India Eyes Competitive Edge in US Markets Amidst Tariff Wars
India is poised to enhance its market competitiveness in the US due to higher tariffs imposed by the Trump administration on countries like China, Canada, and Mexico. NITI Aayog's report highlights India's potential gains in various sectors and the ongoing trade negotiations between India and the US.
- Country:
- India
India is set to gain a competitive advantage in the US market as the Trump administration's increased tariffs target leading exporters like China, Canada, and Mexico. A report by NITI Aayog underscores the opportunities for Indian exports, particularly in sectors with substantial market gaps.
The report reveals India's potential rise in 22 out of 30 major categories, potentially capturing a market worth USD 2,285.2 billion. Despite facing higher tariffs in some categories, India stands to benefit in 78 products, encompassing 52% of its exports to the US.
As trade negotiations continue between India and the US, key industry sectors are on the table, including agriculture, automobiles, and labor-intensive goods. A visiting Indian commerce ministry team will work on finalizing the first tranche of a bilateral trade agreement by fall 2023.
(With inputs from agencies.)
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