Industry leaders have lauded the recent India-US trade deal, following an announcement by President Donald Trump. This agreement marks a significant milestone, positioning India favorably in the current global landscape. As part of the deal, the United States will eliminate a 25% tariff associated with Russian oil purchases, in exchange for India halting its crude oil imports from Russia. Trump highlighted that this move will promptly lower the reciprocal tariff on Indian goods from 25% to 18%, emphasizing the deal’s importance in enhancing bilateral trade relations, particularly in the realms of energy cooperation and broader geopolitical strategies.
Harsh Goenka, Chairman of RPG Enterprises, expressed his admiration for the deal, referring to it as the “Father of all deals with US” following a previous significant agreement with the European Union. He commended the Modi government for its patience and success in securing such a beneficial deal. Additionally, Kunal Bahl, an entrepreneur and former CEO of Snapdeal, praised India’s economic resilience and strong leadership under Prime Minister Modi, highlighting the country’s robust foundation and growth trajectory.
Prime Minister Modi also welcomed the trade deal, emphasizing that products labeled as ‘Made in India’ will now face a reduced tariff of 18%. Trump, in his announcement, acknowledged the successful negotiation between India and the United States. Modi expressed his gratitude towards Trump for this favorable development, extending thanks on behalf of India’s vast population. The Prime Minister emphasized the collaborative potential between two major economies and the world’s largest democracies, underscoring the mutual benefits and opportunities that arise from such partnerships.
Modi further lauded Trump’s leadership role in promoting global peace, stability, and prosperity, affirming India’s full support for his endeavors in this regard. He expressed eagerness to enhance the partnership between India and the US, aiming to elevate their cooperation to unprecedented levels. Modi’s optimism for future collaborations and joint efforts with Trump reflects the shared commitment towards fostering a strong and mutually beneficial relationship.
