India-US Trade Framework To Substantially Boost Economy: Pradhan

(MENAFN- AsiaNet News)

Union Minister Dharmendra Pradhan on Saturday said that the recently concluded India-US interim trade framework will provide a substantial boost to the nation's industries and business sectors, further strengthening India's already robust economy. Speaking on the matter, Pradhan highlighted the signing of trade deals with multiple nations as a testament to the country's economic resilience.

India's Economic Resilience

Union Minister Dharmendra Pradhan is currently in Puri, where he offered prayers at the Shree Jagannath Temple. Speaking to ANI, Pradhan said, "India's economy is currently in a strong position. We have concluded commercial talks with several countries worldwide, including the EU, the UK, Australia, New Zealand, and, most recently, the USA. This will give a significant boost to India's entrepreneurs and businesses. Indian businesses and entrepreneurs will find new opportunities, creating more avenues for production for India's labour force. This will further strengthen the country's economy.

Bharatiya Mazdoor Sangh Conference

The 21st National Conference of our Bharatiya Mazdoor Sangh is taking place, and I express my gratitude for it being held in Puri. By gathering here near Lord Jagannath, they have added even more significance to this holy land. I have full confidence that India's labour force, driven by patriotism and skill, will excel in the modern era."

India-US Joint Statement on Trade

On February 6, India and the US announced a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade. The joint statement said that the framework reaffirms the countries' commitment to the broader Bilateral Trade Agreement (BTA) negotiations, launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains.

As per the joint statement, the US will apply a reciprocal tariff rate of 18 per cent on Indian originating goods, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery. (ANI)

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