Exporters say production and shipping products in three months remain a challenge for tailor-made products
These sectoral engagements under the proposed Bilateral Trade Agreement (BTA) framework between both nations will begin virtually this week
As far as reforms are concerned, the report said that India's current trade system is still geared towards large, traditional exporters and not small online sellers
Both nations may pursue interim trade pact within 90 days
In February, Prime Minister Narendra Modi and American President Donald Trump had announced the intention to finalise the first phase of a mutually beneficial BTA by the end of 2025
Industry players have adopted a 'wait-and-watch' mode
Goyal advised Indian industry and exporters not to route outbound shipments to the United States (US) through countries with lower reciprocal tariffs imposed by Washington
The contraction will be led by a drop in exports of fish and crustaceans, which may fall by a fifth
This is because the United States (US) has imposed higher reciprocal tariffs on these countries as compared to the 26 per cent tariff it plans to impose on India
The move is set to give much-needed clarity to companies in the tobacco sector that have been seeking clarification regarding the issuance of bonus shares, experts said
"We still expect growth to be in the range of 6.3-6.8 per cent as projected earlier, though it may be closer to the lower end of the band," a government official said
Buyers are reassessing existing orders, with some seeking discounts. They are also exploring the best possible sources for imports, given the varied but steep reciprocal tariffs, exporters said
India and the US are holding intense discussions on a proposed 'fair, balanced and equitable trade deal' bilateral trade agreement
The Department of Commerce has been holding internal meetings, chaired by Commerce Secretary, to firm up a strategy in this connection
The geopolitical uncertainties are forcing European nations to scout for new markets, including India, considering it is one of the fastest-growing large economies
27% US levy on Indian goods threatens biggest export market; could dent domestic GDP growth by 30-50 basis points in FY26
Till now, American buyers were already keeping their orders on hold owing to the lack of clarity on reciprocal tariffs
India is among countries on which Trump has imposed substantial tariffs, ranging from 46 per cent on Vietnam to 17 per cent on the Philippines, which will kick in from April 9
Aside from air cargo, shipments transported by sea arriving after April 2 are likely to be subject to the new tariffs, compounding the uncertainty
The statement came just days before Trump plans to outline country-based reciprocal tariff plans on April 2 to counter "unfair trade practices" that, according to him, have hurt America for decades