India-US trade pact to open $30 tn market for Indian exporters: Goyal

The proposed India-US trade pact is set to open up a massive USD 30 trillion market for Indian exporters, with major gains expected for MSMEs, farmers and fishermen, Union Commerce and Industry Minister Piyush Goyal said on Saturday.Highlighting the significance of the agreement, Goyal said the expansion in exports would generate lakhs of new employment opportunities, particularly for women and youth across the country.
“Under the decisive leadership of Prime Minister Narendra Modi, India has reached a framework for an Interim Agreement with the US. This will open a USD 30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen,” Goyal said in a social media post.

Union Commerce and Industries Minister Piyush Goyal tweets, "Under the decisive leadership of PM Narendra Modi, India has reached a framework for an Interim Agreement with the US. This will open a $30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen.… pic.twitter.com/Suw5x5D5sw

— ANI (@ANI) February 7, 2026

As part of the framework, the United States will reduce reciprocal tariffs on Indian goods to 18 per cent, creating substantial opportunities for Indian exporters in key sectors such as textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor, artisanal goods and select machinery segments in the world’s largest economy.The minister also said that import duties would be reduced to zero on a wide range of products, including generic pharmaceuticals, gems and diamonds, and aircraft parts. This move is expected to significantly enhance India’s export competitiveness and further strengthen the Make in India initiative.
India will additionally receive exemptions on aircraft parts, secure tariff rate quotas for auto parts and achieve negotiated outcomes on generic pharmaceuticals, all of which are expected to translate into tangible export gains, Goyal said.
At the same time, the agreement safeguards India’s domestic interests, particularly in agriculture. Goyal emphasised that sensitive agricultural and dairy products have been fully protected to ensure farmers’ interests and rural livelihoods remain intact.Products such as maize, wheat, rice, soya, poultry, milk, cheese, ethanol (fuel), tobacco, certain vegetables and meat have been excluded from tariff concessions, reflecting India’s cautious approach in protecting key sectors.The interim trade framework is seen as a major step forward in strengthening India-US economic ties while balancing export growth with domestic priorities.

(Business Correspondent)