Leading industry chambers have expressed optimism regarding the India-US trade deal, highlighting its potential to boost the global competitiveness of Indian products and stimulate manufacturing growth, job creation, and the development of resilient supply chains.
The United States has swiftly reduced reciprocal tariffs on Indian goods from 25 percent to 18 percent, along with lifting the 25 percent tariffs previously imposed on Indian purchases of Russian oil. This move is seen as a significant advancement in the strategic economic partnership between the two nations.
Industry leaders, such as Rajiv Memani from CII, emphasized the trade deal’s importance in strengthening trade, technology, and investment ties amidst a fiercely competitive global environment. The deal is expected to yield tangible benefits for businesses and foster sustained economic growth through continued collaboration between stakeholders.
PHDCCI President Rajeev Juneja praised the tariff reduction by the US, citing its positive impact on trade openness and economic efficiency. Lower tariffs are anticipated to reduce input costs, enhance supply chains, and mitigate inflation, benefiting various sectors like manufacturing, technology, healthcare, and renewable energy.
Dr. A Sakthivel, Chairman of AEPC, welcomed the trade breakthrough, particularly lauding its significance for the Indian apparel industry. The lowered US tariffs, previously at 50 percent, are set to enhance the competitiveness of Indian apparel products in the US market, potentially boosting exports, attracting investments, and solidifying India’s position as a reliable global sourcing center.
This positive development is expected to not only bolster apparel exports but also create new job opportunities, especially for women and labor-intensive segments, thereby safeguarding existing employment and fostering sectoral growth.
