ECONOMY
India securing a “good” US deal with the country’s interest top priority: Nirmala Sitharaman
- IBJ Bureau
- Mar 09, 2025
Finance Minister Nirmala Sitharaman on Saturday emphasised India’s ambition to secure a “good” trade agreement with the United States to drive economic growth and ensure stable supply chains. She highlighted the importance of a robust bilateral treaty, particularly as India pursues its vision of becoming a developed nation by 2047 under the Viksit Bharat initiative.
Speaking at The Economic Times Awards, Ms 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.
“So, I am sure the Commerce Minister (Piyush Goyal) is quite seized of this and would take this trade agreement forward to meet our ambitions – promoting growth, maintaining smooth supply chains and ensuring balance,” she said.
India and the US are currently negotiating a bilateral trade agreement, aiming to double trade volume to $500 billion by 2030. Commerce Minister Piyush Goyal recently concluded a week-long visit to Washington, engaging in discussions with his US counterparts to advance the deal.
Regarding concerns about increased imports due to US tariffs, Ms Sitharaman stressed the need for a strategic approach. “We must guard against dumping but do so smartly,” she noted. Various industries, including steel, have already urged the government to impose safeguard duties to counter rising imports from countries with excess inventory, such as China.
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