Following the announcement of the India-US trade deal, the Indian government is celebrating. During a parliamentary meeting today, NDA leaders welcomed Prime Minister Modi with garlands. In the meantime, Congress leader Shashi Tharoor responded positively to the deal.
Shashi Tharoor expressed joy over the reduction of tariffs. Regarding the India-US trade deal, he said, 'We can be happy when we know what's in the deal. The tariff has been reduced from 50% to 18%, which is a great thing.'
The Congress leader further stated, 'However, while Trump is celebrating in America, claiming a $500 million investment will come, where will this money come from? Companies are also wary of restrictions, which is why they may avoid buying oil from Russia.'
Also Read: What PM Modi Told NDA MPs About the US Trade Deal? And Gave This Task
PM Modi Describes Diplomatic Victory
Prime Minister Narendra Modi described the agreement with America as a significant deal. During an important meeting with NDA leaders, he said, "This is a major diplomatic victory for us, proving that patience always pays off."
Tariff Reduced from 50% to 18%
The US has reduced the overall tariff on Indian goods from 50% to 18%. The 25% penalty imposed for buying Russian oil has also been removed. According to Donald Trump, India will reduce or stop purchasing oil from Russia, opting instead to buy more oil and gas from America and Venezuela.
India has pledged to purchase more than $500 billion of energy (including coal), technology, and agricultural products from America over the coming years. This agreement is expected to provide significant relief to sectors such as gems and jewelry, textiles, pharmaceuticals, and automobiles.
