Episode 27: Ajay Srivastava - India-US landmark trade deal-smoke and mirrors?

President Trump recently announced on his social media feed that the U.S. and India had agreed a landmark trade deal that would reduce tariffs on Indian exports. In return, India, said the U.S. President, has committed to stop buying Russian crude oil and open up India's agriculture sector to U.S. products. Quite amazing given that 1/3 of India's oil consumption is imported from Russia and over 60% of India's population works in the country's agriculture. Prime Minister Modi while praising the agreement did not confirm the details shared by the U.S., the Trump administration appears to be walking back the "...India has committed..." phraseology.  So what gives? Has India really called America's bluff?AJAY SRIVASTAVAMR.  SRIVASTAVA Founder, Global Trade Research Initiative (an Indian research group specializing in technology, climate change, and trade. He took voluntary retirement from the Government of India in March 2022, having served as an Indian Trade Service Officer. Ajay worked in trade policy formulation and WTO and FTA negotiations, being part of the Indian team negotiating FTAs with ASEAN, Japan, Korea, Australia, the EU, and others. He writes regularly for the Indian media including Business Standard, Hindu Business Line, and Times of India. He is the author of books such as 'Stop Talking, Start Exporting,' 'The GST Nation,' and 'Business Guide to FTA