Which sectors will benefit the most from tariff cuts under the India-US trade deal?

As India and US released framework for the India-US trade deal, textiles and apparel sectors are expected to be among the largest gainers as tariffs on them have been cut to 18%. Lower tariffs will also benefit leather and footwear sectors, while gems and jewellery sectors will instantly benefit from zero tariffs. Generic pharmaceuticals stand out as a high-impact beneficiary.