Union Minister Dharmendra Pradhan on Saturday said the recently concluded India-US Interim Trade Framework will provide a significant boost to the country’s industries and business sectors, further strengthening India’s already strong economy. Speaking on the subject, Pradhan described the signing of trade agreements with many countries as proof of the country’s economic strength. Union Minister Dharmendra Pradhan is currently in Puri, where he offered prayers at the Shri Jagannath Temple.
Speaking to ANI, Pradhan said, “India’s economy is in a strong position at the moment. We have concluded trade negotiations with many countries of the world including the EU, UK, Australia, New Zealand and recently the US. This will give a significant boost to India’s entrepreneurs and businesses. Indian businesses and entrepreneurs will get new opportunities, which will open up more avenues of production for India’s labor force. This will further strengthen the country’s economy. The 21st National Conference of our Bharatiya Mazdoor Sangh is being held in Puri and I am very happy to organize it. By gathering here near Lord Jagannath, they have further enhanced the importance of this sacred land. I am confident that India’s labor force, inspired by patriotism and skill, will perform excellently in the modern era.”
On February 6, India and the US announced the framework for an interim agreement on reciprocal and mutually beneficial trade. The joint statement said the framework reaffirms both countries’ commitment to the comprehensive bilateral trade agreement (BTA) negotiations initiated by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support for more resilient supply chains.
According to the joint statement, the US will impose a reciprocal tariff rate of 18 percent on goods of Indian origin, including textiles and apparel, leather and footwear, plastics and rubber, organic chemicals, home furnishing goods, handicraft products and certain machinery.