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Informist, Saturday, Feb. 7, 2026

 

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--Minister Goyal: India farm sector to benefit from US trade deal 
--Minister Goyal: Protected all sensitive sectors out of US trade deal 
--Minister Goyal: No US genetically modified pdt to be imported under deal 
--Minister Goyal: No relief to US dairy, maize, soyabean under trade deal 
--Minister Goyal: No relief to green pea, chana imports from US under deal 
--Minister Goyal: No relief to moong imports from US under deal 
--Minister Goyal:India MSME, handicrafts, farmers protected under trade deal 
--Minister Goyal: No relief to oilseed, ethanol imports under US trade deal 
--Minister Goyal: US trade deal fair, equitable, balanced 
--Minister Goyal: India MSME, handicrafts protected under US trade deal 
--Minister Goyal: Indian farmers protected under US trade deal 
--Minister Goyal: Aircrafts, chips industry to benefit from US deal 
--Minister Goyal: Semiconductor industry to benefit from US deal 
--Minister Goyal: Gem, diamond exports from India to US to see 0% duties 
--Minister Goyal: Pharma pdts exports from India to US to see 0% tariffs 
--Minister Goyal:Indian smartphone exports from India to US to see 0% duties 
--Minister Goyal: India to export spices to US at 0% tariff under trade deal 
--Minister Goyal: India to export tea, coffee to US at 0% tariff under deal 
--Minister Goyal: Slashed duty to 0% on strategic import items under US deal 
--Minister Goyal: Cut duty on walnut, lentil, pistachio under US trade deal 
--Minister Goyal: Cut duty on few medical imports under US trade deal 
--Minister Goyal: Soybean oil imports from US under deal to be quota based 
--Minister Goyal:India-US trade deal 1st step; will work on further progress 
--Minister Goyal: US tariffs to come down to 18% by next week 
--Minister Goyal: Confident US deal will boost critical mineral supply chain 
--Minister Goyal: To get nil tariff on few auto part imports under US deal

 

NEW DELHI – India has opened its market under the first tranche of the India-US joint statement while balancing domestic interests, especially the sensitive sectors, Commerce and Trade Minister Piyush Goyal said Saturday. This will pave the way for the two countries to conclude a mutually beneficial bilateral trade agreement, he said. 

 

The executive order slashing the punitive 25% tariff on Indian exports has already been issued, and the cut in reciprocal tariffs to 18% from 25% will be implemented within a week, Goyal said. Washington had imposed a 50% tariff on Indian goods in August, which included 25% reciprocal tariff and 25% punitive tariff. Effectively, as per the joint statement and the executive order, the 50% has been cut to 18%. 

 

India's trade deal with the US will open $30 trillion market for Indian exporters, Goyal said earlier in the day. Under the trade deal, India has protected the farm sector, denying entry of any US' genetically produced farm products, he said. The farm sector, notably, had been a bone of contention between the two countries. The US wanted to access Indian markets and India wanted to protect the sector, with over half of its population depending on it for livelihood.

 

The US is India's largest export destination, with New Delhi exporting goods worth $86.51 billion to Washington in 2024-25 (Apr-Mar), while importing goods worth $45.69 billion.

 

Goyal said there would be no tariff concessions for US dairy products, maize, soybean, oilseeds, or ethanol, and stressed that no genetically modified agricultural products from the US would be allowed under the deal. He added that imports of green pea, chana, and moong from the US would also not receive any tariff relief, underscoring that domestic farm interests had been safeguarded.

 

On edible oils, Goyal said soybean oil imports from the US would be strictly quota-based, with the tariff-rate quota product list to be announced separately. He reiterated that Indian farmers would not face any adverse impact from the agreement, as all key agricultural sensitivities had been kept outside the deal's scope.

 

At the same time, Goyal said India had slashed duties to zero on several strategic import items, including a few medical products, select auto parts and critical components needed for advanced manufacturing. Tariffs have also been reduced on items such as walnut, lentils, and pistachio, he said, describing these cuts as calibrated and non-disruptive to domestic producers.

 

The minister said the agreement would deliver significant gains for India's export-oriented sectors. Gems and jewellery exports, including diamonds, pharmaceutical products, smartphones, spices, tea, and coffee, will be able to enter the US market at zero duty, improving competitiveness for Indian exporters.
 

Goyal said industries linked to aircraft manufacturing, semiconductors and advanced chips are expected to benefit from improved market access and deeper cooperation with the US. He added that the deal would also help strengthen India's critical mineral supply chains, a key priority for emerging technologies and clean energy.  End

 

US$1 = INR 90.65

 

Reported by Pallavi Singhal and Priyasmita Dutta

Edited by Deepshikha Bhardwaj

 

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