Atlanta Systems' Sandeep Narula and Union Minister Piyush Goyal lauded the new India-US interim trade deal. Narula called it 'fair and equitable,' while Goyal described it as a 'labour of love' to advance the Viksit Bharat 2047 vision.
Industry Leader Hails 'Fair and Equitable' Deal
Atlanta Systems Pvt Ltd Director Sandeep Narula on Sunday hailed the recently concluded India-US interim trade agreement, calling it a landmark development and a "fair and equitable deal that prioritises India's interests." Speaking to ANI, Narula said, "This is one of the most important developments, and we have all been waiting for it. This is a very fair and equitable framework where India's interests come first something that has been ensured by our government under the leadership of PM Modi. With the active efforts of the ministry and the Minister Piyush Goyal's dedicated involvement and pursuit on behalf of our country, this achievement stands out. I must say, it brings great expectations not only for the industry but for the entire nation."
A 'Labour of Love' for Viksit Bharat: Piyush Goyal
Earlier today, Union Commerce and Industry Minister Piyush Goyal described the agreement as a "labour of love" aimed at advancing India's Viksit Bharat 2047 vision. In an exclusive interview with ANI, Goyal said the agreement reflects "intense negotiations on both sides" and is expected to create significant opportunities across multiple sectors. "Absolute nonsense. Whoever is articulating this must be a pretty ignorant person who doesn't understand that this trade deal is truly a labour of love. It has come out of intense negotiations on both sides, in the best interests of our country's stated goal to become a developed and prosperous country by 2047 - Viksit Bharat 2047," he said.
Opportunities Across Multiple Sectors
The Union Minister highlighted the agreement's potential to benefit various stakeholders. "It will provide immense opportunities for our youth, our sisters, our women, huge opportunities for our farmers and fishermen, our MSMEs will flourish, they will become the provider of a lot of material that is required by the USA, our textile sector, our footwear and leather sector, our toys sector, handloom, handicraft, auto components, furniture--sky's the limit as Sergio mentioned this is a partnership with unlimited potential," he added.
Framework of the Interim Trade Agreement
India and the United States recently announced a framework for an Interim Trade Agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) launched by US President Donald Trump and Prime Minister Narendra Modi on February 13, 2025. Under the framework, India has agreed to eliminate or reduce tariffs on all US industrial goods as well as a wide range of agricultural and food products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits, along with additional products.
Reciprocal Measures by the US
Reciprocally, the United States will impose an 18 per cent tariff on select Indian goods, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods, and certain machinery.
Subject to the successful conclusion of the Interim Trade Agreement, the US has indicated that it will later remove reciprocal tariffs on select items, including generic pharmaceuticals, gems and diamonds, and aircraft parts. The United States will also remove tariffs on certain aircraft and aircraft parts from India, which were imposed to address national security threats, the joint statement said.
India's Purchase Commitment
India also intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)