SBI
♦ India's export to the United States on agricultural commodities is set to witness a significant jump as 75 percent of such exports will now be at zero tariff, according to a report by SBI. The report said that India has a trade surplus of $1.3 billion in agricultural trade with the US. It noted that India's export of $1.36 billion worth of agricultural commodities will receive zero additional US duty access, which will significantly help Indian farmers and exporters scale up shipments. ♦ The report said "agricultural products valued at $1.035 bn have assured zero reciprocal tariff, which will significantly help Indian farmers and exporters to scale up" Some of the key agricultural items expected to benefit include rice, spices, oilseeds, tea and coffee. ♦ The US import share of Indian rice is almost 24 per cent, which the report said will support Indian farmers. Tea, coffee and spices currently have a share of around 3 per cent, and the new tariff structure is expected to strengthen the plantation economy.India's fishery sector, which was badly affected by US tariffs earlier, is also likely to benefit. ♦ The US imports around 10 percent from India in this category. The lower tariff of 18 percent is expected to support the sector and improve export prospects.