NEW DELHI: Government is open to offering duty-free access to certain automobiles imported from the US, such as bikes with over 1,600cc engine capacity, if it can secure a favourable deal in some areas of interest.Some of the concessions, which are still being discussed internally, may, however, come with quotas. This means the lower or zero duty benefit may be available only for a certain number of units imported under the proposed bilateral trade agreement.
The US has mounted immense pressure on India to lower tariffs on automobiles, whiskey and farm products, arguing that high import duties are holding up American exports. While India slashed the customs duty on products, such as high-end bikes and bourbon in Feb, the Donald Trump administration is not satisfied and is pushing for further cuts. Harley Davidson bikes and Tesla cars are on top of Trump’s priority list, especially with Elon Musk being a key aide of the American President.

Musk has been lobbying with India to lower import duties, something that the government refused to do earlier. However, last year, it came up with a new policy that offered 15% tariffs for a limited period, provided companies using the window set up a manufacturing facility. The detailed guidelines are expected only in a few weeks as inter-ministerial consultations are currently underway. A steep tariff reduction will, however, impact investment plans.
Faced with the threat of reciprocal tariffs, the commerce department, which is leading negotiations for a bilateral trade agreement, is holding consultations with other government departments and ministries. These, in turn, are seeking feedback from industry and other stakeholders. While sectoral negotiations are yet to commence, a team led by India’s chief negotiator, Rajesh Agrawal, is currently in Washington to iron out pending issues and explore the possibility of an “early tranche.”

Originally, Trump and PM Narendra Modi agreed to have a first tranche by autumn (Sept-Oct), covering import duty on goods, non-tariff barriers, and ways to strengthen the supply chain. India is hoping that in return for concessions offered by it, the Trump administration will not impose the 26% reciprocal tariffs, which have been paused for 90 days, while also lowering duties for labour-intensive products, such as textiles and leather goods shipped from the country.

Life Insurance Corporation of India (LIC) on Thursday (April 24, 2025) announced that it will expedite claim settlements of Pahalgam terror attack victims in an effort to provide financial relief to their families.

Expressing deep grief over the death of innocent citizens in the terrorist attack, CEO and MD Siddharta Mohanty said LIC has decided to offer concessions to mitigate the hardships of the claimants.

In lieu of death certificates, any evidence in government records of death of the policyholder due to the terrorist attack or any compensation paid by the Union or State governments will be accepted as proof of death. All efforts will be taken to ensure that the claimants are reached out to and claims settled expeditiously to the affected families,” he said in a release.

For assistance, the claimants may contact the nearest LIC branch, division, or customer zones. They may also call LIC call centre at 022 68276827, the company said.

Insurance aggregator Policybazaar said it would like to offer a job to a family member in any of the Policybazaar or Paisabazaar offices located across India or sponsor a child’s education for every impacted Indian family in Pahalgam. “It is a very small gesture towards creating a social security cover for these families,” co-founder Alok Bansal said in a social media post.