In a major win for Indian exporters, the freshly inked US trade agreement trims import duties on textiles to 18% from a steep 50%, experts say. This development is injecting stability into trade relations and fortifying one of India’s key industries.
Speaking exclusively, SIMA’s J Selvaraj called it a ‘lifeline’ for textiles. The reduced rate positions India competitively against global rivals, amplifying its market share. Recent deals with Britain, the EU, and the latest budget have cumulatively uplifted industry morale.
Dr. RS Ghuman, a leading agri-economist, highlighted how the tariff slash will amplify import-export flows between the two giants. ‘Trade activities will boom across the country, but quality upgrades are non-negotiable moving forward,’ he warned. India smartly excluded sensitive dairy and farm goods from concessions.
TECPROCIL’s Ravi Sam recounted the hardships from prior high US duties that squeezed profits. Now, with tariffs at 18%, manufacturers are set for recovery and expansion.
CA Sanjay M Dhariwal, a trade specialist, underscored the deal’s wide-reaching benefits. Lower duties aid textiles and agribusiness, while tariff-free zones like IT and pharmaceuticals enjoy stabilized commerce. This pact signals a new era of predictable bilateral trade, fostering investment and employment in India’s vibrant economy.