Piyush Goyal, the Union Commerce Minister, held a press conference today to address the recently announced India-US trade deal. He emphasised that the agreement is a significant milestone in India’s journey towards becoming a developed nation by 2047, with the US becoming India’s most favoured nation for exports.Goyal highlighted that the deal will benefit various sectors, including agriculture, MSMEs, and pharmaceuticals, with zero tariffs on items like gems, diamonds, smartphones, and pharmaceutical products. The US will reduce tariffs on Indian goods to 18 per cent, providing a huge market opportunity for Indian exporters.As part of the agreement, India will grant quota-based duty concessions on apples from the US, with a minimum import price of Rs 80 per kg. Additionally, India has offered concessions on soybean oil imports from the US.In return, India will get duty-free access to certain auto and aircraft parts in the US market. This move is expected to boost India’s manufacturing sector, particularly in the automotive and aerospace industries.India has also granted duty concessions to the US in sectors like alcoholic beverages, cosmetics, and medical devices. Commerce Minister Piyush Goyal emphasised that the deal will not harm Indian farmers’ interests and aims to protect their livelihoods while expanding export opportunities.