India-US Trade Deal Finalized, Officials Hail Removal of Uncertainty for Businesses
Senior government officials in New Delhi announced on Tuesday that the finalization of the India-US trade deal has eliminated a significant source of uncertainty for businesses. They emphasized that this development is anticipated to bolster exports and manufacturing, particularly following months of strain from elevated tariffs.
Government Officials Welcome the Agreement
Anuradha Thakur, Secretary of the Department of Economic Affairs, expressed the government's approval of the trade deal's finalization, noting that it removes a layer of uncertainty. "We are happy that the trade deal has been finalized...it removes uncertainty," she remarked during a FICCI event. Thakur added that the government will await further details of the agreement before revising India's growth projections, with clarity expected to emerge in "due course."
Deepening Trade Ties and Creating Opportunities
Arvind Shrivastava, Secretary of the Department of Revenue, highlighted that the deal will strengthen trade relations between two of the world's largest economies. He pointed out that it will open new opportunities for India's labour-intensive and manufacturing sectors in the US market. Additionally, Shrivastava mentioned that the agreement will foster collaboration in high and advanced technology areas, providing an impetus to mutually beneficial partnerships in these sectors.
Rollback of Tariffs Benefits Exporters
M. Nagaraju, Secretary of the Department of Financial Services, described the rollback of reciprocal tariffs to 18% as lifting the "dark clouds of uncertainty." He asserted that this adjustment will aid exporters and represents a favorable outcome for Indian industry, calling it a good deal overall.
The officials collectively underscored that the finalized trade deal marks a positive step towards economic stability and growth, with potential benefits spanning various sectors of the Indian economy.
