India, Feb. 4 -- The India-US trade deal exempts Indian dairy and "sensitive" agriculture items from its ambit, provides for zero-duty access to over $40 billion worth of Indian goods, and reduces customs duties on labor-intensive Indian merchandise such as textiles, leather goods, marine products, chemicals, and certain agricultural items, including processed food, to 18% from day-one, people aware of the development said on Tuesday.

Elaborating upon the basic contours of the deal announced by President Donald Trump on Monday, the people cited above said the 25% punitive tariff imposed on Indian goods for purchasing Russian oil will be removed in a couple of days. Besides, the 25% reciprocal tariff imposed on goods worth about $30 billi...