New Delhi, Aug. 1 -- India has vowed to defend its national interest after the US imposed stiff tariffs on its goods, even as it works to conclude a trade deal that's in the best interests of both. On Thursday, economists counted the cost of tariffs on India's exports and growth, even as the stock market took the news in its stride.

"The government attaches utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. We will take all necessary steps to secure and advance our national interest," commerce minister Piyush Goyal said in the parliament. The government is examining the implications of these tariffs and is engaged with all stakeholders, he said....