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News India Live, Digital Desk: The world’s two largest democracies, India and the United States, have now entered a new economic era. India’s Foreign Minister S. in Washington. The high-profile meeting between Jaishankar and US Secretary of State Marco Rubio formalized the ‘trade deal’, which was announced after a phone conversation between Prime Minister Modi and President Donald Trump. This agreement is being considered as the biggest win for ‘Make in India’ so far.
18% drop in tariffs: American doors open for Indian goods
The biggest thing about this deal is that America has reduced the tariffs imposed on Indian products. reduced from 25% to 18% Is done.
Who will benefit: Exporters of textiles, leather, marine products and chemicals sectors will now get direct benefits in the American market.
Zero Duty Access: Indian goods worth about $40 billion will now get ‘zero duty’ access to the US, creating millions of new employment opportunities in the Indian manufacturing sector.
500 billion dollar investment: India will buy American energy and technology
In return, India has also made big promises to create a trade balance with America. India is looking for energy resources, agricultural products, technology and coal coming from America. 500 billion dollars “This agreement will accelerate growth in both economies and further strengthen our relationship in the field of ‘Trusted Technology’.” — S. Jaishankar, Foreign Minister
Critical Minerals: Challenge to China’s dominance
A main focus of the conversation between Jaishankar and Rubio ‘Critical Minerals’ Remained. China is currently in possession of these minerals required for semiconductors and electric vehicles. India and America have now resolved to work together to secure mining, processing and supply chains so that dependence on China for future technology can be eliminated.
India’s strict stance on agriculture and dairy remains intact
Even though this is a big deal, India has not compromised with the interests of its farmers. according to the report, Indian dairy and sensitive agricultural products have been excluded from this agreement. India has clarified that its ‘agricultural sensitivity’ will not be tampered with.
