Union Minister Piyush Goyal has stated that India anticipates increasing its trade in energy products with the United States in the coming years, emphasizing the country's energy security goals and the significant role the U.S. will play in achieving them. Goyal made these remarks while in New York for meetings with U.S. officials, aiming to expedite the conclusion of a mutually beneficial bilateral trade agreement.
Goyal, speaking at a U.S.-India Strategic Partnership Forum (USISPF) event in New York, stressed that India is a major global energy importer, including from the U.S., and expects to see trade in energy products with the U.S. grow. He highlighted the "limitless possibilities" for the bilateral partnership, ensuring diversified energy sources for India and price stability.
The minister also suggested increased collaboration on nuclear energy with the U.S., while acknowledging existing cost challenges. He pointed to opportunities for cooperation in hydrogen, green ammonia, ethanol blending, and flexi-fuel engines, inviting global data centers to establish operations in India.
These statements come after the U.S. imposed an additional 25% tariff on India for its purchase of Russian oil and defense equipment. Despite these trade tensions, discussions between the two countries continue, with the goal of reaching a bilateral trade agreement that could more than double trade to ₹45 lakh crore by 2030. India sees the U.S. as a key partner in its energy transition strategy.
India's Chief Economic Advisor V Anantha Nageswaran expressed optimism that the tariff dispute with the U.S. would be resolved within two months, suggesting that Washington might lift the additional duty imposed due to India's energy purchases from Russia.
Goyal also criticized the EU's Carbon Border Adjustment Mechanism (CBAM), cautioning that it risks isolating Europe and raising its costs. He highlighted India's renewable energy expansion plans, aiming to increase from 250 GW to 550 GW within five years, and reaffirmed Prime Minister Modi's vision of "One World, One Sun, One Grid".
