Tariff Cut To 18 Pc Positive Sign Trade Deal Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has described the Union Budget 2026 as the first concrete step towards achieving the vision of ‘Developed India 2047’. Speaking to ABP News, she said the Budget reflects long-term planning and should be viewed beyond immediate numerical assessments.

India-US Trade Deal: ‘Full Picture Will Emerge After Agreement’

Responding to questions on the India–US trade deal and concerns over opening up the agricultural sector, Sitharaman said Commerce Minister Piyush Goyal has already clarified India’s position in Parliament.

She noted that the full contours of the trade deal will only be clear once the official agreement is finalised. Highlighting the tariff reduction, she said the US has lowered tariffs on Indian goods from 50 per cent to 18 per cent—significantly lower than those imposed on countries such as Bangladesh and Cambodia.

Calling this a positive development for India, she added that any final assessment should be made only after the agreement is formally signed.

‘No Compromise On Farmers And Dairy Sector’

The Finance Minister stressed that there has been no compromise on the interests of farmers or the dairy sector. Referring to Prime Minister Narendra Modi’s position, she said the government’s focus is not only on increasing production but also on improving quality.

If ‘Made in India’ products meet the highest global standards, she said, people will adopt them with pride. She added that the Prime Minister’s vision is to ensure that everything manufactured in India is of global quality, strengthening the ‘Make in India’ initiative and positioning the country as a trusted global manufacturing hub.

On Russian Oil Purchases And National Interest

Asked whether India would be forced to buy more expensive crude oil if it stopped purchasing oil from Russia, Sitharaman said any decision taken by Prime Minister Modi would be guided solely by national interest.

She expressed confidence that the government carefully weighs all factors before taking such decisions and acts in the best interest of the country.

‘Not A Budget To Be Rated By Numbers’

On whether the Budget should be rated, Sitharaman said it should not be judged purely on numerical parameters. She said the Budget has been prepared keeping in mind the voices and needs of the people, and therefore assigning it a numerical rating would not be appropriate.