By Admin 
India US Trade Deal: While announcing the India-US trade deal late on Monday night, US President Donald Trump announced a major reduction in the heavy tariff imposed on India, under which the duty has now been reduced to 18 percent. This deal, reached after several weeks of uncertainty, is being considered an important step in the relations between the two countries. Prime Minister Narendra Modi strongly welcomed this decision and said that this will further strengthen mutual cooperation between the two biggest democracies of the world.
Earlier, America had imposed a total tariff of up to 50 percent on India for buying cheap crude oil from Russia, which has now been removed. Trump claimed on Truth Social that India has agreed to stop purchasing oil from Russia, although PM Modi did not make any comment on purchasing oil from Russia in his statement.
What are the four conditions on Trade Deer-
1-According to the terms of the trade deal, India will reduce tariffs and non-tariff barriers on American products and will further open its market to American companies.
2-America has talked about removing the 25 percent additional tariff imposed on oil purchases from Russia, although there has been no official confirmation on this and different agencies have given different information.
3-Trump directly linked this agreement to the Ukraine war and said that there will be pressure on Moscow not to buy oil from Russia and this can help in ending the war. He also said that India will buy more oil from America and possibly Venezuela.
4- Apart from this, under the deal, India will increase the purchase of products like energy, technology, agricultural products, coal including petroleum, defense, electronics, pharma, telecom and aircraft from America, which is expected to give a big boost to American exports.
Industry welcomed
Top leaders of Indian business on Tuesday said the India-US trade agreement will give new impetus to India’s growth ambitions and help make the country a globally competitive manufacturing and innovation hub. Industry leaders including Bharti Enterprises founder and chairman Sunil Mittal, Aditya Birla Group’s Kumar Mangalam Birla and Mahindra Group’s Anish Shah described it as a historic step with the potential to transform the bilateral trade and investment landscape.
Describing it as an important step towards strengthening trade and investment ties, Mahindra Group CEO and Managing Director Anish Shah said that this deal will provide concrete support to India’s ambitions with its strong growth path.
Sunil Bharti Mittal said that this agreement is a much-awaited and important achievement for both the countries, which will open immense opportunities for investment and development, and this series of free trade agreements is a proof that India is playing an active role at the center of global trade structures.
Read this also: Exporters and stock market are happy with the reduction in US tariff, exports worth $ 48 billion will get a boost.