US trade deal will not hurt interests of farmers, MSMEs, artisans: Goyal
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Commerce minister Piyush Goyal on Saturday said India and the United States (US) have finalised an interim trade deal framework aimed at boosting bilateral trade to $500 billion annually. Addressing a press conference, he said the framework, concluded late last night, has generated widespread excitement across India, opening new opportunities for farmers, exporters, and industries.
Speaking at a press conference, Goyal said: “Today will be written in golden words. There is a wave of happiness across the country. New opportunities are opening up on a very large scale, especially for our farmers, artisans, and manufacturers.”
Under the interim framework, the US has agreed to reduce tariffs on a wide range of Indian goods. Duties on products such as gems and jewellery, pharmaceutical items, smartphones, machinery parts, textiles, and leather have been either lowered or eliminated.
Goyal highlighted the importance of protecting Indian farmers, noting: “Products made by our farmers, including spices, tea, coffee, coconut, cashew, mango, banana, guava, pineapple, and processed items like jams and juices, will now face zero reciprocal tariff in the United States. Sensitive commodities like rice, wheat, sugar, millets, and pulses remain fully protected.”
The agreement also extends benefits to other sectors. Machinery, aircraft parts, toys, silk, leather, home décor items, and high-value technological products including semiconductors and quantum devices are expected to gain greater access to the US market.
The minister emphasised the broader economic impact of the deal, saying “This deal does not harm India or the US but provides new opportunities for our youth and industry. Market access in the United States will help India’s economy grow and support employment in multiple sectors.”
With the interim trade framework in place, both countries will continue parallel negotiations on a full Bilateral Trade Agreement. Meanwhile, Indian businesses and exporters are expected to benefit from reduced trade uncertainty and immediate opportunities across agriculture, manufacturing, and technology sectors.
“I have complete faith that 1.4 billion Indians will celebrate this achievement. This pact is a step towards equitable and balanced growth, creating new hopes and determination for our country’s future," said Goyal, adding that "It will expand India’s exports, strengthen ties with the US, and provide long-term opportunities across agriculture, manufacturing, and technology, while advancing the Viksit Bharat vision of a developed and globally competitive India.”
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India intends to purchase energy, minerals, technology products and aircraft parts worth $500 billion from the US over the next five years, according to the joint statement issued earlier in the day by the two countries on an interim framework for a bilateral trade deal, which includes additional market access commitments and support for more resilient supply chains.
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The interim trade framework agreed between India and the United States has offered cautious relief to India’s auto and auto component exporters, even as several operational details remain unresolved.
The joint statement signals intent to lower trade frictions and improve market access, but industry bodies say clarity on tariffs, especially under the US’s national security provisions, is still awaited before the real impact can be assessed.
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The US on Saturday announced it would remove the additional 25 per cent tariffs imposed on Indian goods linked to the purchase of Russian oil, marking a key step in easing trade tensions between the two countries.
According to an executive order issued by the White House, the removal of the extra duties will take effect from 12.01 am Eastern Standard Time on February 7, 2026. From then on, Indian products imported into the US will no longer face the additional tariff imposed under an earlier executive order.
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Shares of Indian information technology (IT) companies slid on Friday, capping their worst weekly performance in four months, as concerns resurfaced that rapid advances in artificial intelligence (AI) could disrupt traditional technology services businesses. The Nifty IT index fell 1.5 per cent on Friday and declined 6.4 per cent over the week.
The selloff erased about ₹1.51 trillion in market capitalisation from IT stocks.
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The Reserve Bank of India (RBI) on Friday said customers will be compensated up to Rs 25,000 for small-value digital frauds, with the central bank and banks sharing the cost, while customers will bear a small portion of the loss.
“It is also proposed to introduce a framework to compensate customers up to an amount of Rs 25,000 for loss incurred in small-value fraudulent transactions,” said Sanjay Malhotra, Governor, Reserve Bank of India.
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