India's trade deal with Britain is a sign of New Delhi's new gradual shift to opening up its markets while shielding crucial sectors from competition and could be its template for future agreements, government officials and analysts said on Friday.

The prime ministers of Britain and India have sealed a major trade agreement that will reduce tariffs on products like Scotch whisky and Indian spices.

Federal minister Piyush Goyal seems optimistic about India finalising a trade deal with US before the 1 August deadline.