Indian markets to remain closed to genetically modified crops, staple foods: Union Commerce Minister
Goyal said Indian markets have been opened only where there is import reliance and a need for growth, such as in the energy, nuclear power, and IT product sectors
Indian markets will remain closed to genetically modified crops, meats, dairy products, poultry, and major crops like wheat, rice, maize, and soyabean, said Union Commerce and Industry Minister Piyush Goyal. The India-US trade deal does not harm farmers’ interests, he added.
“The Opposition’s claims have been fully exposed as the deal grants no relief on sectors that are sensitive to India,” Goyal said. Indian markets for millets like jowar, bajra, and amaranth, as well as fruits like bananas, strawberries, cherries, citrus fruits, green peas, kabuli chana, moong, and oilseeds, will not be opened to American exporters.
No concessions have been granted to the US in animal feed, groundnut, honey, malt and malt extracts, non-alcoholic beverages, flowers and meals, essential oils, and tobacco.
Goyal said several Indian exports to the US will now have zero duty, including gems and diamonds, generic pharmaceuticals, smartphones, spices, tea, coffee, coconut, venerable wax, Areca nuts, cashew nuts, Brazil nuts; fruits like guava, avocado, bananas, mangoes, kiwis, papaya, mushrooms; sesame and poppy seeds.
Zero-duty product exports will include aircraft parts, machine parts, coins, platinum products, clocks, chandeliers, precious metals, and other sectors. Further duty reductions in leather, footwear, sports goods, home decor, textiles, and apparel segments, especially silk, will benefit labour-intensive sectors in India.
The US will get import duty relief in sectors like distilled green soluble products required for poultry, wines, spirits, and alcoholic beverages, where India has import reliance. Medical equipment, including diagnostics and drugs for cancers, paediatrics, heart and neurological disorders, will also get duty relief to enable cheaper imports for people. The cosmetics sector and US computer products will also attract zero duty.
Goyal said Indian markets have been opened only where there is import reliance and a need for growth, such as in the energy, nuclear power, and IT product sectors.
The 25 per cent punitive tariffs imposed on India by the US for purchasing Russian oil stand waived, and the 18 per cent reduction will be notified through an executive order soon. Nearly USD 44 billion worth of exports to the US will be duty-free once the agreement is implemented by March.
