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Al Arabiya
3 days ago
- Business
- Al Arabiya
US commerce secretary expects India trade deal soon
US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal soon with India to avoid tariffs threatened by President Donald Trump. 'You should expect a deal between the United States and India in the not too distant future,' he told the US–India Strategic Partnership Forum, which promotes relations between the two countries, calling himself 'very optimistic.' Trump has set a delayed deadline of July 9 for countries to avoid sweeping tariffs, as he seeks to shake up the global economy to correct what he says is unfairness to the United States. Lutnick, a strong advocate of tariffs, said he was a 'great fan' of India—but voiced longstanding concern about the emerging economy's use of tariffs. On tariff negotiations with India, 'bringing them down to a level that is reasonable and appropriate so we can be great trading partners with each other, I think is absolutely on the table,' Lutnick said. 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia,' he said. But he said that Trump believed in raising concerns and 'the Indian government is addressing it specifically and directly.'
Arab News
3 days ago
- Business
- Arab News
US commerce secretary expects India trade deal soon
WASHINGTON: US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal soon with India to avoid tariffs threatened by President Donald Trump. 'You should expect a deal between the United States and India in the not too distant future,' he told the US-India Strategic Partnership Forum, which promotes relations between the two countries, calling himself 'very optimistic.' Trump has set a delayed deadline of July 9 for countries to avoid sweeping tariffs, as he seeks to shake up the global economy to correct what he says is unfairness to the United States. Lutnick, a strong advocate of tariffs, said he was a 'great fan' of India — but voiced longstanding concern about the emerging economy's use of tariffs. On tariff negotiations with India, 'bringing them down to a level that is reasonable and appropriate so we can be great trading partners with each other, I think is absolutely on the table,' Lutnick said. 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia,' he said. But he said that Trump believed in raising concerns and 'the Indian government is addressing it specifically and directly.'
Bloomberg
3 days ago
- Business
- Bloomberg
Lutnick Sees US-India Trade Deal in ‘Not-Too-Distant Future'
Commerce Secretary Howard Lutnick said he's 'very optimistic' about prospects for a trade deal between the US and India, adding he thinks trade negotiators have 'found a place that really works for both countries.' 'You should expect a deal between the United States and India in the not-too-distant future,' Lutnick said at the US-India Strategic Partnership Forum's Leadership Summit in Washington.
Time of India
27-04-2025
- Business
- Time of India
India committed to reforms: RBI governor
RBI governor Sanjay Malhotra (File photo) MUMBAI: Despite rising protectionism around the world, India remains committed to market reforms, according to Sanjay Malhotra , governor of the Reserve Bank of India . Speaking at an event organised by the Confederation of Indian Industry and the US India Strategic Partnership Forum on Friday, Malhotra pointed to the new liberalisation measures in defence, insurance, petroleum, telecom, and space. Stating that market-oriented policies had been a consistent theme across successive Indian governments, Malhotra said, "While the pace and specific focus of reforms may have varied from time to time, the commitment to a more market-oriented economic structure has not changed." The governor said that almost all sectors have been opened up to 100% foreign direct investment in a phased manner. "Almost 90% of the FDI is now under the automatic route," he added. Malhotra painted a bullish picture of India's prospects. "India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come," he said. He credited monetary policy for helping to tame inflation. "In view of the benign inflation outlook and moderate growth, monetary policy has turned accommodative," he said, noting a cumulative 50 basis point reduction in policy rates this year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover Affordable Car Deals in the Philippines for 2025 LocalPlan Search Now Undo The Indian economy , he said, had demonstrated "remarkable resilience and dynamism", with average growth of 8.2% over the past four years, compared with 6.6% in the previous decade. Growth is expected to hold up at 6.5% this year despite global financial volatility. Over the past decade, India has climbed from the world's tenth-largest economy to the fifth-largest, and ranks third by purchasing-power parity. "Even nominally, we are poised to become the third largest economy shortly," Malhotra said. He reiterated India's goal of becoming a developed economy by 2047. On external balances, he said India's current account deficit remains manageable at 1.3% of GDP and that the rupee has held up better than many emerging-market currencies. India's foreign-exchange reserves , he noted, stood at $686.1 billion as of April 18th. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
