India had agreed to buy petroleum, defence goods and aircraft from the US, while partly opening up its guarded agriculture sector under the agreement
Goyal said both sides were working on a "joint statement" outlining the details of the first phase of the agreement
Department of financial services (DFS) secretary M Nagaraju said: "Dark clouds of uncertainty had lifted from the world economy and industry should now cheer up and heave a sigh of relief"
Along with price discounts, India must replace around 1.7 million barrels per day of average Russian crude imports
Only two state-run refiners Indian Oil and BPCL and Russia-backed Nayara Energy Ltd purchased crude oil from Moscow in January
After months of tariff shocks, stalled talks and diplomatic sparring, India and the US finally stitched together a trade deal that reshaped bilateral ties
Economists say the India-US trade deal could lift FY27 GDP growth by 20-40 basis points by boosting exports and reducing uncertainty, though risks from imports remain
US President Donald Trump's decision to slash tariffs on Indian goods to 18 per cent augurs well for the country as it will boost exports, Finance Minister Nirmala Sitharaman said Tuesday. "So, actually our exports will pick up now, that is my expectation... along with having found new markets where they will continue to operate," she said in an interview to PTI Videos. "It is a good augury for them (exporters)," Sitharaman said. Trump's steep 50 per cent tariffs last year dented Indian exports by raising landed costs, squeezing exporter margins, and eroding competitiveness in the American market. Sectors such as steel, aluminium, textiles, engineering goods and some agricultural products were hit as higher duties led US buyers to shift orders to alternative suppliers. On Monday, Trump agreed to slash US tariffs on Indian goods to 18 per cent from 50 per cent in exchange for India lowering trade barriers as well as stopping its purchases of Russian oil and instead buying oil from t
India-US trade deal eases fears of tariff spillover into IT services, offering relief to Indian tech firms amid weak global demand and delayed client spending
With the US agreeing to cut tariffs on Indian goods to 18%, industry expects India's textile and apparel exports to gain a competitive edge and post double-digit monthly growth from FY27
Easing of US tariffs has revived demand-side confidence in India's gems and jewellery sector, raising hopes of reversing export losses and regaining momentum
Chief ministers welcome the India-US trade deal, with PM Modi calling it a big decision, while TDP MPs seek clarity on withdrawal of punitive duties
Centre says sensitive sectors such as agriculture and dairy are outside the India-US trade deal, easing concerns even as US officials speak of higher farm exports
Indian shrimp exporters have welcomed the US decision to cut tariffs, easing severe cost pressures, though industry players say the move came too late as major import orders for 2026 are in place
India-US tariff cut to 18% lifts prospects for labour-intensive exports as firms diversify markets and oil sourcing shifts amid geopolitical pressure
The new India-US reciprocal tariff deal offers relief and predictability, but ties market access to strategic concessions, reshaping how bilateral trade will be negotiated
Reciprocal tariffs cut to 18% under the India-US trade deal are expected to improve margins and competitiveness for Indian telecom equipment and optic fibre makers
US tariff cut lifts Indian medical devices; pharma steady, nutraceuticals seek clarity
India's engineering exports to the US are set to regain momentum after reciprocal tariffs were cut to 18%, with auto component makers expected to benefit the most
India welcomes the India-US trade deal as External Affairs Minister S Jaishankar meets Marco Rubio, but New Delhi remains cautious on US-Pak ties, visas and Quad plans