This special report examines the landmark India-US trade deal announced following direct talks between Prime Minister Narendra Modi and President Donald Trump. The agreement marks a significant shift in bilateral commerce, with the ‘trade deal ensuring tariffs on India by America is down from 50% to 18%.’ In exchange, India has reportedly lowered tariffs on specific US exports to zero. The report addresses the complexities of oil procurement, noting that while the US suggests a shift from Russian to Venezuelan oil, the Indian government maintains it will source crude based on market rates and the absence of sanctions. A major portion of the discussion focuses on the agricultural sector, where India remains firm against opening markets to genetically modified crops and meat-fed dairy to protect domestic farmers. The deal is expected to provide a massive boost to Indian MSMEs, textiles, and the electronics sector, potentially shifting the global chip supply chain to India while strengthening IT and defense cooperation.
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