Commerce and Industry Minister Piyush Goyal praised the trade deal between Prime Minister Narendra Modi and the US, emphasizing its advantages for Indian farmers, the dairy sector, and fishermen. Goyal highlighted that the agreement, facilitated by PM Modi’s rapport with President Trump, prioritizes national interests and offers significant benefits to labor-intensive industries like textiles, leather, seafood, and gems and jewelry.
The pact is expected to boost exports to the US, particularly benefiting sectors such as engineering goods, including auto components. Goyal also mentioned the positive impact on the Micro, Small, and Medium Enterprises (MSME) sector, which is a major job creator in India, due to reduced tariffs enhancing export competitiveness.
Goyal underscored the significance of finalizing the deal, which had faced prolonged negotiations with no breakthroughs. He stressed that the agreement is crucial for reviving Indian exports, especially in labor-intensive categories like seafood and textiles, which were adversely affected by the high 50% punitive tariffs imposed by the previous US administration.
The minister expressed gratitude to PM Modi for securing a deal that promises economic growth and opportunities for various segments of Indian society, including farmers, the underprivileged, fishermen, women, and youth. Additionally, Goyal criticized Congress leader Rahul Gandhi, accusing him of hindering the nation’s progress and aiming to regress India’s economic standing.
US President Trump recently announced the trade agreement with India, involving a reduction in US tariffs on Indian goods from 50% to 18% in exchange for India’s cessation of Russian oil purchases and trade barrier reductions. Trump, following discussions with PM Modi, confirmed the deal on social media, highlighting India’s commitment to purchase oil from the US and potentially Venezuela.
