New Delhi: India and the United States have signed a long-awaited trade deal. Union Minister Piyush Goyal shared the news on Tuesday and said this agreement will help India grow faster.
Under the deal, the US has cut tax on Indian products from 50% to 18%. This will make Indian goods cheaper in the American market and help India compete better with countries like China, Vietnam, Indonesia and Bangladesh.
https://twitter.com/PiyushGoyal/status/2018664626649768212
Deal Final After Long Discussions
Piyush Goyal said the agreement was completed under the guidance of PM Narendra Modi. Talks between both countries went on for many months.
Earlier, high import taxes had made Indian exports costly. After detailed discussions and friendly talks, India was able to get a better and fair deal.
Farmers and Dairy Sector Remain Safe
The minister clearly said that farmers’ interests are fully protected. Agriculture and dairy products are not affected by the deal.
He added that the government has taken special care to protect Indian farmers while signing the agreement.
New Business and Job Opportunities
This deal is expected to strengthen India’s economy. It will help create new jobs and support India’s goal of becoming a developed nation.
It also opens a new chapter in India-US business relations.
Big Relief for Small Businesses
Small businesses and MSMEs will get a big benefit from this deal. Sectors like textiles, jewellery and marine products will now find it easier to enter the US market.
Even small traders will get a chance to sell their products in America.
Change in Oil Trade
The deal also removes a 25% extra tax on oil bought from Russia. The US expects India to buy more oil from America and Venezuela in the coming years.
Minister Criticizes Opposition
After the announcement, Piyush Goyal criticised Rahul Gandhi and the opposition. He said the government was ready for discussion in Parliament, but the opposition created disturbance.
He accused them of spreading wrong information and said such politics cannot stop India’s development.