Union Finance and Corporate Affairs Minister Nirmala Sitaraman expressed optimism on Monday that the first phase of India’s trade agreement with the United States will be finalized by autumn. During her visit to the U.S., Sitaraman addressed the Indian community in San Francisco, emphasizing that the negotiations with the U.S. extend beyond tariff-related matters and aim for a mutually beneficial agreement with a key trading partner. She acknowledged the increase in India’s fiscal deficit during the COVID-19 pandemic but reiterated the government’s commitment to reduce it below 4.5% by 2026, according to year-on-year targets.
Sitaraman is on a five-day trip attending the Spring Meetings of the International Monetary Fund and the World Bank, as well as the G-20 Finance Ministers and Central Bank Governors meeting. She also plans to meet U.S. Treasury Secretary Scott Bessen and engage with officials from the U.S. Trade Representative’s office.
