The U.S. and India have finalized a trade deal on Monday after months of negotiations, steadying a relationship that had plummeted to its lowest point in decades.

According to a Reuters report, India has agreed to purchase petroleum, defence equipment and aircraft from the United States, while also partially opening its tightly regulated agriculture sector under a trade agreement.

The India-US trade agreement has reduced tariffs on Indian rice exports, offering parity with competitors like Thailand and Pakistan. This reduction, from 50% to 18%, is set to boost Indian exporters in the US market amidst a backdrop of record production and resilient demand.

The response from India Inc suggests that the trade deal is being read less as a one-off tariff concession and more as a signal of India’s maturing role in global commerce.