Industry leaders hail historic India-US trade deal
New Delhi, Feb 2
Industry leaders on Monday hailed the India-US trade deal as announced by President Donald Trump, saying that India has emerged on top of the stack in this "uncertain geopolitical geometry".
As part of the trade deal, the United States will drop a 25 per cent tariff linked to Russian oil purchases as part of India's agreement to stop buying crude from Russia. In a detailed post on Truth Social, Trump said the agreement would immediately reduce the US reciprocal tariff on Indian goods from 25 per cent to 18 per cent, calling it a major shift in bilateral trade ties linked to energy cooperation and broader geopolitical goals.
"First the Mother of all deals with EU, now the Father of all deals with US - great achievement by PM Modi government! Patience pays," Harsh Goenka, Chairman, RPG Enterprises, posted on X.
Kunal Bahl, entrepreneur and former CEO of Snapdeal, posted that "We have deals with most of the large economies while our own economy is also structurally on a solid foundation and growth path. Incredible leadership by PM Modi".
PM Modi said that 'Made in India' products will now have a reduced tariff of 18 per cent, as US President Donald Trump said India and the United States had reached a trade deal.
He posted on X that it was "wonderful to speak with my dear friend President Trump today".
"Delighted that 'Made in India' products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement," Prime Minister posted.
"When two large economies and the world's largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation. President Trump's leadership is vital for global peace, stability, and prosperity. India fully supports his efforts for peace," PM Modi further stated.
He said he looks forward to working closely with Trump to "take our partnership to unprecedented heights"
— IANS
Reader Comments
Interesting to see the energy cooperation angle. Stopping Russian oil purchases is a significant geopolitical shift. Hope the economic benefits for common people are as clear as the strategic ones.
While the deal sounds good, I hope we aren't putting all our eggs in one basket. We need to ensure our energy security isn't compromised and that we have diversified sources. The proof will be in the pudding—let's see how this translates to job creation on the ground.
"Mother of all deals", "Father of all deals" 😂 The corporate leaders are so excited! Seriously though, this is a big moment. 'Made in India' getting a boost in the world's largest economy is something to celebrate.
Good step. But the government must now focus on helping our MSMEs take advantage of this lower tariff. Big companies will benefit automatically, but the real growth will come if our small businesses can export more.
The diplomatic language is fascinating. "Dear friend", "vital leadership"... Strong personal rapport between leaders seems to be a key driver in today's global trade. A pragmatic partnership for sure.
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