Indian analysts were cautiously optimistic over the country’s trade deal with the US, but warned that, because details of the agreement were scarce, much remained in doubt.
The US will cut its tariffs on Indian goods to 18% from 50%, though New Delhi has not confirmed US President Donald Trump’s assertion that it will end its purchases of Russian oil.
One leading Indian economics journalist, meanwhile, noted that Trump’s announcement that India would spend $500 billion on US goods would amount to about 85% of the annual Indian federal budget, with other experts also voicing skepticism over the “colossal sum.” As The Indian Express’ business editor put it, “With Trump, it’s always the art of the squeeze.”