People of both countries will benefit: Nirmala Sitharaman, Ashwini Vaishnaw hail India-US trade deal

New Delhi, Feb 3 (IANS) Union Finance Minister Nirmala Sitharaman on Tuesday said that the India-US trade deal will benefit the people of "two large democracies" and thanked Prime Minister Narendra Modi and US President Donald Trump for reaching an agreement.

Taking to X, Sitharaman said, "Good news for Made In India products. They will now face reduced tariff of 18 per cent. Thanking the leadership of PM Narendra Modi and US President Donald Trump for this development. People of our two large democracies stand to benefit."

Ashwini Vaishnaw, Union Minister for Railways, Information & Broadcasting, Electronics & Information Technology, also took to social media and welcomed the trade deal between India and the US.

"US and India are world's largest democracies. Both countries are natural allies. Together, India and US have huge potential to work for peace and development. US and India have complementary strengths. Both countries can co-create technologies and co-develop solutions that will benefit the world," Vaishnaw posted on X.

"Trade deal between US and India will lead to brighter future for both countries. India-US Trade deal is a win-win deal. Citizens and industries of both countries will benefit greatly from this deal," he added.

Earlier on Monday, Trump said a phone call with Prime Minister Narendra Modi led to the deal, cutting US tariffs on Indian goods to 18 per cent and easing Indian trade barriers on US products.

Trump said India would also stop buying Russian oil and increase purchases of US energy, technology and agricultural products. He said the agreement would strengthen ties between the two countries and support efforts to end the war in Ukraine.

PM Modi also took to X and said, "Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement."

He said that when two "large economies" and the "world's largest democracies" work together, "it benefits our people and unlocks immense opportunities for mutually beneficial cooperation".

Hailing President Trump's "leadership" in advocating for global peace, stability, and prosperity, the Prime Minister said, "India fully supports his efforts for peace".

"I look forward to working closely with him to take our partnership to unprecedented heights," PM Modi added.