New Delhi, June 25 -- Finance Minister Nirmala Sitharaman on Tuesday firmly rejected the long-standing "tariff king" label often associated with India, asserting that the country's tariff regime has become significantly more streamlined and export-oriented.

She indicated that free trade agreements (FTAs) with the United States and the European Union are progressing well and may soon be finalised.

Speaking at the India EXIM Bank Trade Conclave, Sitharaman said the Union Budget for 2025-26 has rationalised the customs tariff structure for industrial goods by reducing the number of tariff rates from 14 to just 8, including a "zero rate."

This, she said, has led to a meaningful reduction in overall tariff levels.

Responding directly to pa...