Tricky areas may not come under initial pact: CII chief

Amid the buzz of India signing an initial free trade agreement any time soon, the Confederation of Indian Industry's new president Rajiv Memani on Thursday said the first phase of the bilateral trade agreement (BTA) may leave out sensitive areas to be addressed in the subsequent tranches.

- FE BUREAU

Speaking about India's growth prospects, he said the economy may expand between 6.4% and 6.7% in FY26 and suggested the next phase of goods and services tax (GST) reforms include a three-tier structure with rates of 5%, 28%, and a rate between 12% and 18%.

The much-expected India-US BTA is "very close," US Treasury Secretary Scott Bessent said on Tuesday, even as a visiting Indian team of negotiators remained engaged with their US counterparts in Washington for hammering out an interim deal, ahead of the July 9 deadline set by President Donald Trump for imposition of higher tariffs.