India-U.S. trade deal LIVE: Industry welcomes deal, sees tariff cuts boosting growth and competitiveness

On the India-U.S. trade agreement, Union Minister of Commerce and Industry, Piyush Goyal, says, “The reciprocal tariff was set by the U.S., and they were the ones who had to reduce tariffs, so if they did reduce it to 18%, that news would obviously come from the U.S.”

“The trade deal is in the final stages of detailing between the negotiating teams of both countries. Will be issuing a joint statement by both countries shortly, along with the details which we will be shortly inking between the U.S. and India. As soon as the final understanding of the deal is inked and the joint statement is finalised, technical processes are completed, and full details will be shared,” Mr. Goyal adds.

“This is a deal that will protect the interests of every Indian and provide huge opportunities for all the people of India, and will protect the sensitive sectors, the interests of our agriculture sector, and our dairy sector. It will open up huge opportunities for our labour-intensive export sectors in textiles, apparel, plastics, home decor, leather and footwear, gems and jewellery, organic chemicals, rubber goods, machinery, and aircraft components,” Mr. Goyal says.