NEW DELHI, July 2: Calling the India-US trade agreement a "very fair and equitable" deal, Union Commerce Minister Piyush Goyal narrowed down the final '1 per cent' hurdle that needs to be ironed out to finalise the pact. Goyal also noted that the only 'nightmarish' experience his team faced during negotiations was the time difference between New Delhi and Washington, asserting he has had a great working relationship with his US counterparts.

Negotiations for a comprehensive bilateral trade agreement (BTA) began in February 2025, with both sides recently finalising the framework for an interim agreement as they work to close out the remaining 1 per cent of the deal.

"It's a very fair, very equitable [deal]. It's a deal that gives us preferential access to the United States market, and free trade agreements are all about preferential access... For us, the primary factor in the free trade deal is to get a preference over all our competitors, our neighbours, the Southeast Asian countries, and that's the lens through which every country in the world has looked at it," he said while speaking at the next chapter in the India-Japan partnership.

Goyal noted that even the developed economies like the EU, UK, Switzerland, Japan, and South Korea have looked at it through the lens of relative benefits and advantages and competitiveness, "and that is that 1 per cent link," he said.

"After the IEEPA (International Economic Emergency Powers Act) tariffs were struck down by the Supreme Court, the United States has to find the correct mechanism, a legally tenable mechanism by which they can give us the comparative advantage over our competitors," he said.

He noted that all the different elements -- whether it's the concessions in different goods or breaking down non-tariff barriers-- have been largely finalised.

"Till they give us this competitive advantage, it's very difficult to enter into force any agreement, and that's a position that the US also appreciates and understands...That's the area on which they have to work, where the US has to work, and how they will give us a competitive advantage compared to our peers," he added.

When asked about any 'nightmare' he faced during negotiations, the minister said it was "a joyous and very learning experience."

"The only nightmare part of it is that the time difference is such that at times we have to stay awake at night, but you know I sleep very late. So for me, that was also not very difficult. My staff and my team may have had some difficulty as negotiations often went on till late in the evening," he said.

"I don't think there was any stress at any point in time. Throughout this period, both negotiating teams have had a very good working relationship. I have had fabulous relations with both my counterparts there," he added.

The proposed India-US trade agreement appears closer to completion than at any point since negotiations began, with senior officials from both governments signalling that only a handful of issues remain unresolved. The clearest update came from US Ambassador to India Sergio Gor, who said negotiations were nearing the finish line.

"Most of this deal is complete. There are a few items that remain from both sides, but it's in the last one or 2 per cent of that deal," Gor said.

"We're very close," he added, calling the agreement "a win-win situation" that would bring stability to businesses on both sides.

US lifts sanctions on four Indian companies linked to Russia-related measures

WASHINGTON, July 1: The United States department of the treasury has removed four Indian entities from its Specially Designated Nationals (SDN) List as part of its latest sanctions update.

The entities delisted are Hyderabad-based RRG Engineering Technologies Private Limited and Lokesh Machines Limited, Ahmedabad-based Galaxy Bearings Ltd, and Delhi-based Shaurya Aeronautics Private Limited.

The move comes nearly two years after the four companies featured in the sanctions list of the US' Office of Foreign Assets Control (OFAC). In 2024, OFAC had imposed sanctions on 21 Indian entities – including 19 companies and two individuals – under Executive Order 14024, which targets those accused of providing financial, material, technological or other support to the Russian government.

The Washington's action were part of the broader efforts to prevent the circumvention of sanctions imposed on Russia following its 2022 invasion of Ukraine.

Following the sanctions, the Indian government said it had engaged with Washington on the matter.

The ministry of external affairs had maintained that India is a "responsible member of the international community" and participates in key multilateral export control regimes, while regularly conducting outreach programmes to ensure Indian companies comply with export-control laws and do not violate domestic regulations.

The delistings were announced as part of a broader update to the SDN List, which also included the addition of several individuals and entities allegedly linked to drug trafficking networks in Mexico.

In a statement, the treasury's office of Foreign Assets Control (OFAC) said it had released its quarterly report on licensing activities carried out under the Trade Sanctions Reform and Export Enhancement Act (TSRA) for the period from January to March 2026.

Two of the four Indian entities removed from the sanctions list – Galaxy Bearings Limited and Lokesh Machines Limited – are publicly listed companies. Lokesh Machines counts several global manufacturers among its clients, including US-based John Deere and Cummins, Sweden's Volvo, and Japan's Honda and Suzuki.

Another delisted entity, RRG Engineering Technologies, has links to India's aviation sector. Its chairperson and managing director, GM Ganga Rao, served as an industry expert on the ministry of civil aviation's 2018 task force on fast-tracking unmanned aerial vehicle (UAV) technology.

GST Revenues up 14% in June 2026 but dependence on imports increased, domestic sales lagged

NEW DELHI, July 1: The government’s Goods and Services Tax (GST) revenue grew 13.9% to ₹1.95 lakh crore in June 2026, the highest growth rate in 13 months. However, the bulk of this growth came from imports, with the tax collected from domestic transactions growing far slower.

Further, as GST marked nine years of implementation on July 1, tax experts point to several aspects — such as input tax credits, dispute resolution, multiple registrations, and the inverted duty structure — as issues that still need to be addressed.

However, they do acknowledge that the system has been steadily improving over the years.

The data shows that GST revenue from domestic transactions grew 6.5% to about ₹1.35 lakh crore in June 2026. This made up 69% of the total GST revenue earned that month, down from the 74% share it held in June last year.

Revenue from imports, on the other hand, grew nearly 35% in June 2026 to ₹6 lakh crore. This marks the 16th consecutive month in which GST revenues from imports have grown in double digits, and the 10th straight month in which their growth has exceeded the growth in revenues from domestic transactions.

Cabinet clears Rs 14,115 crore road projects, including Dwarka tunnel in Delhi and UP's Kanpur-Kabrai highway

NEW DELHI, July 1: The Cabinet, chaired by Prime Minister Narendra Modi, approved the construction of an 8.1-km, six-lane tunnel on NH-148AE linking the Dwarka Expressway with Nelson Mandela Marg in Vasant Kunj, Delhi.

The Union Cabinet on Wednesday approved two major road infrastructure projects worth Rs 14,115 crore in Delhi and Uttar Pradesh.

The Cabinet cleared the construction of an 8.1-km, six-lane tunnel on NH-148AE linking the Dwarka Expressway with Nelson Mandela Marg in Vasant Kunj, Delhi, at an estimated cost of Rs 6,969.67 crore.

It also approved the 117.7-km, four/six-lane access-controlled Kanpur-Kabrai section of NH-34 in Uttar Pradesh, estimated to cost Rs 7,145.14 crore, Information and Broadcasting Minister Ashwini Vaishnaw said.

The approvals come even as a government report highlights the execution challenges facing large infrastructure projects.