India-US Trade: Positive Shift, Framework Deal by March 2026

• India-US trade talks on December 11-12, 2025, showed positive momentum, discussing tariffs, services, digital trade, and Russian oil duties.
• PM Modi and President Trump held a phone call on Dec 11, reviewing trade, energy, and defense cooperation.
• Commerce Minister Piyush Goyal confirmed substantial discussions, while the US acknowledged India's "best-ever offer" on market access.
• A framework trade pact is anticipated by March 2026, aiming to boost bilateral trade from $191 billion to $500 billion by 2030.
• Despite positive progress, challenges like trade deficit and Russian oil issues persist, but reduced uncertainty may stabilize the rupee.

Why It Matters: Positive momentum in US-India trade talks signals future economic impact.