New Delhi, Feb 3 (IANS) The India-US trade deal will further expand and deepen trade between two of the largest economies of the world, Union Revenue Secretary Arvind Shrivastava said on Tuesday.
In a statement, Shrivastava said the deal will create more opportunities for our labour-intensive and manufacturing sectors in the US market and give impetus to mutually-beneficial collaboration in high and advanced technology sectors.
In a historic move, the US has announced a reduction in tariffs on Indian exports to 18 per cent from 50 per cent, which is a constructive development for the India–US trade relations.
The US is India’s largest export destination, accounting for about 20 per cent of total exports, and the lower tariff should improve bilateral trade flows and help revive India’s trade surplus with the US, according to experts.
Earlier, speaking at FICCI’s conference on Union Budget 2026–27, Secretary, Economic Affairs, Anuradha Thakur, said that a “great deal of uncertainty’ was removed after the trade agreement was announced between India and the US”.
“Despite growing geopolitical challenges across the world, the Indian economy has remained strong and stable,” she told the gathering.
Thakur noted that India is deeply connected with the global economy but continues to stand out as a country with strong macroeconomic fundamentals. She credited the government’s careful fiscal policies and a stable financial system for supporting long-term growth.
Secretary, Financial Services, M Nagaraju, said that the global economic situation has become clearer after the trade deal. He described it as a major “dark cloud” being lifted from the world economy.
Nagaraju urged industry leaders to remain positive, saying the government had already taken steps to reduce the impact of higher tariffs earlier. With tariffs now reduced to 18 per cent, he said businesses can finally feel a sense of relief and certainty.
–IANS
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