NEW DELHI: Calling the India–US commerce deal “elusive” however nearing completion, chief financial adviser V Anantha Nageswaran on Wednesday mentioned he can be “stunned” if the pact isn’t sealed by March, additional including that “most points have been resolved.““I hoped one thing can be achieved by the top of November, but it surely has turned out to be elusive,” Nageswaran advised Bloomberg in an interview. “That’s why it’s tough to present a timeline on this. Nonetheless, I’d be stunned if we don’t have it sealed by the top of the monetary yr,” he added.A US commerce negotiating crew is presently in India as each side work to bridge remaining gaps and push by way of a deal that might assist New Delhi safe aid from Washington’s punitive 50% tariffs. The negotiations supposed to conclude the primary tranche of the tariff-focused pact, have stretched for months after lacking the unique fall deadline. Nageswaran mentioned the delay is pushed by extra than simply economics. “I consider that is as a lot a matter of geopolitics as it’s of bilateral commerce. Proper now, it is extremely tough to place a timeline to it,” he added.
‘Weaker rupee not a serious downside’
The CEA mentioned that though trade-related uncertainty has influenced GDP projections, the “home economic system is doing quite nicely.” He mentioned that India’s latest financial efficiency has exceeded expectations. “The economic system has stunned us with higher efficiency than we anticipated early within the forecast cycle. I can’t be stunned if one thing like this occurs for 2026–27 as nicely,” he acknowledged.Additional on the declining Indian forex, Nageswaran mentioned that, “Having a weaker rupee at this level isn’t a serious downside, because it advantages the export sector given world uncertainties.”
US says India providing its ‘greatest ever’ proposals
At a Senate Appropriations Subcommittee listening to in Washington, US Commerce Consultant (USTR) Jamieson Greer mentioned the US has obtained the “greatest” affords ever from India in ongoing talks.“They’ve been very tough nut to crack… however they’ve been fairly ahead leaning… the kind of affords that they’ve been speaking to us about … have been one of the best we’ve ever obtained as a rustic,” he mentioned.Greer famous that resistance persists in India over sure US agricultural merchandise, together with row crops reminiscent of corn, soybeans, wheat and cotton. US Deputy Commerce Consultant Rick Switzer is main the negotiating crew in Delhi.
India-US ‘talks progressing’
Commerce and business minister Piyush Goyal additionally signalled motion within the negotiations. “Talks are constantly progressing with them. We’re transferring ahead in the direction of a bilateral commerce settlement,” he advised reporters in Jaipur.India and the US are presently engaged in two parallel discussions—one on a framework deal specializing in tariffs and one other on a broader, complete commerce pact. Leaders from each nations had directed officers in February to push for an settlement, with the primary tranche initially anticipated to shut by fall 2025.Six rounds of talks have been held up to now. The broader aim is to greater than double bilateral commerce to $500 billion by 2030, from $191 billion at current.The US remained India’s largest buying and selling companion for the fourth consecutive yr in 2024–25, with bilateral commerce totaling $131.84 billion. The US accounts for about 18% of India’s exports, 6.22% of imports, and 10.73% of complete merchandise commerce.India’s exports to the US, nonetheless, dipped for a second straight month in October, falling 8.58% to $6.3 billion. The US had earlier imposed a 25% obligation citing commerce deficits, estimated at round $46 billion in 2024–25—adopted by one other 25% penalty over India’s buy of Russian crude.
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