Finance Minister Nirmala Sitharaman stated on Sunday that India is in active discussions with the new US administration and is hopeful of signing the first phase of a bilateral trade agreement by September or October this year. Speaking at an event with the Indian diaspora, she noted that India is among the few countries deeply engaged with the US, aiming to finalize a bilateral trade pact. She referenced visits by Prime Minister Narendra Modi in February, as well as other high-level engagements involving India’s Commerce and Trade Minister, and herself, who is also attending IMF and World Bank meetings.

Sitharaman said she would be meeting with her US counterpart, the Treasury Secretary, and highlighted that even the US Vice President was visiting India for talks with the Prime Minister — reflecting the intensity of ongoing bilateral efforts. India and the US have agreed to complete the trade agreement in two phases, with the first expected to conclude by fall. The discussions go beyond just reciprocal tariffs and aim to establish a broader economic relationship between the two major trading partners.

She also mentioned that following the US President’s announcement of sweeping tariffs on several countries, including India and China, a 90-day suspension (except for China and Hong Kong) was granted to allow room for trade negotiations. An Assistant USTR has also visited India recently to review progress.

On India’s global ambitions, Sitharaman emphasized the government’s focus on becoming a developed nation by 2047, highlighting progress in sectors like semiconductors, renewable and modular nuclear energy, digital infrastructure, and artificial intelligence. She reiterated that "Viksit Bharat 2047" is the government’s main goal, with a focus on empowering women, the poor, youth, and farmers, along with investment in sunrise sectors like Digital Public Infrastructure (DPI) where India is already leading globally.