India-US Trade Deal: A New Era in Global Economic Relations

Union Home Minister Amit Shah hailed the India-US trade deal as historic, emphasizing its potential to boost India's MSMEs and strengthen bilateral ties. The agreement significantly lowers tariffs, enhancing trade opportunities, creating jobs, and benefiting small entrepreneurs, marking a pivotal moment in India-US economic relations.

In a landmark move for international trade, Union Home Minister Amit Shah described the recently concluded India-US trade deal as a historic milestone. Announced on Monday, the agreement heralds a reduction in tariffs to 18 percent, a significant drop from the previous 50 percent. This shift promises to invigorate trade relations between the two nations, according to Shah.

Shah expressed optimism that the deal opens up a myriad of opportunities for India's youth, entrepreneurs, and tech sectors. By lowering tariffs, the agreement benefits India's MSMEs, boosting their global competitiveness and fostering growth within small industries. The initiative is projected to create new jobs and strengthen India's position in international supply chains.

Both Indian Prime Minister Narendra Modi and US President Donald Trump have endorsed the deal as a step towards mutual economic prosperity. Modi highlighted the advantages for 'Made in India' products, while Trump pointed to a strategic partnership that could help in efforts toward global peace and stability. As trade barriers lower, India pledges to increase low tariff imports of American goods and energy resources, further cementing the economic relationship.

(With inputs from agencies.)