Union Commerce Minister Piyush Goyal refuted claims by the Opposition that the India-US interim trade deal is detrimental to domestic interests. He highlighted that the deal, negotiated from a strong economic standpoint, safeguards self-reliant sectors. Goyal stressed that the agreement aims to balance consumer interests and export-driven growth without compromising sovereignty.
The Minister labeled the pact as “fair and balanced,” clarifying that the target to procure $500 billion in US goods over five years is an intention, not a binding commitment. He pointed out that the US has slashed reciprocal tariffs on Indian exports significantly, giving India a competitive edge over countries like China, Bangladesh, and Vietnam. Key Indian sectors are set to benefit from zero tariffs under the deal.
Goyal assured that crucial agricultural products such as rice, wheat, corn, millets, and dairy are excluded from the agreement to shield domestic producers. He confirmed that no duty concessions were granted to the US for various products. India has selectively allowed access for items it requires or lacks surplus production, like walnuts, pistachios, and specific wines with a minimum import price.
The Minister projected a promising future for the Indian cotton industry, anticipating growth due to the trade deal. He highlighted the “yarn forward” mechanism, enabling zero-duty exports of Indian garments to the US using designated yarns. Additionally, India anticipates importing around $100 billion worth of Boeing aircraft and components in the next five years, which is expected to enhance air connectivity and potentially reduce airfares for citizens.
Union Minister Goyal described the Union Budget for 2026-27 as a blueprint for a developed India by 2047. He outlined the budget’s focus on economic growth, self-reliance, and infrastructure development. The budget aims to propel India towards developed nation status by its centenary of independence, with a strong emphasis on expanding infrastructure to cut logistics costs and boost manufacturing. Goyal emphasized the budget’s commitment to inclusive development, symbolized by the mantra “Nagrik Devo Bhava” (The citizen is God).
