India's Minister Piyush Goyal announces a significant trade deal with the US, aiming to propel the country's economic growth. The agreement, named 'Kisan Surakshit, Bharat Viksit', is expected to transform India into the world's third-largest economy within two and a half years. Goyal highlights the deal's potential to boost the economy eightfold, from $4 trillion to over $30 trillion by 2047. This ambitious goal is supported by nine free trade agreements with 38 developed nations.
The deal is praised for its win-win nature, benefiting both India and the US. It ensures reciprocal tariffs are lower than those of competing nations, providing an edge to Indian exports. Pharmaceuticals and smartphones will be duty-free, and sectors like leather, textiles, and handicrafts will also benefit. The agreement safeguards Indian farmers' interests, particularly in sensitive areas like meat, poultry, dairy, and cereals.
Goyal addresses concerns about India's apple market opening to US imports, assuring growers of safeguards. He clarifies that the import quota and minimum price will protect farmers' incomes. The deal also addresses the removal of punitive tariffs, with the External Affairs Ministry managing the matter. The opposition's criticism is dismissed as ill-informed, and the agreement is seen as a positive step for India's development.
The minister emphasizes the deal's potential to attract investments, boost foreign exchange reserves, and promote India's growth story. He describes the commitment to buy $500 billion in US goods as achievable and believes a mid-term review is possible. The final legal documentation is expected within a month or a half, after which parliamentary discussions may follow.
