India is actively engaging with the new administration in the United States of America and hopes to conclude the first tranche of the bilateral trade agreement positively by fall this year, says Union Finance Minister Nirmala Sitharaman.  

Minister also says that India is being recognized globally for its potential and economic strength, urging the Indian diaspora in the US to partner with India so that both countries can grow and prosper.

The enthusiasm with which we are interacting with the US administration is notable; as I speak, I believe the Vice President of the United States is currently in India and is expected to meet with the Prime Minister either this evening or tomorrow.

Amid all this, the Assistant USTR traveled to India to assess the progress and engage with the negotiating team handling the tariff-related discussions and the bilateral trade agreement we aim to finalize. Indeed, we anticipate that the advancement of the agreement or the trade pact we are developing, particularly the initial phase, will be positively wrapped up by this fall.

“The long and short of engaging with the US is not just for this reciprocal tariff-related matter but in the interest of keeping an agreement in mind and in the interest of our largest trading partner with whom we need to have an agreement, we are working in order that by fall this year we should at least have the first phase of the agreement signed,” adds Finance Minister.

By harnessing that potential, we might be able to elevate that global trend which is affected by numerous uncertainties, resulting in low growth, reduced trade, yet high inflation in certain areas. 

 

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Consequently, in various locations, individuals wonder: will there be an economic downturn.  However, in this context, India is acknowledged for its potential and the economic power it possesses.