New Delhi, Aug. 1 -- India's not giving market access to the United States in the agriculture and Dairy products sectors is likely to be the reason for not reaching on a trade agreement, noted S&P Market Intelligence report released on Friday.

The report further says, if 25 per cent tariff imposed by U.S. will remain in place beyond September 2025, India's GDP will be adjusted downwards. S&P Market Intelligence has projected India's GDP for FY 2025-26 at 6.2 per cent in July, down from a GDP growth of 6.5 per cent in FY 2024-25.

"This projection is likely to be adjusted downward if the 25 per cent tariff is implemented. Its application would leave India relatively disadvantaged versus regional competitors that have secured a lower tarif...