India's exports to the US contracted 8.6 per cent to $6.3 billion in October, while imports rose 13.9 per cent to $4.5 billion leading to a trade surplus of $1.8 billion during the month.
India's manufacturing sector activity eased to a nine-month low in November, mainly owing to softer rise in sales and production amid reports of challenging market conditions, a monthly report said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) falling to 56.6 in November from 59.2 in October, highlighted the slowest improvement in operating conditions since February.
The commerce ministry on Tuesday said the discussions with visiting US Chief Negotiator Brendan Lynch on the proposed bilateral trade agreement were positive and forward looking.
In a first, Indian oil public sector undertakings (PSUs) finalised a one-year contract to import around 2.2 million tonnes (mt) of liquefied petroleum gas (LPG) from the US. The LPG import deal comes at a time when negotiations for an India-US bilateral trade agreement (BTA) are gathering steam. Earlier in the month, US President Donald Trump had said Washington and New Delhi were "pretty close" to reaching a fair trade deal.
'...but I would not like to put a timeline to it'
With the India-US trade talks moving in the right direction, Commerce and Industry Minister Piyush Goyal is expected to visit Washington soon, sources said.
The Indian team has returned from the US after holding trade talks with their American counterparts in New York, an official said on Thursday. Commerce and Industry Minister Piyush Goyal, who led the team, will be back on Friday.
'There are very few issues and a political call needs to be taken about some of them.'
India does not do trade agreements in a hurry or with a "gun to our head", Commerce and Industry Minister Piyush Goyal said on Friday. He said India is actively negotiating trade pacts with countries and regions, including the European Union (EU) and the US.
On President Putin's two-day trip to India, Jaishankar said for a "big" and "rising" country like India, it is important to maintain good cooperation with as many important players as possible in the world in line with freedom of choice.
The government on Wednesday approved two schemes worth Rs 45,000 crore to help exporters tide over the impact of high tariffs imposed by the US on Indian shipments.
United States President Donald Trump on Wednesday said that the US is 'doing a trade deal with India' as the two sides continue to hold talks on the proposed trade pact.
'We are now awaiting a response from the US; they have to get back to us.'
The Indian government is studying the implications of US President Trump's announcement to impose tariffs on Indian goods and remains hopeful of concluding a bilateral trade agreement.
The escalating trade war between the US and China is expected to benefit Indian exporters in increasing their shipments to the American market, according to experts. Federation of Indian Export Organisations (PTI) President S C Ralhan said that imposition of higher tariffs by the US on China will shift demand towards India, which exported goods worth Rs 86 billion to the US in 2024-25.
Deferment or rescheduling of the meeting assumes significance as the US has announced a staggering 50 per cent duty on Indian goods.
'As far as the contentious issues such as agriculture are concerned, we are finding some common ground.'
India is hopeful of resuming negotiations on the proposed bilateral trade agreement (BTA) with the US soon and addressing the issue of high tariffs imposed by Washington on Indian goods will be key to striking the deal, a government official said on Thursday.
India has implemented a number of free trade agreements with developed nations and is in active dialogue for such pacts with nations including the US, Oman, and the EU, Commerce and Industry Minister Piyush Goyal said. India has implemented trade pacts with Australia, the UAE and EFTA bloc. It has also signed an agreement with the UK.
High US tariffs are expected to affect close to 8 per cent of India's overall auto component production, ratings firm Icra said on Wednesday. Indian auto component exporters are at a relative disadvantage compared to most other Asian exporting nations, highlighting the importance of concluding an India-US bilateral trade agreement, it added.
The US did not accept India's request for consultations under an agreement of the World Trade Organisation (WTO) concerning American tariffs on steel, aluminium, and related derivative products, Parliament was informed on Tuesday. The US has maintained that these measures were introduced on the grounds of national security, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha.
The statement did not name any country. But the US has often blamed India and China for purchasing Russian oil even when there are no tariffs on Beijing for it.
The United States did not accept India's request for consultations under an agreement of the World Trade Organisation (WTO) concerning American tariffs on steel, aluminium, and related derivative products, Parliament was informed on Tuesday.
Lutnick said that these countries have to understand that if "you want to sell to the US consumers, you've got to play ball with the President of the United States."
Stock markets will be driven by RBI's interest rate decision, tariff-related developments, global trends and trading activity of foreign investors in this holiday-shortened week, analysts said.
India will take all necessary steps to safeguard and promote national interest, Commerce and Industry Minister Piyush Goyal said on Thursday, a day after US President Donald Trump announced 25 per cent tariffs plus penalty on domestic exports to America from August 1.
Prime Minister Narendra Modi is likely to address the UN General Assembly in September. The session will address global conflicts and trade negotiations between the US and India.
An Indian commerce ministry team has reached Washington for another round of talks from Monday on the proposed bilateral trade agreement (BTA), an official said. Chief negotiator of India and special secretary in the Department of Commerce, Rajesh Agrawal, will join the team on Wednesday.
Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that India will conclude the proposed bilateral trade agreement (BTA) with the US by the fall or November this year. He said that "a little bit" of geopolitical issues overtook the trade matters in the negotiations for the pact between the two countries.
'When negotiators meet next, they may like to bring new issues to the table.'
Trump said California has been particularly "hard hit" because of this, blaming democrat Gavin Newsom, the Governor of California, for this loss, calling him "weak and incompetent."
India and the US have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington. Both sides are looking at finalising an interim trade deal before August 1. Issues related to agriculture and automobiles figured during the negotiations.
Trump administration's chief negotiator Brendan Lynch is arriving in India to hold talks on the India-US bilateral trade deal, which were impacted after the US imposed 50 per cent import tariffs on Indian goods.
'A deal will only be possible if India stops buying Russian oil -- but even then, New Delhi must not compromise its core red lines.'
The US team is in New Delhi for the next round of negotiations for the proposed bilateral trade agreement and the negotiations are progressing well, Commerce and Industry Minister Piyush Goyal said on Thursday. Some more US officials will reach India on June 6 to join the negotiations with their Indian counterparts.
Ahead of trade talks between Indian and United States officials in Delhi, White House trade advisor Peter Navarro said India, which has the 'highest tariffs' of any major country, is 'coming to the table'.
Rubio voiced "appreciation" for New Delhi's continued engagement on bilateral issues, including trade, defence and energy.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
Officials said the government-to-government engagement between the two countries on all other issues remains normal, but conceded rough spots over trade that need ironing out.
US President Donald Trump has said the trade deal with India is not finalised, as he stressed that India imposes more tariffs than almost any other country.
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