New Delhi, July 14 -- The Trump administration's tariff policies have opened up opportunities for India to gain market share in several product categories, but the Asian nation must act swiftly to capitalize on this advantage, NITI Aayog said in a quarterly assessment released Monday.

In its Trade Watch report, the government's policy think tank said India should implement targeted export promotion measures, deepen its integration into global value chains, and pursue a services-focused trade deal with the US to fully leverage these shifting trade dynamics

"These developments highlight the strategic importance of the US as India's largest export destination and a key growth corridor," the report said.

The findings are based on US trade ...