India–US Trade Deal In Final Stages; First Phase Likely By Fall: FM Sitharaman

New Delhi, April 21 (KNN) Finance Minister Nirmala Sitharaman announced on Monday that India is in advanced negotiations with the United States to finalise a bilateral trade agreement, with the first phase potentially concluded by fall this year. 

The Finance Minister made these remarks during her interaction with the Indian diaspora at a community event in San Francisco.

Sitharaman emphasised that India has actively engaged with the new US administration to expedite the bilateral trade agreement. 

She noted that the reciprocal tariff issue is part of a broader trade negotiation strategy. “The progress of the agreement or the trade agreement that we are working on, at least the first tranche, is something which we hope to conclude positively by the fall this year,” she stated.

The Finance Minister highlighted the high-level diplomatic engagement between the two nations, citing Prime Minister Modi’s visit to the United States in February, followed by visits from India’s Commerce and Trade Minister. 

Addressing a question about India’s future global leadership and the current budget’s support for this ambition, Sitharaman highlighted India’s progress in critical sectors including semiconductors, renewable energy, modular nuclear energy, digital infrastructure, and artificial intelligence. 

She underscored India’s growing influence in global knowledge partnerships, noting that international institutions such as the World Bank have recognised India’s achievements in digital public infrastructure, AI skills development, and job creation.

The Finance Minister outlined Prime Minister Modi’s focus on inclusive growth through four key demographic segments: “the poor, the youth, the farmer, and the women.” 

Sitharaman also emphasised India’s emerging global leadership in “sunrise sectors,” digital public infrastructure, and technology. 

“We need to allow progress more with the kind of technology-related things that we need, the knowledge, strength that India has acquired,” she remarked.

Sitharaman added that while government spending is necessary, particularly to assist those in need, every taxpayer’s contribution must be allocated appropriately and efficiently. 

Regarding debt management, she noted that India’s debt-to-GDP ratio had been reduced from over 62 percent immediately after the pandemic to 57.4 percent within four years, with a target of approaching 50 percent by 2030. 

(KNN Bureau)

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