"Father of all deals": Harsh Goenka hails India-US trade agreement

Industrialist Harsh Goenka lauded the new India-US trade deal as the "Father of all deals," which reduces US tariffs to 18%. The pact, announced by Trump, is contingent on India ceasing its purchase of Russian oil, a move hailed by Indian business leaders.

Indian Industrialists Praise 'Father of All Deals'

Industrialist and Chairman of RPG Enterprises Harsh Goenka hailed the India-US trade deal, where Washington reduced the tariffs on India to 18 per cent, describing it as the "Father of all deals". In a post on X, Harsh Goenka said that this deal was a "great achievement" which came days after the conclusion of the "Mother of all deals" with the European Union, which took place during the state visit of the President of the European Council, Antonio Costa, and the President of the European Commission, Ursula von der Leyen, in India last month. "First the Mother of all deals with EU, now the Father of all deals with US - great achievement by PM Modi government! Patience pays," the Chairman of RPG Enterprises said.

Founder and Chairman of the RPSG Group, Sanjiv Goenka, also hailed the agreement, crediting the leadership of Prime Minister Modi for advancing India's economic interests on the global stage. "Anchored by Hon'ble PM Narendra Modi's resolute leadership, persistence and an India-first approach continue to advance India's economic interests on the global stage," Sanjiv Goenka said in a post on X.

Trump Announces Deal, Cites Friendship with PM Modi

Their remarks come after Trump, earlier on Monday, said that the US and India "have agreed to a trade deal" with Washington reducing the reciprocal tariff from 25 per cent to 18 per cent "out of friendship and respect" for PM Modi.

In his Truth Social post, Trump referred to his conversation with PM Modi earlier in the day, noting that the Prime Minister was one of his closest friends and a powerful, respected leader of India. The US President also claimed that PM Modi had agreed to "stop buying Russian oil" and to buy much more from the US. He further noted that India would reduce tariffs and non-tariff barriers against the US. "It was an Honor to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and, a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil, and to buy much more from the United States and, potentially, Venezuela. This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and Non Tariff Barriers against the United States, to ZERO," Trump's post read.

Following Trump's post, Prime Minister Narendra Modi, on X, said it was wonderful to speak with his "dear friend President Trump" and expressed delight that "Made in India products will now have a reduced tariff of 18%". "Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement," PM Modi wrote in a post on X.

White House Confirms Russian Oil Condition

Meanwhile, a White House official confirmed to ANI that Washington will also drop the additional 25 per cent tariff on Indian imports imposed due to New Delhi's purchase of Russian oil, noting that India has to "cease, not just reduce, Russian oil purchases."

When asked by ANI whether the tariffs on Indian imports would be lifted in exchange for reducing Russian oil purchases, the official said, "Yes, although the agreement is that India will cease, not just reduce, Russian oil purchases." (ANI)

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