Interim India–US Trade Deal To Help Secure Competitive Crude Oil Prices: Piyush Goyal

New Delhi, Feb 16 (KNN) Commerce and Industry Minister Piyush Goyal on Saturday said the interim trade agreement framework finalised between India and the United States will factor in India’s rising energy requirements and help secure crude oil at more competitive prices.

Both countries have agreed to work towards increasing bilateral trade to USD 500 billion annually by 2030, he said while speaking with reporters.

Goyal noted, “India is the fastest-growing large economy in the world, and its energy demand is rising by around 7 per cent annually. Increasing imports and having more suppliers would help India secure crude oil at more competitive prices,” reported PTI.

Steel Expansion and Coking Coal Demand

Highlighting the industrial impact, Goyal said India’s steel production currently stands at around 140 million tonnes per year and is expected to double in the coming years.

Such expansion would substantially raise demand for coking coal imports, presently valued at about Rs 1.50 lakh crore and projected to increase to Rs 3 lakh crore. 

He noted that India relies on a limited number of countries for coking coal and that wider sourcing under trade arrangements would enhance competitiveness and supply security.

Technology Access and IT Growth Potential

The minister also pointed to US strengths in infrastructure, connectivity and distribution equipment, which are critical for sectors such as data centres.

Referring to India’s information technology exports of around USD 200 billion (approximately Rs 18 lakh crore), he said improved access to advanced US equipment could accelerate growth and potentially increase IT exports to nearly Rs 45 lakh crore in the coming years.

(KNN Bureau)