India US Interim Agreement framework to support MSMEs integration into global value chains: FM
New Delhi (PTI) The India-US Interim Agreement framework will support Indian MSMEs in integrating into global value chains and lower costs for businesses and consumers, Finance Minister Nirmala Sitharaman said on Saturday.
As part of the framework announced last night, both countries will reduce import duties on a number of goods to boost two-way trade.
While the US will reduce tariffs on Indian goods to 18 per cent from the present 50 per cent, India will eliminate or cut down import duties on all US industrial goods and a wide range of American food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits.
According to a joint statement, India has expressed its intention to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years.
"India has safeguarded the sensitivities of its agriculture and animal husbandry sectors. The framework protects key farm and dairy products, spices, and staples, strengthening farmer incomes," the office of Sitharaman said in a post on X.
The framework will strengthen India's lead in the digital services sector, it said, adding the joint technology cooperation will position India as a hub for AI, data and digital services.
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Minister Patil discusses railway projects for Karnataka with Ashwini Vaishnaw
Bengaluru (PTI): Karnataka Infrastructure Development Minister M B Patil on Saturday submitted representations to Railway Minister Ashwini Vaishnaw, seeking approval for a Vande Bharat Sleeper Express train from Bengaluru to Vijayapura, a high-speed rail corridor between Bengaluru and Mumbai, and a daily special train service on the Bengaluru-Vijayapura route.
After launching Zetwerk Electronics' Manufacturing Excellence facility in the Hi-Tech Hardware Park at Bagalur here, the Minister met Vaishnaw and handed over the representations, Patil's office said in a release.
The Railway Minister assured him that the proposals would be examined positively, it said.
Describing Bengaluru as the country's technology capital and Mumbai as its financial capital, Patil said it was essential to connect the two cities through an efficient and modern transport system.
He urged that the high-speed rail corridor announced between Mumbai and Pune be extended up to Bengaluru. "Vaishnaw responded positively to this request as well," he said.
The Minister pointed out that the distance between Bengaluru and Vijayapura is around 530 km and that the current train journey takes nearly 15 to 16 hours.
He said this travel time should be reduced to about 10 hours, he said, adding that to achieve this, he suggested limiting halts between Bengaluru and Hubballi and operating trains via the Hubballi and Gadag bypasses.
He also sought the introduction of a Vande Bharat Express service on this route.
Patil further requested the introduction of a daily special train service between Bengaluru and Vijayapura.
In his representation, he stated that all three proposed services would bring significant social, industrial and economic benefits to several districts of central and north Karnataka.
