India-US interim trade deal by PM Modi is for his “personal interest”, says KC Venugopal

Speaking to reporters in Kochi, Venugopal said, “We are all in the dark. The Parliament was also taken into confidence. Even now, we don’t know the details of the agreement. How many agricultural projects are going to suffer? How many farmers are going to suffer?”

He further criticised the government, saying that the deal primarily serves the personal interests of Prime Minister Narendra Modi.”Certainly, it is a deal by the Prime Minister for his personal interest,” Venugopal said.

The United States and India announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025. .As part of the framework, India has agreed to eliminate or reduce tariffs on all US industrial goods and a wide range of US agricultural and food products, including dried distillers’ grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.

On the other hand, the United States will impose a reciprocal tariff of 18 per cent on goods originating in India, 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 Agreement, the US has said it will later remove reciprocal tariffs on select items, including generic pharmaceuticals, gems and diamonds, and aircraft parts.Earlier today, Union Commerce Minister Piyush Goyal hailed the framework announced for the India-US trade agreement and said it would bring significant benefits to farmers and Indian MSMEs.

He said, “Agricultural products from Indian farmers will be exported to the United States at zero duty.

At the same time, no tariff concessions have been granted to US agricultural products entering the Indian market. The agreement also makes it clear that genetically modified (GM) food will not be allowed into India.”
“I can state categorically and without any hesitation that India’s farmers, MSMEs, artisans, and craftsmen will not suffer any loss. On the contrary, India will benefit from greater access to the US market,” the minister added.