New Delhi, Sept. 19 -- Could the recent thaw in India-US ties result in tariffs being lowered sharply on Indian exports? Chief economic advisor V. Anantha Nageswaran sounds guardedly convinced of it.

On Thursday, he said that it was his belief that not only will the penalty of 25% imposed by the US on India as punishment for its trade with Russia be revoked, but the base tariff of 25% will also be lowered to 10-15%.

"It's not a statement based on any concrete indicator or evidence, but it is my hope," he said, "There will be a resolution in the next couple of months."

Whether or not his confidence is influenced by knowledge that people outside top government circles are not privy to, it does suggest that a sea-change in India-US trade ...