India is looking for good trade deal with US, says Sitharaman

Finance Minister Nirmala Sitharaman has said that India is looking for a good trade agreement with the US to promote economic growth and ensure smooth supply chains. She also said that amid a growing global tariff war, India will have to move smartly to guard against possible dumping of goods from countries that are facing higher US tariffs. At the same time, India will protect the interests of domestic industries that rely on affordable imports, Ms. Sitharaman said. She was speaking at an award function in Mumbai on Saturday. India and the US are negotiating a bilateral trade agreement, with an aim to double trade to 500 billion dollars by 2030. After a week-long visit, Commerce Minister Piyush Goyal returned from Washington after holding trade talks with his US counterparts. Finance Minister also said that GST rates will come down further and the work on rationalising tax rates and slabs has almost reached a finale. 
Sitharaman acknowledged the growing global tariff war and underscored the need for India to navigate it strategically. She cautioned against the potential dumping of goods into India from countries facing higher US tariffs while also ensuring that domestic industries relying on affordable imports are protected. When asked about India’s approach to free trade agreements (FTAs), Sitharaman emphasised that India’s interests should be the top priority. She criticised past agreements signed under previous governments for being loosely structured, which now pose challenges. The government is currently reviewing existing FTAs with nations like Japan, Korea, and ASEAN to ensure better terms for India. Sitharaman also stressed the importance of regular stakeholder consultations to incorporate industry perspectives and maintain a balanced trade policy.