New Delhi: In a major boost to bilateral ties, India is poised to ramp up imports from the United States, focusing on petroleum, defence equipment, electronics, pharmaceuticals, telecom products, and aircraft, according to a Reuters report.
The deal, expected to receive official approval soon following high-level talks, aims to slash America’s trade deficit with India and could ripple across multiple sectors in the coming years.
The report highlights India’s willingness to open its markets to select US agricultural goods, though specifics remain under wraps. Experts are dissecting US President Donald Trump’s bold assertion that India would apply zero per cent tariffs on American products. Trump confirmed the pact, stating India has agreed to purchase substantial volumes of US energy, coal, technology, agriculture, and other items — potentially worth up to $500 billion.
A key concession from New Delhi includes slashing tariffs on automobiles, paving the way for cheaper US vehicles in the Indian market. An Indian official described this as the “first instalment” of broader efforts to address trade imbalances, with further negotiations anticipated in the months ahead.
Investor optimism surged, with the Nifty 50 index climbing nearly 3 per cent in early trading and the rupee firming up over 1 per cent to 90.40 against the dollar. India’s commerce ministry has yet to comment officially on the agreement or agricultural market access.
Latest data from the ministry shows India’s exports to the US jumped 15.88 per cent year-on-year to $85.5 billion between January and November, while imports stood at $46.08 billion, underscoring the existing skew.
This evolving deal signals a strategic pivot amid global economic shifts, promising enhanced cooperation between the two democracies.