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Indian Express
23-07-2025
- Business
- Indian Express
Asian Development Bank lowers India's FY26 growth forecast to 6.5% over US tariffs
The Asian Development Bank (ADB) on Wednesday lowered India's growth forecast for FY26 to 6.5 per cent, down from 6.7 per cent projected in April 2025, citing the impact of US baseline tariffs and associated policy uncertainty. The regional development bank's revision comes as India remains engaged in high-stakes trade deal negotiations. However, finalising a deal before the August 1 deadline for reciprocal tariffs appears unlikely due to differences over market access for agriculture. 'This revision is primarily due to the impact of US baseline tariffs and associated policy uncertainty, in addition to the effects of lower global growth and the direct impact of additional US tariffs on investment flows. Despite this, economic activity remains robust, with domestic consumption expected to grow strongly on the back of a revival in rural demand,' the bank said. However, it added that India's services and agriculture sectors are expected to be key drivers of growth, with the latter supported by a forecast of above-normal monsoon rains. The Central government's fiscal position remains strong, bolstered by higher-than-expected dividends from the Reserve Bank of India, and it is on track to meet its targeted reduction in the fiscal deficit. The ADB also revised India's inflation forecast for FY26 to 3.8 per cent, down from 4.3 per cent projected in April, due to a faster-than-expected decline in food prices following improved agricultural output. Meanwhile, India's GDP growth forecast for FY27 was revised down to 6.7 per cent, from the April 2025 projection of 6.8 per cent. Earlier this week, The Indian Express reported that Indian negotiators concluded another round of talks in Washington in July, and that a US team led by the US Trade Representative for South and Central Asia, Brendan Lynch, is expected to visit India in mid-August. This fresh round of talks, beyond the August 1 deadline, comes amid rising suspense over whether India will face 26 per cent reciprocal tariffs starting that date. US Commerce Secretary Howard Lutnick on Sunday reiterated that August 1 is a 'hard deadline' for countries to begin paying tariffs. 'That's a hard deadline. So on 1 August, the new tariff rates will come in… Nothing stops countries from talking to us after 1 August, but they're going to start paying the tariffs on 1 August,' Lutnick said in a television interview. Notably, US President Donald Trump's deadline for the implementation of reciprocal tariffs has shifted multiple times. While Trump has reiterated that a deal with India is close, the country could face tariffs of up to 26 per cent if both sides fail to reach an agreement. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
NDTV
21-07-2025
- Business
- NDTV
US Team To Visit India In August For Next Round Of Trade Talks
New Delhi: The US team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Monday. India and the US teams concluded the fifth round of talks for the agreement last week in Washington. "For the next round of talks, US team will visit India in the second half of August," the official said. India's chief negotiator and special secretary in the Department of Commerce Rajesh Agrawal and Assistant US Trade Representative for South and Central Asia Brendan Lynch held the deliberations. These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India (26 per cent). On April 2 this year, US President Donald Trump announced high reciprocal tariffs. The implementation of high tariffs was immediately suspended for 90 days till July 9 and later until August 1, as America is negotiating trade deals with various countries. Issues related to agriculture and automobiles are learnt to have figured during the fifth round of negotiations. Matters related to ways to deal with non-market economies, and SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) also came up for discussion. On the possibility for an interim trade agreement before August 1, the official said that the talks are going on. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Certain farmers' associations have urged the government not to include any issues related to agriculture in the trade pact. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto sector (25 per cent). These issues are an important part of the trade pact negotiations. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties. The country is also seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas, in the proposed trade pact. On the other hand, the US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agri goods, dairy items, apples, tree nuts, and genetically modified crops. The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact. India's merchandise exports to the US rose 22.8 per cent to USD 25.51 billion in the April-June quarter this fiscal year, while imports rose 11.68 per cent to USD 12.86 billion.
Economic Times
21-07-2025
- Business
- Economic Times
US team to visit India in August for next round of talks for trade pact
Representative image. The US team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Monday. India and the US teams concluded the fifth round of talks for the agreement last week in Washington. "For the next round of talks, US team will visit India in the second half of August," the official said. India's chief negotiator and special secretary in the Department of Commerce Rajesh Agrawal and Assistant US Trade Representative for South and Central Asia Brendan Lynch held the deliberations. These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India (26 per cent). On April 2 this year, US President Donald Trump announced high reciprocal tariffs. The implementation of high tariffs was immediately suspended for 90 days till July 9 and later until August 1, as America is negotiating trade deals with various countries. Issues related to agriculture and automobiles are learnt to have figured during the fifth round of negotiations. Matters related to ways to deal with non-market economies, and SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) also came up for discussion. On the possibility for an interim trade agreement before August 1, the official said that the talks are going on. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Certain farmers' associations have urged the government not to include any issues related to agriculture in the trade pact. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto sector (25 per cent). These issues are an important part of the trade pact negotiations. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties. The country is also seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas, in the proposed trade pact. On the other hand, the US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agri goods, dairy items, apples, tree nuts, and genetically modified crops. The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact. India's merchandise exports to the US rose 22.8 per cent to USD 25.51 billion in the April-June quarter this fiscal year, while imports rose 11.68 per cent to USD 12.86 billion.
Time of India
21-07-2025
- Business
- Time of India
US team to visit India in August for next round of talks for trade pact
The US team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Monday. India and the US teams concluded the fifth round of talks for the agreement last week in Washington. Explore courses from Top Institutes in Select a Course Category Data Analytics Data Science healthcare Healthcare Data Science Operations Management Management Digital Marketing Others Leadership others Finance MCA PGDM Degree Public Policy MBA Cybersecurity Technology CXO Artificial Intelligence Product Management Design Thinking Project Management Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details "For the next round of talks, US team will visit India in the second half of August," the official said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold Container Homes in North Cotabato - Prices You Won't Believe! Shipping Container Homes | Search Ads Search Now Undo India's chief negotiator and special secretary in the Department of Commerce Rajesh Agrawal and Assistant US Trade Representative for South and Central Asia Brendan Lynch held the deliberations. These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India (26 per cent). Live Events On April 2 this year, US President Donald Trump announced high reciprocal tariffs. The implementation of high tariffs was immediately suspended for 90 days till July 9 and later until August 1, as America is negotiating trade deals with various countries. Issues related to agriculture and automobiles are learnt to have figured during the fifth round of negotiations. Matters related to ways to deal with non-market economies, and SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) also came up for discussion. On the possibility for an interim trade agreement before August 1, the official said that the talks are going on. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Certain farmers' associations have urged the government not to include any issues related to agriculture in the trade pact. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto sector (25 per cent). These issues are an important part of the trade pact negotiations. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties. The country is also seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas, in the proposed trade pact. On the other hand, the US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agri goods, dairy items, apples, tree nuts, and genetically modified crops. The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact. India's merchandise exports to the US rose 22.8 per cent to USD 25.51 billion in the April-June quarter this fiscal year, while imports rose 11.68 per cent to USD 12.86 billion.
News18
21-07-2025
- Business
- News18
US team to visit India in Aug for next round of talks for trade pact
Agency: New Delhi, Jul 21 (PTI) The US team will visit India in August for the next round of negotiations for the proposed bilateral trade agreement between the two countries, an official said on Monday. India and the US teams concluded the fifth round of talks for the agreement last week in Washington. 'For the next round of talks, US team will visit India in the second half of August," the official said. India's chief negotiator and special secretary in the Department of Commerce Rajesh Agrawal and Assistant US Trade Representative for South and Central Asia Brendan Lynch held the deliberations. These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of Trump tariffs imposed on dozens of countries, including India (26 per cent). On April 2 this year, US President Donald Trump announced high reciprocal tariffs. The implementation of high tariffs was immediately suspended for 90 days till July 9 and later until August 1, as America is negotiating trade deals with various countries. Issues related to agriculture and automobiles are learnt to have figured during the fifth round of negotiations. Matters related to ways to deal with non-market economies, and SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) also came up for discussion. On the possibility for an interim trade agreement before August 1, the official said that the talks are going on. India has hardened its position on the US demand for duty concessions on agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Certain farmers' associations have urged the government not to include any issues related to agriculture in the trade pact. India is seeking the removal of this additional tariff (26 per cent). It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto sector (25 per cent). These issues are an important part of the trade pact negotiations. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties. The country is also seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas, in the proposed trade pact. On the other hand, the US wants duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agri goods, dairy items, apples, tree nuts, and genetically modified crops. The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact. India's merchandise exports to the US rose 22.8 per cent to USD 25.51 billion in the April-June quarter this fiscal year, while imports rose 11.68 per cent to USD 12.86 billion. PTI RR MR MR view comments First Published: July 21, 2025, 16:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
