India and the United States are set to resume trade negotiations this week, with a delegation of about a dozen officials travelling from New Delhi to Washington for discussions on the first phase of the proposed bilateral trade agreement (BTA). The talks, scheduled from April 20 to 22, will be led by India’s chief negotiator Darpan Jain, additional secretary in the department of commerce, and will include officials from the customs department and the ministry of external affairs.“The meeting will happen from April 20-22 in Washington DC. India’s chief negotiator Darpan Jain (additional secretary in the department of commerce) is leading the team. Officers from customs and external affairs ministry are also part of the Indian team,” an official told PTI. This round of talks comes after major changes in the US tariff system, which have led both sides to reconsider the structure of the trade agreement finalised earlier this year and released on February 7.A key shift came after the US Supreme Court struck down reciprocal tariffs imposed under the 1977 International Emergency Economic Powers Act, prompting the US administration to introduce a temporary flat 10% tariff on all countries for 150 days from February 24. These developments resulted in postponing of a planned February meeting between the chief negotiators, with the rescheduled talks in Washington now set to take place under this updated tariff framework.With Washington now applying a uniform 10% tariff on all trading partners, the relative advantage India had under the earlier arrangement has diminished, leading to calls for revisiting the agreement. “So the agreement will have to be recalibrated, redrafted,” a government source has said, adding, “that amount of change will take place from their side”.“In our case, since the agreement has not been signed, we have got the option where we can right now change whatever needs to be changed,” the source has said.In addition to tariff issues, the discussions are expected to address two investigations initiated by the US Trade Representative under Section 301 of its trade law. India has contested the allegations in these probes and has asked for them to be withdrawn, arguing that the initiation notices do not provide adequate justification. The talks are taking place at a time when countries are reassessing their positions under the revised tariff system amid changes in global trade with the US.At the same time, trade patterns for India have also seen changes. China has become India’s largest trading partner in 2025-26, replacing the US, which had held that position for four consecutive years until 2024-25.Latest figures show India’s exports to the US rose slightly by 0.92% to $87.3 billion in the last financial year, while imports grew by 15.95% to $52.9 billion. This resulted in a narrowing of the trade surplus to $34.4 billion in 2025-26, compared with $40.89 billion in the previous year.

This Akshaya Tritiya, India’s gold and silver markets are heading for bumper purchases, with overall trade likely to cross Rs 20,000 crore even as record-high prices reshape buying patterns. The estimate, shared by the Confederation of All India Traders (CAIT), is higher than last year’s Rs 16,000 crore, signalling growth in value despite a sharp rise in bullion rates.Prices for the yellow metal have surged sharply over the past year, going from Rs 1,00,000 per 10 grams, to Rs 1.58 lakh. Meanwhile, silver has shown a steeper rally, jumping from Rs 85,000 per kilogram to Rs 2.55 lakh per kilogram. According to CAIT, this sharp escalation has not weakened demand, but is instead prompting consumers to make more deliberate and value-oriented purchases.Praveen Khandelwal, member of parliament from Chandni Chowk and secretary general of CAIT told ANI, “Akshaya Tritiya has traditionally been one of India’s most auspicious occasions for purchasing gold… While gold continues to dominate, the nature of purchasing is evolving significantly in response to steep price escalation.”Commenting on customer preference, CAIT national president BC Bhartia highlighted, “There is a clear shift towards lightweight, wearable jewellery, alongside a stronger focus on silver and diamond products. Attractive incentives such as reduced making charges and complimentary gold coins are also helping sustain consumer interest.”Despite the increase in overall trade value, the quantity of metals being sold tells a different story. Pankaj Arora, National President of the All India Jewellers and Goldsmith Federation (AIJGF), an associate of CAIT, explained that the projected Rs 16,000 crore gold trade amounts to nearly 10,000 kilograms (10 tonnes) at current rates. The value, spread across an estimated 2 to 4 lakh jewellers, translates to average sales of only 25 to 50 grams per jeweller, “clearly indicating a sharp decline in volume”.Meanwhile for silver, the estimated Rs 4,000 crore trade corresponds to around 1,56,800 kilograms (157 tonnes), resulting in average sales of about 400 to 800 grams per jeweller during the festival period. “These figures underline a critical shift: while the value of business is expanding due to rising prices, actual consumption is contracting,” Khandelwal said.This gap between value and volume is also reshaping consumer’s buying pattern, with smaller items and lightweight jewellery gaining popularity. At the same time, jewellers are facing challenges due to fluctuating prices, especially when it comes to managing inventory.Even so, festive demand remains steady, with markets witnessing healthy footfall. “Consumers are now adopting a more cautious and pragmatic approach, balancing traditional beliefs with financial discipline,” Khandelwal added.At the same time, it’s not just about physical gold anymore as consumers are increasingly exploring alternatives like digital gold, Sovereign Gold Bonds and gold ETFs, drawn by the promise of liquidity, safety and flexibility when prices are volatile.CAIT and AIJGF have urged jewellers to comply with mandatory hallmarking standards, including HUID certification, and advised buyers to verify the purity and authenticity of their purchases.