Archana Shukla

Well, the details are still a bit sketchy, but what's clear for now is that U.S.

will lower tariffs on Indian goods from 50 percent to 18 percent.

And that is a big deal because U.S.

is India's largest trading partner.

More than a third of what India exports goes there.

So for export driven sectors like textiles, gems and jewelry, seafood and auto components,

It is a major relief.

Many of the exporters that we've been speaking to over the last several months, they said nearly 30 to 50 percent of their business had collapsed.

So for them, it's a major relief.

But apart from that, the fine print of the deal is really missing.

While President Trump says India will stop buying Russian oil, that India will also cut tariff on American goods to zero.

None of this is actually confirmed by New Delhi.

If we talk about the Russian oil purchases, India and Russia are long-term allies.

And it's unlikely that India will completely cut down its Russian oil purchases.

One, because it's also cheap.

And secondly, because of the long-standing relations.

And even from the geopolitical lens, Beijing, Delhi, Moscow, they've literally deepened their ties after the sweeping tariffs came into effect.

So from that perspective, it seems unlikely that such sort of major deal has been struck where India would say they would cut Russian oil supplies completely or bringing it down to zero tariffs as far as agriculture and dairy is concerned, which are really very politically sensitive sectors in India.

And hence, many experts who are looking at some of the sketchy details that are still emerging say,

They feel that right now what we should position this as just political signals, a truce coming through, but not really a full trade deal in picture.