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Informist, Friday, Feb. 6, 2026

 

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--RBI Malhotra: US trade pact impact on rupee to depend on deal's details 
--RBI Malhotra: Haven't assessed US trade deal impact on growth 
--RBI Malhotra: Have not calculated how much trade deals will add to GDP growth 
--RBI Malhotra: Trade deals are in domain of govt, regulators will facilitate 
--RBI Malhotra: Lot of trade deals have investment commitments

 

NEW DELHI – The Reserve Bank of India is awaiting the details of the recently concluded trade deal between India and the US to assess its impact on India's economic growth trajectory and currency movement, RBI Governor Sanjay Malhotra said Friday. So far, it is only known that the US will cut tariffs on Indian goods to 18% from 50% under the deal. 

 

India and the US are likely to issue a joint statement on the trade agreement in the next 4–5 days, which may shed some light on the details of the deal. The White House will lower the tariff on Indian goods through an executive order after the joint statement, according to Commerce Minister Piyush Goyal. But final clarity on the offers and commitments are likely to emerge only after both sides sign the agreement. Currently, the two nations are engaged in drafting a formal agreement and aim to sign it by mid-March, Goyal has said.

 

Since the announcement of the trade deal with the US late Monday, rupee has appreciated by nearly INR 1.5 per dollar, Malhotra said at the post-policy press conference. Further impact on the movement of the rupee will depend on the details of the trade deal, Malhotra added. The rupee closed at 90.35 against the dollar on Thursday, compared with 91.51 a dollar on Monday.

 

The central bank has deferred its GDP growth projection for the next financial year to April, after the base year for GDP is revised in February. The growth estimate for 2026–27 (Apr-Mar) in April will likely factor in the impact of the US trade deal also, as the details of the pact are likely to be out by then.

 

Besides the trade deal with the US, India concluded trade negotiations with four more trading partners in FY26, which are set to augur well for the economy going ahead, according to Malhotra. "Lot of trade deals have investment commitments," Malhotra said. "These are in the domain of the government, the regulators are there primarily to facilitate whatever economic activity happens."  End

 

US$1 = INR 90.75

 

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

 

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