'India-US deal to expand trade between two largest economies': Finance Ministry's response post announcement

PM Modi with US President Donald Trump.

• India-US trade deal to lower US tariffs on Indian goods from 50% to 18%
• Deal aims to boost Indian manufacturing, exports, and high-tech collaboration
• PM Modi calls the trade deal a big decision benefiting all in India

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In a first response following the announcement of the  India-US trade deal, the Ministry of Finance on Tuesday said that it will further expand and deepen trade between two of the largest economies of the world.

Department of Revenue Secretary Arvind Shrivastava told DD News that the deal will create more opportunities for our labour-intensive and manufacturing sectors in the US market and give impetus to mutually-beneficial collaboration in high and advanced technology sectors.

"The India-US trade deal will further expand and deepen trade between two of the largest economies of the World. It will create more opportunities for our labour-intensive and manufacturing sectors in the US market and give impetus to mutually-beneficial collaboration in high and advanced technology sectors, "said Shrivastava.

Prime Minister Narendra Modi on Tuesday said the India-US trade deal is a "big decision" that will benefit everyone in the country, and asserted that his government always works in favour of the nation.

The prime minister made these remarks at the meeting of the NDA Parliamentary Party, coalition MPs present at the meeting said.

NDA coalition members congratulated Modi for the trade deals with the EU and the US, saying it would strengthen Indian manufacturers, exporters, and entrepreneurs.

The prime minister said the India-US trade deal is a "big decision" and will benefit everyone in the country, an MP who attended the meeting said.

India and the US have agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from a total of 50 per cent.

Parliamentary Affairs Minister Kiren Rijiju said there is excitement about the deal in the entire country.

"There is excitement among the MPs that nine trade deals have been concluded under the leadership of the PM. The trade deals have been signed with a total of 39 countries. This is historic. All these 39 countries are developed countries...This is historic. There has been a very good atmosphere in the country," he said after the meeting.

Shiv Sena MP Milind Deora said, "PM Modi explained to all the MPs that the government works in favour of India, be it a trade deal or budget".

"The credit for the trade deal between India and America and India and India-Europe goes to PM Modi. This has happened because of his determination. The trade deal will give benefits to small-scale businessmen,” he asserted.

Shrikant Shinde, leader of the Shiv Sena and a key NDA partner, said "During the meeting, NDA leaders welcomed the major breakthrough following the productive conversation between Prime Minister Modi ji and US President Donald Trump, which led to the announcement of reduced tariffs on Made in India products," Modi wrote on 'X': "Attended the NDA Parliamentary Party meet, where we discussed a wide range of issues".