheritance, and a troubleshooter by necessity, Goyal has spent the better part of a decade managing crises for the Narendra Modi government. From railway protests to farm law negotiations, from an interim Budget that broke conventions to a trade deal with the United States that has drawn fire from all quarters, Goyal is the man the government turns to when the heat is on.
Now, as the government scrambles to defend the controversial India-U.S. trade deal announced in February 2026, Goyal finds himself on the frontlines once again. The deal, which critics have slammed as one-sided and detrimental to Indian interests, has sparked concerns among farmers, textile exporters, and opposition parties. President Donald Trump’s unilateral claims—that India has agreed to stop buying Russian oil, to “buy American,” and to open up its agricultural sector—have only added to the ambiguity and anxiety.
Saptaparno Ghosh’s profile of Goyal paints a picture of a minister who reads the room carefully, who understands the political weight of every word, and who has learned to navigate the most turbulent waters. But the current crisis may be his toughest test yet.
The Making of a Troubleshooter
Piyush Goyal’s political pedigree is impeccable. He is the son of Vedprakash Goyal, a senior BJP leader and former Minister for Shipping and Waterways, and Chandrakanta Goyal, a former MLA. But pedigree alone does not explain his rise. Since 2017, Goyal has handled a dizzying array of portfolios: Railways, Finance, Corporate Affairs, Food and Public Distribution, Coal, and now Commerce. Each has come with its own set of crises.
His tenure as Railway Minister in 2018 was a baptism by fire. When the government removed a 20% quota for apprenticeship training candidates, thousands of young people who had completed their training took to the streets. Goyal’s convoy was targeted during demonstrations in Uttar Pradesh. The protests were intense, but Goyal managed to calm the waters by appealing to the protesters to apply for the ongoing recruitment drive, whose deadline was nearing. It was an early lesson in the art of political communication: acknowledge the grievance, offer a practical path forward, and hope the storm passes.
In 2019, Goyal was thrust into an even more sensitive role. With then Finance Minister Arun Jaitley travelling to the U.S. for medical treatment, Prime Minister Modi appointed Goyal as the interim Finance Minister, just days before the presentation of the interim Budget. It was a high-stakes assignment. As former Finance Secretary Subhash Chandra Garg later wrote in his book, We Also Make Policy, the orders made it clear that Goyal would work under Jaitley’s guidance, with all important files disposed of only after consulting him.
Despite the constraints, Goyal made his mark. Conventionally, interim budgets in an election year are low-key affairs, with no major policy announcements. Goyal broke the convention. He announced the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), a income support scheme for farmers, and raised the income tax exemption limit to ₹5 lakh. It was a political masterstroke, delivering popular benefits while adhering to the technical constraints of an interim budget.
The Farm Laws Fiasco
Perhaps the most searing experience in Goyal’s crisis management portfolio came in 2020-21, when thousands of farmers gathered at Delhi’s borders to protest against three farm laws passed by Parliament. The protests were massive, sustained, and politically damaging. The government’s initial response—a mix of defiance and offers to negotiate—failed to break the impasse.
Goyal was part of the delegation that negotiated with the protesting farmers. For months, he sat across the table from farm union leaders, listening to their demands, explaining the government’s position, and searching for a compromise. It was a gruelling process, conducted under the glare of media cameras and the pressure of a movement that showed no signs of abating.
Ultimately, in November 2021, Prime Minister Modi announced the repeal of the three farm laws. It was a stunning reversal, a rare retreat by a government not known for bending. For Goyal, it was a lesson in the limits of political power. No matter how strong your mandate, some battles cannot be won through confrontation alone. Sometimes, the only way out is through.
The U.S. Trade Deal: A New Storm
Now, Goyal faces a new crisis, one that combines domestic political sensitivity with international diplomatic complexity. The India-U.S. trade deal, announced through a joint statement on February 7, 2026, has been greeted with scepticism and criticism.
The deal’s critics, including former ministers and trade experts, have pointed to several apparent asymmetries. India has agreed to eliminate or reduce tariffs on “all industrial goods and a wide range of U.S. food and agricultural products.” The U.S., in return, has agreed to lower its reciprocal tariff on Indian goods from 25% to 18%—hardly a generous concession. Meanwhile, President Trump has made claims that go beyond the text of the joint statement: that India will stop buying Russian oil, that it will purchase $500 billion worth of American goods, and that it will open up its markets.
For Indian farmers, the prospect of unlimited imports of American agricultural products is deeply alarming. The U.S. farm sector is heavily subsidized. If American wheat, rice, maize, and dairy products enter India at zero tariffs, they could undercut domestic producers and devastate rural livelihoods. The government has been quick to offer assurances. Agriculture Minister Shivraj Singh Chouhan and Goyal himself have released video messages promising farmers that their interests will not be compromised.
In an interview with The Hindu, Goyal was emphatic: “Not a single farmer has anything to worry about” in the trade deal. But he was also careful to distance himself from Trump’s more explosive claims. When asked about the U.S. President’s assertion that India would stop purchasing Russian oil, Goyal demurred. “I don’t deal with that subject,” he said. “It is not part of my joint statement or the trade deal.”
This careful parsing of responsibility is classic Goyal. He knows that the Russian oil question is a diplomatic minefield, one that belongs to the Ministry of External Affairs, not the Commerce Ministry. By limiting his comments to the areas under his purview, he protects himself from being drawn into a controversy he cannot control.
The Challenges Ahead
As the government moves toward signing the formal Interim Agreement with the U.S. in mid-March, Goyal’s skills will be tested on multiple fronts.
First, he must manage the agricultural lobby. The assurances to farmers have been made, but the details of the agreement will determine whether those assurances hold. Will there be tariff-rate quotas that limit the volume of imports? Will there be “snapback” provisions that allow India to reimpose tariffs if imports surge? These are the technical details that Goyal’s team must negotiate.
Second, he must address the concerns of the textile industry. The U.S.-Bangladesh deal, signed just days after the India-U.S. announcement, has created a new competitive dynamic. Bangladesh has been offered zero tariffs on garment exports to the U.S., provided they use American cotton. Goyal has assured Indian exporters that they will receive the same facility. But implementing this will require coordination with the Finance Ministry on import duties for U.S. cotton, and with the Ministry of Textiles on certification mechanisms.
Third, he must navigate the political opposition. The deal has given the Opposition a powerful talking point: that the government has surrendered to American pressure and sold out Indian interests. Goyal will need to defend the deal in Parliament, in the media, and on the campaign trail, explaining why the concessions are necessary and how they benefit India in the long run.
Conclusion: The Art of Survival
Piyush Goyal has survived and thrived in the rough and tumble of Indian politics because he understands the art of survival. He knows when to fight and when to compromise. He knows how to read a room and how to calibrate his message. He knows that in politics, perception is often as important as reality.
The U.S. trade deal is his latest challenge. If he can steer it through the turbulent waters of domestic opposition and international negotiation, he will have cemented his reputation as the government’s go-to crisis manager. If the deal falters, or if its implementation harms the very farmers and exporters he has promised to protect, the political costs will be high.
For now, Goyal remains on the frontlines, doing what he does best: managing crises, one at a time.
Q&A: Unpacking Piyush Goyal’s Role in the U.S. Trade Deal Crisis
Q1: Why is Piyush Goyal considered the government’s “crisis manager”?
A: Goyal has earned this reputation through a decade of handling some of the most politically sensitive and technically complex issues for the Modi government. As Railway Minister, he managed major protests over apprenticeship quotas. As interim Finance Minister, he delivered a politically popular budget under extraordinary circumstances. He was a key negotiator during the year-long farmer protests against the farm laws, which ultimately led to their repeal. His ability to combine technical expertise with political sensitivity, and his willingness to engage with aggrieved parties, have made him the government’s首选 troubleshooter.
Q2: What are the main criticisms of the India-U.S. trade deal that Goyal is now defending?
A: Critics have leveled several charges against the deal. First, they argue it is asymmetrical: India has agreed to eliminate tariffs on all U.S. industrial goods and a wide range of agricultural products, while the U.S. has only reduced its tariffs on Indian goods from 25% to 18%. Second, they point to President Trump’s claims that India will stop buying Russian oil and commit to $500 billion in U.S. purchases, which go beyond the text of the joint statement and raise concerns about India’s strategic autonomy. Third, farmers fear that unchecked imports of subsidized U.S. agricultural products will devastate their livelihoods. Goyal’s task is to counter these criticisms and reassure domestic stakeholders.
Q3: How has Goyal tried to reassure farmers about the deal?
A: Goyal has been unequivocal in his public statements. In an interview with The Hindu, he declared: “Not a single farmer has anything to worry about” in the trade deal. He and Agriculture Minister Shivraj Singh Chouhan have released video messages promising that farmers’ interests will be protected. However, the details of how this protection will be operationalized—through tariff-rate quotas, snapback provisions, or other safeguards—have not yet been made public. The assurance is clear, but the mechanism remains opaque.
Q4: What is Goyal’s position on President Trump’s claim that India will stop buying Russian oil?
A: Goyal has carefully distanced himself from this claim. In his interview, he stated: “I don’t deal with that subject. It is not part of my joint statement or the trade deal.” This is a strategic move. By limiting his comments to the areas under his purview as Commerce Minister, he avoids being drawn into a diplomatic controversy that belongs to the Ministry of External Affairs. It also allows the government to maintain ambiguity on the Russian oil question, which is critical for its strategic positioning.
Q5: What are the key challenges Goyal faces in the coming weeks as the Interim Agreement is finalized?
A: Goyal faces three main challenges. First, he must negotiate the technical details of the agricultural opening to ensure that the promised protections for farmers are actually embedded in the agreement. Second, he must work with other ministries to implement the zero-tariff facility for textile exporters using U.S. cotton, which requires resolving issues like import duties and certification. Third, he must manage the political narrative, defending the deal in Parliament and the media against opposition attacks. The success of the deal will depend on how well he navigates these intersecting challenges.
