President Donald Trump said on Thursday that India has offered to eliminate tariffs on the United States as part of a potential trade deal – but New Delhi soon poured cold water on Trump’s claims, saying negotiations were not complete.

The government's think tank, Niti Aayog, has acknowledged India's "limited success" in attracting investment shifting from China. It noted that factors like cheaper labour, simpler tax laws, lower tariffs, and proactive Free Trade Agreements helped countries like Vietnam, Thailand, Cambodia, and Malaysia expand exports - while India lagged behind.

President Donald Trump said that India has offered to cut all its tariffs on US goods but downplayed any sense of urgency to reach a trade agreement with the world’s fourth-largest economy.