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31-05-2025
Bureau Report
NEW DELHI: Trade discussions between India and the United States are moving forward effectively, according to India’s chief negotiator, Rajesh Agrawal. His comments were made on Thursday, suggesting a positive outcome may be on the horizon.
New Delhi is working towards finalizing a trade agreement with Washington. This is within the 90-day suspension on tariff increases that was declared by President Donald Trump on April 9. The pause applies to major trading partners and includes a 26% tariff on imports from India.
Agrawal expressed optimism about the negotiations, even in the face of challenging circumstances. “We are progressing well, and hopefully even in these tough times, we’ll be able to navigate and come out with good outcomes sooner than later,” he stated at an event in New Delhi.
The remarks indicate that despite global economic challenges, the trade talks between the two nations are proceeding well. The goal is to finalize the agreement within the 90-day period of tariff hike suspension. The suspension, which includes a significant 26% tariff on Indian imports, was announced by the US President in early April.
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India GDP growth likely accelerated in March
India’s economic growth likely picked up pace in the January–March quarter, buoyed by stronger rural demand and higher government spending, even as private firms delayed investments amid global uncertainties.
Gross domestic product (GDP) is expected to have grown 6.7% year-on-year in the March quarter, up from 6.2% in the previous three months, according to a media poll of economists.
Rural consumption improved during the quarter, while urban demand indicators remained mixed, said Gaura Sen Gupta, chief economist at IDFC First Bank Economic Research. Investment was supported by government spending, she said.
The Ministry of Statistics will release March-quarter GDP data and provisional estimates for the 2024-25 (April-March) fiscal year on Friday at 1030 GMT.
Some economists expect GDP growth to print significantly above expectations due to a fall in government subsidies but they caution that true economic growth, as measured by gross value added (GVA), will be lower than the headline number.
The calculation of GDP includes indirect taxes and government subsidy payouts which tend to be volatile, while GVA strips out those components.
JP Morgan expects March quarter GDP growth at 7.5% year-on-year, while GVA growth is seen lower at 6.7% compared to 6.2% in the previous quarter.
India’s central bank, the Reserve Bank of India (RBI), expects GDP growth at 6.5% in the fiscal year beginning April 1.
