India-US Interim Trade Agreement Signed

India and the United States have announced a framework for an interim trade agreement aimed at boosting two-way trade. Under this agreement, both nations will reduce import duties on various goods. The United States has removed 25% tariffs on Indian goods, contingent on India's commitment to cease direct or indirect oil imports from Russia. India, in turn, will reduce tariffs on US industrial, food, and agricultural products. While Prime Minister Narendra Modi and the India===Bharatiya Janata Party hail the deal as beneficial for India's 'Make in India' initiative, farmers, and MSMEs, the India===Indian National Congress, led by Jairam Ramesh, criticizes it as being heavily skewed against India's interests, potentially leading to a trade deficit and impacting Indian farmers.