Higher US tariffs on key trading partners could hand Indian exporters a significant competitive advantage, according to a new NITI Aayog report. The government think tank said India is expected to gain competitiveness in 22 out of the top 30 trade categories, representing a market size of $2,285.2 billion.

With the Trump administration imposing steeper duties - 30% on China, 35% on Canada, and 25% on Mexico-Indian goods become relatively cheaper in the US market. Key sectors like pharmaceuticals, textiles, and electronics stand to benefit most.

Meanwhile, India's commerce ministry team has arrived in Washington for bilateral trade agreement talks, aiming to conclude an interim deal by fall. The US has extended its tariff deadline until August 1.