Govt officials: India-US pact removes uncertainty for businesses

NEW DELHI: Senior govt officials on Tuesday said finalisation of the India-US trade deal removed a key source of uncertainty for businesses and was expected to support exports and manufacturing, especially after months of pressure from higher tariffs.

Anuradha Thakur, secretary, department of economic affairs, said the govt welcomed the finalisation of the trade deal as it removed a layer of uncertainty. “We are happy that the trade deal has been finalised...it removes uncertainty,” she said on the sidelines of a FICCI event. Thakur said the govt would wait for more details of the agreement before revising India’s growth projections and that clarity on the details of the deal would emerge in “due course”.

Arvind Shrivastava, secretary, department of revenue, said the deal would deepen trade ties between 2 of the world’s largest economies. He said it would create fresh opportunities for India’s labour-intensive and manufacturing sectors in the US market, while also giving a push to collaboration in high and advanced technology areas and “give impetus to mutually beneficial collaboration in high and advanced technology sectors”, he said.

M. Nagaraju, secretary, department of financial services, said the rollback of reciprocal tariffs to 18% lifted the “dark clouds of uncertainty” and would help exporters, calling it a good deal for Indian industry.