From Tariffs to Trust: India Aims for a Balanced Deal with US

India is energetically pursuing the United States to seal the initial phase of a bilateral trade deal by fall. Finance Minister Nirmala Sitharaman, during her visit to the US, underlined the government's determination to deepen trade ties and attract investment support.

The talks arrive at a critical juncture with India seeking to emerge as a developed country by 2047 with a focus on major sectors and inclusive development. The Finance Minister pointed out that there have been continued interactions with US authorities, including visits with the Treasury Secretary and officials of the International Monetary Fund and World Bank.

 

The new trade pact is to be finalized in two phases, with the first tranche expected by September or October. India wants a balanced trade relationship that promotes economic cooperation while resolving mutual tariff issues.

 

In addition, Sitharaman emphasized India's concentration on manufacturing, digital clearances, and MSMEs' integration in international value chains. She emphasized the need to align education with Industry 4.0 requirements in order to optimize the country's demographic dividend.

 

With the global trade dynamics changing, India envisions new prospects for cooperation in areas like semiconductors, pharma, and nuclear energy. Fiscal consolidation and structural reforms continue to be the priorities of the government to spur long-term growth.

 

Sources:The Economic Times, India Today, Livemint