Parliamentary panel says US tariffs threaten Mission 500 trade target
A new report from the Parliamentary Standing Committee on Commerce says trade between India and the US is hitting some big hurdles.
US tariffs on Indian goods have shot up from about 3% to up to 18%, making it tough for Indian exports, especially handicrafts, to stay competitive.
These issues are slowing down the "Mission 500" target of hitting $500 billion in bilateral trade by 2030.
Committee proposes India-US bilateral trade agreement
The committee suggests sorting out tariff problems through a proposed India-US Bilateral Trade Agreement, with special focus on steel, aluminum, and chemicals.
They also flagged a steep 48% drop in gems and jewelry exports due to high US tariffs, and want fairer rates like those given to Switzerland or Canada.
On a brighter note, services trade is growing fast, India's services exports to the US hit $51.2 billion in 2024.