Commerce and Industry Minister Piyush Goyal on Wednesday told the Lok Sabha that the sensitive sectors of the country, like agriculture and dairy, are completely protected in the India-US trade deal.
He said that the US tariffs for Indian goods will be reduced to 18 per cent. It was 50 per cent earlier.
The tariff on India is among the lowest as compared to its competitor nations, Goyal said in the Lok Sabha.
"India has been successful in protecting the agricultural and dairy sectors," he said, adding the deal will help promote initiatives like ‘Make in India’ and ‘Design in India’, and will make India self-reliant.
He added that labour-intensive sectors will get a major boost in exports after the reduction in the tariffs to 18 per cent.
He also said that the deal will open huge opportunities for skilled Indians and Micro, Small and Medium Enterprises (MSMEs).
He informed that both sides are working to complete the technical processes, and soon it will be announced.
Ensuring energy security for Indians are top priority of the government, Goyal said, adding India needs goods from sectors like aviation and nuclear, and the US is a major player in these segments.
The deal is in the national interest of India, he said.