Latest news with #India-USFreeTradeAgreement
Time of India
6 days ago
- Business
- Time of India
CII chief sees 6.7% growth in FY26, says uncertainty a risk
NEW DELHI: The country's economy is projected to grow by 6.4-6.7% during the current financial year, Rajiv Memani, newly appointed president of Confederation of Indian Industry (CII), said on Thursday but cautioned that geopolitical uncertainty could pose a risk to the forecast. "At a time when global economic and political volatility is at its highest in over two decades, India stands out as a bright spot," Memani said. In his first news conference after taking over as CII president, Memani also suggested a raft of reform measures that could be undertaken to accelerate growth. He also backed rationalisation of GST rates and a move towards a three-tiered rate structure, with essential goods under 5% slab, luxury and sin goods at 28%, and placing all other items within 12-18% range. Memani cited a number of factors that are supporting growth, including a favourable monsoon outlook, enhanced liquidity after RBI's rate cuts. Regarding the proposed India-US Free Trade Agreement, Memani said: "We will not have 100% winners," stating that CII has advocated for a "balanced and reasonable" approach. He said sensitive sectors, such as agriculture and dairy, might be excluded from the initial agreement, which is expected to be implemented in phases as areas with significant political implications would be addressed at a later stage. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Memani also expressed concerns over shortage of critical minerals in the auto sector and said the issue is more serious than it appears, with some auto companies already planning to cut production. He stressed the importance of India identifying and addressing critical supply chain dependencies, as well as upskilling its workforce to better align with industry demands. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
30-06-2025
- Business
- Business Standard
Slashing food tariffs: NITI's push for US mkt access may hurt food security
In the 1960s and early 1970s, India faced food shortages and depended on US food imports under PL-480 - a US law that allowed surplus food to be sold or donated to countries like India Ajay Srivastava Listen to This Article A recent NITI Aayog paper recommends sweeping tariff cuts on a range of agricultural imports from the United States — including rice, dairy, poultry, corn, apples, almonds, and genetically-modified soya — as part of the proposed India-US Free Trade Agreement. The paper, titled 'Promoting India-US Agricultural Trade under the new US Trade Regime,' was published in May. We look at its key recommendations and what they could mean for India's food security. Let's start with rice — India's staple food across states. Rice: The paper suggests scrapping import tariffs on US rice, as India already exports large amounts
