New Delhi, February 7:- Union Commerce Minister Piyush Goyal has hailed the historic trade agreement between India and the US, calling it a major milestone in the path to making it a 'developed India' by 2047. Under this agreement, India will now purchase apples from the US at a minimum import price of Rs 80 per kg.
The minister assured that this decision will not cause any harm to local farmers and their interests will be fully protected. Apart from this, India has also given special concessions to the US in areas like soybean oil, alcohol, cosmetics and medical devices.
On the other hand, this deal has opened big doors to the US market for Indian exporters. The US will now reduce tariffs on Indian goods to 18 percent, while zero duty will be levied on gems, diamonds, smartphones and pharmaceutical products.
In return, India will get duty-free access to the US market for auto and aircraft parts, which is expected to give a huge boost to India's manufacturing sector. According to Piyush Goyal, the agreement will create new opportunities for agriculture, MSMEs and the pharma industry.