India-US trade deal opens up $30tn market for Indian goods
India and the US just unveiled an interim trade framework that drops US tariffs on Indian exports from 50% to 18%, and removes duties on some products.
This opens up a massive $30 trillion US market for Indian goods, while still protecting key sectors like agriculture and dairy at home.
The move is set to give a leg up to export-heavy industries—think textiles and MSMEs.
Gems, pharma to benefit; agriculture protected
Indian gems, jewelry, and pharma will get easier access in the US, helping these sectors grow profits and global reach.
Meanwhile, American industrial and farm goods will also see lower barriers in India.
Commerce Minister Piyush Goyal highlighted that farmers are protected under this deal, saying, "Farmers Safe, Country Developed... In the India-US trade agreement, dairy, fruits, vegetables, spices, and other grains have been protected. This will safeguard the interests of domestic farmers, strengthen local agriculture through preferential access to such a large market, and mark another powerful step forward in the direction of a self-reliant India."
This agreement could pave the way for a broader trade partnership down the line.