Piyush Goyal Assures Farmers and MSMEs: India ‘Fully Protected’ in US Trade Agreement
Commerce Minister Piyush Goyal has reassured that the newly proposed India-US trade deal will safeguard the interests of Indian farmers, micro, small, and medium enterprises (MSMEs), artisans, and craftsmen. During a press conference, Goyal emphasized that the agreement is designed to enhance opportunities for Indian exporters while ensuring that local producers do not face any losses. He highlighted that the deal will open up the US market for Indian agricultural products, allowing for zero-duty exports, while maintaining protective measures for Indian markets against US agricultural imports.
Protection for Indian Farmers and MSMEs
Goyal firmly stated that the trade deal will not adversely affect Indian farmers or small businesses. He expressed confidence that their interests are fully protected under the new framework. “I can say with absolute certainty that the farmers, MSMEs, artisans, and craftsmen of India will not suffer any kind of loss,” he remarked. The minister explained that the agreement aims to facilitate the export of Indian agricultural products to the United States without any duties, thereby providing a significant advantage to Indian farmers. He also noted that no tariff concessions have been made for US agricultural products entering India, ensuring a balanced approach to trade.
Enhanced Export Opportunities
The commerce minister highlighted that the trade deal will significantly improve conditions for Indian exporters. He pointed out that the reciprocal tariff has been reduced from 50% to 18%, which is more favorable compared to tariffs imposed by neighboring countries. This reduction is expected to provide substantial support to Indian exporters, opening new avenues for growth. Goyal emphasized that the agreement brings renewed hope and opportunities for India’s economic development, particularly in sectors that are labor-intensive and employ a large number of women and youth.
Job Creation and Economic Growth
Goyal also underscored the potential for job creation resulting from the trade deal. He noted that sectors such as textiles, apparel, leather, footwear, toys, and gems and jewelry are poised to benefit significantly from increased exports to the US. The minister stated that this growth could lead to the creation of lakhs of jobs and bolster domestic manufacturing efforts. He reiterated that the agreement is a substantial boost for MSMEs, which play a crucial role in the Indian economy.
Zero Tariffs on Key Exports
The trade deal promises to eliminate tariffs on a variety of key Indian export sectors. Goyal mentioned that tariffs would drop to zero on numerous goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts. This reduction is expected to enhance India’s export competitiveness and support the “Make in India” initiative. Additionally, several agricultural and food products will benefit from the agreement, including spices, tea, coffee, coconut oil, cashew nuts, and a range of fruits and vegetables such as avocados, bananas, mangoes, pineapples, and mushrooms, along with select bakery items.
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