NEW DELHI, February 16 (ANI): Mukesh Aghi, President and Chief Executive Officer of the US-India Strategic Partnership Forum (USISPF), on Monday welcomed the recently announced interim trade agreement between India and the United States, calling it a tremendous opportunity for small and medium-sized enterprises in India to expand into the U.S. market.
In an exclusive interview with ANI, Aghi said, “It’s very positive. You have to understand that India’s largest trading partner is the United States. You have $200 billion in goods trade. We would like to see this go up to $500 billion. The current structure that has been put together is going to help Indian companies, especially those in labor-intensive sectors like gems and jewelry, garments, and others. They can expand into the U.S. market. So I think it’s a tremendous opportunity for SMEs in India to leverage the U.S. market.”
The United States and India announced a framework for an interim agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025.
Under the framework, India has agreed to eliminate or reduce tariffs on all U.S. industrial goods and a wide range of U.S. agricultural and food products, including dried distillers’ grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
In return, the United States will impose a reciprocal tariff of 18 percent on goods originating in India, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor, artisanal goods, and certain machinery.
Speaking on artificial intelligence, technology, and venture funding, Aghi said India’s strength lies in application development, which will help companies grow and compete globally.
“When you look at startups, 90 percent of venture capital funding is coming from the U.S. So it is important that we continue encouraging VC funds to invest in India. That’s critical. On the infrastructure side, you are seeing companies like Google announcing a $15 billion AI center. You look at Microsoft, and we have other companies setting up large data center infrastructure in India to leverage not only the domestic market but also the broader global market,” he said.
“I think the strength of India is moving from software to application development. That’s where you will see Indian companies flourish and go after the global market,” he added.
Aghi made the remarks on the sidelines of the Global AI Impact Summit being hosted in the national capital.
With India hosting the AI Impact Summit at Bharat Mandapam in New Delhi, Prime Minister Narendra Modi on Monday welcomed world leaders, industry experts, and other dignitaries attending the event.
The Prime Minister will inaugurate the India AI Impact Expo 2026 at Bharat Mandapam. An extensive lineup of presidents, prime ministers, crown princes, and leading figures from Silicon Valley and beyond are scheduled to participate in discussions as India hosts the AI Impact Summit 2026.
The summit is the first global AI gathering to be hosted in the Global South. It will bring together global leaders, policymakers, technology companies, innovators, and experts to deliberate on the transformative potential of AI across governance, innovation, and sustainable development.
The AI Impact Summit, which began Monday in New Delhi, will welcome leaders from 20 countries, including French President Emmanuel Macron, Brazilian President Luiz Inácio Lula da Silva, Sri Lankan President Anura Kumara Dissanayake, and others. U.N. Secretary-General António Guterres will also attend the event.
From February 16 to 20, the summit will showcase New Delhi’s ambition to shape an AI future that is inclusive, responsible, and impactful, with a focus on advancing India’s vision for sovereign AI. (ANI)
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