India-US trade talks progressing, US team in Delhi for negotiations: Goyal
Jaipur (PTI): Commerce and Industry Minister Piyush Goyal on Wednesday said talks with the US on the proposed bilateral trade agreement are progressing.
He said that the US team is in New Delhi for the negotiations.
"Talks are continuously progressing with them. We are moving forward towards a bilateral trade agreement," Goyal told reporters here at the Pravasi Rajasthani Divas. He indicated that he may meet the visiting US official team.
A delegation led by Deputy US Trade Representative (USTR) Rick Switzer is in the national capital for two-day trade talks with his Indian counterpart Rajesh Agrawal.
The US' chief negotiator for the pact, Assistant US Trade Representative for South and Central Asia Brendan Lynch, will hold discussions with India's chief negotiator and Joint Secretary in the Department of Commerce, Darpan Jain.
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The visit is crucial as India and the US are working to finalise the first tranche of the pact. This is the US officials' second trip since the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market due to the purchase of Russian crude oil. The US officials last visited India on September 16.
On September 22, Goyal also led an official delegation to the US for trade talks. He had also visited Washington in May. The talks are also important as Commerce Secretary Rajesh Agrawal had recently stated that India is hopeful of reaching a framework trade deal this year itself, which should address the tariff issue to the benefit of Indian exporters.
While noting that the Bilateral Trade Agreement (BTA) will take time, Agrawal said that India is engaged in protracted negotiations with the US on a framework trade deal that will address the reciprocal tariff challenge faced by Indian exporters.
India and the US are having two parallel negotiations -- one on a framework trade deal to address tariffs and another on a comprehensive trade deal.
In February, leaders of the two countries directed officials to negotiate an agreement. It was planned to conclude the first tranche of the pact by the fall of 2025. So far, six rounds of negotiations have been held. The agreement aims to more than double bilateral trade to USD 500 billion by 2030, from the current USD 191 billion.
The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion exports).
The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent of its imports, and 10.73 per cent of its total merchandise trade. According to exporters, the agreement is important as India's merchandise exports to the US declined for the second consecutive month in October, falling by 8.58 per cent to USD 6.3 billion due to the hefty tariffs imposed by Washington.
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Karnataka fast-tracks investment approvals, cuts red tape across key clearances: Minister Patil
Bengaluru (PTI): Karnataka Minister M B Patil on Saturday said the state government has fast-tracked approvals for investment projects and taken measures to cut red tape.
He said that since 2022, Karnataka has approved 2,028 projects worth Rs 5.11 lakh crore, which could create 7.16 lakh jobs.
Of these, Rs 69,564 crore has already been realised, generating 1.06 lakh jobs, he added.
“Karnataka fast-tracks approvals, cuts red tape,” the Minister for Large & Medium Industries said.
“Clear results of our government’s push to speed up approval processes are now evident. Not only have investment agreements been secured, but effective implementation is also underway,” he said in a post on X.
He added that simplified and swift approval processes are boosting investor confidence and providing greater impetus to industrial growth across the state.
“Karnataka’s investment-friendly environment is further strengthened by its culture of ease of doing business,” he said.
Noting that Karnataka is fast-tracking approvals and aligning departments and districts for on-ground delivery, the minister said: “We have overhauled 18 key approvals, cutting land use change clearance time from 120 to 45 days, fire NOC from 60 to 21 days, factory plan approvals from 30 to 14 days, and electrical approvals to just 10 days.”
In a competitive landscape, Karnataka is acting decisively to ensure faster decisions, fewer delays, and a truly pro-industry ecosystem, he added.
