Where does a trade deal, especially one with zero tariffs on certain goods, leave India’s ambitions of shoring up its domestic manufacturing? “India will be careful not to do anything that will harm domestic businesses,” Deveshwar told CNBC’s Inside India. “Yes, India wants a deal with the U.S. because it is our biggest market in terms of goods and services imports and exports. But, zero tariffs is quite ambitious and I don’t see the government taking such a big step,” she said. Other experts suggest that even if the deal involves India abolishing tariffs on certain sectors, it won’t be particularly detrimental to all of those industries. Peeyush Mittal, portfolio manager at Matthews Asia does not see a substantial impact on India’s steel, pharmaceuticals and auto parts sectors. Exporting steel from the U.S. to India is a “money losing proposition,” given the high transportation costs, Mittal said. “I find it very difficult to believe that, even with zero tariffs, U.S. steel producers would be able to sell in India.” On the pharmaceuticals front, Mittal notes that the U.S. produces a lot of patented drugs amounting to “hundreds of thousands of dollars,” which only the ultra-wealthy can afford. A vast majority will be priced out from such products, he said, adding that the absence of tariffs on pharmaceutical imports will “not alter the structure of the industry in India.” With Trump aiming to develop the U.S. healthcare sector, the real challenge would be if the country reduces its imports of Indian drugs, or worst if generic Indian pharma companies operating on fairly thin margins are required to establish manufacturing facilities in the U.S. Such moves will have “far reaching consequences and will compromise the economic contributions of the pharmaceuticals sector to India’s growth,” Mittal said. He also does not expect a material impact to India’s auto sector, if the country makes way for more U.S. auto parts or automobiles imports. Ford and General Motors previously had manufacturing operations in India. However, the appeal for their cars was “little among buyers,” Mittal said. “The guy at the bottom of the pyramid wants cheap Indian vehicles and the guy in the middle to the top is looking for luxury.” It would be hard for these companies to make inroads now, since local manufacturers such as Tata Motors as well as Japanese and South Korean brands such as Suzuki, Toyota and Hyundai have deep roots in the mass and premium consumer markets, while the ultra-high-net-worth class favors continental brands such as Mercedes and BMW, Mittal said.