Weekly Policy Watch: India-U.S. Trade Talks, Infra Output, PMI Data In Focus

India and the United States will begin a new round of trade negotiations in Washington from April 20 to April 22, according to Moneycontrol. The discussions aim to finalise the first phase of the proposed Bilateral Trade Agreement (BTA).

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A 12-member Indian delegation, led by chief negotiator Darpan Jain, will participate in the talks. This is the first face-to-face meeting between the two nations since October 2025.

The talks come on the heels of a Supreme Court decision in the United States that invalidated reciprocal tariffs enacted via the International Emergency Economic Powers Act, according to Moneycontrol.

Flash PMI Data Due April 23

HSBC flash Purchasing Managers’ Index (PMI) data for manufacturing and services will be released on April 23, providing an early indicator of business activity, according to Moneycontrol.

In March, India’s manufacturing PMI declined to 53.9 from 56.9 in February, while services PMI was recorded at 57.5 compared to 58.1 in the previous month. The data indicated a slowdown in the pace of expansion across both sectors.

Infrastructure Output Data On April 20

India’s infrastructure output data for March will be released on April 20, covering sectors such as steel, cement, coal, crude oil, and natural gas, as per official data cited by Moneycontrol.

Infrastructure output growth slowed to 2.3% year-on-year in February from 4.7% in January, though it marked the fourth consecutive month of expansion.

Key sectors such as steel and cement were strong during the period, while the crude oil and natural gas sectors stayed sluggish.

The infrastructure sector accounts for around 40% of India's total industrial production; thus, the data provides an important signal about the level of economic activity.

Next week is expected to bring some important news regarding trade, manufacturing, services, and infrastructure, with several releases scheduled from April 20-23.