New Delhi: Union Minister of Commerce and Industry Piyush Goyal addresses a press conference, in New Delhi
| Photo Credit:
KAMAL KISHORE
These two Ministers along with Finance Minister Nirmala Sitharaman was addressing a press conference here on GST Bachat Utsav (GST Saving Festival).
When asked about progress about trade talks with US, Goyal said: “Talks are going on in a cordial atmosphere.” However, he refrained from giving a time frame for the ‘good news’ related with signing of bilateral trade agreement between two countries. But he did emphasise that no agreement can be made until we take care of the interests of India‘s farmers, fishermen and MSME sector
The Indian official team, headed by Commerce Secretary Rajesh Agrawal, was in Washington this week to hold trade talks with their US counterparts.
In February this year, leaders of India and the US directed officials to negotiate a proposed Bilateral Trade Agreement (BTA).
They have fixed a deadline to conclude the first tranche of the pact by the fall (October-November) of 2025. So far, five rounds of negotiations have been completed. Last month, Goyal led an official delegation to New York for trade talks.
These deliberations are important as the relations between the two countries have been reeling under severe stress after the Trump administration imposed a steep 50 per cent tariff on Indian goods. It includes a 25 per cent additional import duty for buying Russian crude oil.
India has described these duties as “unfair, unjustified and unreasonable”. However, the recent phone conversations between Prime Minister Narendra Modi and US President Donald Trump have raised hopes of a positive outcome from the ongoing negotiations for the trade deal.
GST induced consumption boost
Meanwhile, I&B Minister Vaishnaw said that additional electronics consumption worth ₹20 lakh crore is expected to take place this year due to GST reforms rolled out by the government last month. The minister said that data from all retail chains shows there were 20-25 per cent more sales in comparison to last Navaratri and there are many such categories, like 85-inch TV where stocks were completely sold out.
“The increase in demand for electronics goods is directly impacting electronics manufacturing. Electronics manufacturing is now growing at a double-digit CAGR. It is very likely that the consumption will increase more than 10 per cent this year, which means, there is a high possibility of Rs 20 lakh crore extra consumption compared to last year,” Vaishnaw said.
Published on October 18, 2025