NITI Aayog CEO BVR Subrahmanyam on Friday expressed confidence that some positive news on the long-delayed India-US bilateral trade agreement will come by the end of November.
"I think things have been a bit difficult with the United States, and I think a reset is being tried. The trade negotiations are on... Hopefully, by end of the month, we may hear some news on that front," he said at an event organised by a TV channel.
He said that New Delhi continues to attract a steady stream of foreign investors.
"You got American companies opening global capability centres in India. You do not see anybody listening. So that basically means the fundamental attraction of India will trump everything else," Subrahmanyam said, without specifying whether he intended a pun.
Subrahmanyam’s teaser came a day after US President Donald Trump said on Thursday that talks with New Delhi were going smoothly and suggested he could travel to India next year.
Speaking to reporters at the White House after announcing a new deal to lower the prices of weight loss drugs, Trump said his talks with PM Modi were "going great."
"He [PM Modi] largely stopped buying from Russia. And he is a friend of mine, and we speak. Prime Minister Narendra Modi is a great man. He is a friend of mine, and we speak and he wants me to go there. We will figure that out, I will go... Prime Minister Modi is a great man and I will be going," Trump said.
The White House on Tuesday said that President Trump continues to prioritise strengthening relations with India and is in frequent contact with Prime Minister Modi, even as differences persist over trade tariffs and Russian oil imports.
Last week, the Union Ministry of External Affairs also reiterated that the Indian government remains engaged with the US to finalise the trade pact, and that discussions are ongoing.
Commerce minister Piyush Goyal had earlier stated in October that talks are “progressing in a cordial manner.” However, he emphasised that a comprehensive agreement will only be reached once India’s national interests are safeguarded.
“No agreement until the interests of the nation—India’s farmers, fishermen, and MSME sector—are fully addressed,” Goyal had said.
There have been five rounds of high-level trade negotiations with the US so far. Simultaneously, India is also pursuing trade agreements with multiple partners, including New Zealand, the UK, and Chile.
Trump had implemented 25 per cent tariffs on Indian goods from August 1, despite expectations that an interim agreement would prevent such measures. He subsequently added another 25 per cent, citing India’s Russian oil purchases. The 50 per cent tariffs became effective on August 27.
The US is India’s biggest merchandise importer. Also, it is one of the few major economies with which New Delhi generally runs a trade surplus. India’s exports to the US stood at $86.51 billion in FY25, making it India’s largest market for merchandise shipments.
