Ongoing trade talks with US expected to conclude during the year: Survey
New Delhi (PTI): Ongoing negotiations for a trade agreement with the US are expected to conclude during the year, a development that could help reduce uncertainty on the external front, according to Economic Survey 2025-26.
For India, it said, the global conditions translate into external uncertainties rather than immediate macroeconomic stress.
Slower growth in key trading partners, tariff-induced disruptions to trade and volatility in capital flows could intermittently weigh on exports and investor sentiment, the Survey said.
"At the same time, ongoing trade negotiations with the United States are expected to conclude during the year, which could help reduce uncertainty on the external front," it said.
India and the US are negotiating a bilateral trade agreement since March last year. So far, six rounds of negotiations have been held. Talks are going slow as the Trump-administration has imposed a steep 50 per cent tariffs on Indian goods from August last year.
A delegation from the office of the US Trade Representative, led by Deputy US Trade Representative Ambassador Rick Switzer, was here in December 2025 for trade talks.
The visit of US officials marks their 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.
India is currently subject to an effective export tariff rate of 50 per cent on goods exported to the US, and this rate is among the highest imposed on any country.
"There has been progress in negotiations of the trade deal between the two countries," the Survey said.
It added that the global economic landscape is becoming increasingly unpredictable, driven by tariff increases, supply chain adjustments, and higher regulatory hurdles.
"For Indian industries, the current wave of US tariff implementations and stricter non-tariff barriers presents a significant challenge, particularly for export-oriented sectors," it said.
Further, it said there has been some specific impact of the tariffs, Indian exporters in some labour-intensive and small-scale sectors are showing resilience by shipping goods to alternative destinations.
India's exports to the US have declined during April-November 2025, but registered positive growth in other countries.
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UDF will have huge win in Kerala, NDA won't open its account: Cong leader Satheesan
Kochi (PTI): Senior Congress leader V D Satheesan on Friday expressed confidence in a huge win by the UDF, claiming it will make a clean sweep in five districts, and brushed aside speculations that the NDA will open its account in Kerala.
Satheesan, speaking to reporters here a day after the conclusion of the Assembly polls, praised the performance of the UDF leaders and workers during the election, saying it was the best ever he has seen in the last 30 years.
He said that his claims of the UDF getting over 100 seats is not a mere statement, but based on the work the front has done during the last five years to bring back all those who had left it in 2005 and as a result, there was a huge wave in its favour in the state.
The leader of opposition in the state assembly, who contested from the Paravoor constituency, further said that the Congress-led front also had a major social backing from minorities and marginalised groups in the society.
Besides that, there was an anti-incumbency feeling among the people who were disappointed with the LDF rule, he claimed and said that the UDF provided them with a hope and an alternative which no other opposition had done in the past.
"All these factors will contribute to a huge win for the UDF and it would not be surprising if we make a clean sweep in Malappuram, Wayanad, Ernakulam, Idukki and Pathanamthitta districts. That is a total of 43 seats," he said.
According to him, the polling percentage increased because the UDF got people added to the electoral list.
He also brushed aside the LDF remarks about a woman or youth CM, saying that "they can make such statements now as they know they cannot win".
"Otherwise, why did they campaign with Pinarayi Vijayan as the main factor. Why did they say a third Pinarayi rule will come?" he asked.
He also claimed that the LDF's decision to spend government money on its political campaign, by putting up hoardings and carrying out social media programmes to sway voters, has also backfired as people realised that their taxes were being wasted like that.
Asked whether the NDA will open its account, especially in areas where the UDF claimed the BJP-led front had made a deal with the LDF, Satheesan replied in the negative.
He said that as of now he does not see any chance of the NDA opening its account in the state.
