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.