Union Ministers Jayant Singh and Piyush Goyal lauded PM Modi for a landmark India-US trade deal. It slashes tariffs on Indian goods from 50% to 18%, opening a $30 trillion market for farmers, MSMEs, and creating numerous job opportunities.
Union Minister of Skill Development and Entrepreneurship Jayant Singh on Saturday stressed that the farmers of the nation know that the economic progress, growth, and development in the sector are possible only through law, order, and science, after the India-US trade agreement.
Taking it to X, he hailed Prime Minister Narendra Modi on the successful trade deal between India and the United States, which reduced the tariff on India from a hefty 50 per cent to 18 per cent. “The Prime Minister has made efforts to change trade policies and agreements with other countries and groups specifically for the benefit of farmers, workers, artisans, cottage industries, and the youth. He himself had clearly stated this and repeated it several times. The country’s farmers also know that only through science, law, and trade will their hard work bear fruit, bringing better prices, production, and economic progress! Happy farmers, prosperous villages, and we are moving towards a developed India!” he wrote.
Ministers Hail PM Modi’s Decisive Leadership
Union Commerce Minister Piyush Goyal, in an X post, also praised PM Modi on the India-US trade deal, saying that it will open a $30 trillion market for Indian exporters, underlining that farmers, fishermen, and MSMEs will greatly benefit from it. “Under the decisive leadership of PM Narendra Modi, India has reached a framework for an Interim Agreement with the US. This will open a $30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen. The increase in exports will create lakhs of new job opportunities for our women and youth…” he wrote.
Tariff Reductions and Sector-Specific Gains
He further highlighted that, along with a reduction of 32 per cent in the tariff on Indian goods, a wide range of products, including generic pharmaceuticals, gems and diamonds, and aircraft parts, will face a zero per cent tariff. “As part of this framework, the US will slash reciprocal tariffs on Indian goods to 18%, providing a huge market opportunity in key sectors such as textiles & apparel, leather & footwear, plastic & rubber products, organic chemicals, home decor, artisanal products, and select machinery in the world’s largest economy. Additionally, tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems & diamonds, and aircraft parts, thereby further enhancing India’s export competitiveness and Make in India…” he said.
Protecting Indian Agriculture
Furthermore, he said that this agreement not only strengthens the economic union between the two nations but also showcases India’s commitment to safeguarding farmers’ interests and sustaining rural livelihoods. “India will also get exemptions under section 232 on aircraft parts, tariff rate quota on auto parts and negotiated outcomes on generic pharmaceuticals, leading to tangible export gains in these sectors. At the same time, the Agreement reflects India’s commitment to safeguarding farmers’ interests and sustaining rural livelihoods by completely protecting sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry, milk, cheese, ethanol(fuel), tobacco, certain vegetables, meat, etc. This agreement will help India and the US remain focused on working together to further deepen economic cooperation, reflecting our shared commitment to sustainable growth for our people and businesses. Towards realising Viksit Bharat!” he wrote.
Framework for Interim Agreement Announced
The United States and India on Friday announced a framework for an Interim Agreement on reciprocal and mutually beneficial trade, marking a significant step toward advancing the broader US-India Bilateral Trade Agreement (BTA) negotiations launched by President Donald Trump and Prime Minister Narendra Modi in February 2025, a joint statement released by the White House and Commerce Ministry stated.
The Interim Agreement between the United States and India will represent a historic milestone in our countries’ partnership, demonstrating a shared commitment to reciprocal, balanced trade based on mutual interests and concrete outcomes, the statement said. (ANI)
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