India-US Trade Deal Revolutionizes Export Potential

India and the US have agreed on a trade deal reducing tariffs on Indian goods to 18%, bolstering exports from labor-intensive sectors. The agreement includes safeguards for sensitive agriculture and dairy sectors. Opposition parties criticize the lack of details, while ministers assert the deal's economic benefits.

India successfully secured a trade pact with the United States, resulting in a 32% reduction in US tariffs on Indian goods. This move is expected to boost exports from labor-intensive sectors such as apparel, footwear, and jewellery.

Despite receiving pushback from opposition parties, Union Ministers Nirmala Sitharaman and Piyush Goyal praised the agreement's potential economic impact. They assured that sensitive sectors, particularly agriculture and dairy, are protected.

In a major shift, India will substitute its Russian oil imports with US and potentially Venezuelan oil, complementing a commitment to purchase USD 500 billion of various American products over five years, further strengthening bilateral trade ties.

(With inputs from agencies.)