ENA Global 2026-02-16 17:10:32 <p><span style="font-size:14px"><strong>New Delhi, Feb 16 (KNN)</strong> Commerce and Industry Minister Piyush Goyal on Saturday said the interim trade agreement framework finalised between India and the United States will factor in Indias rising energy requirements and help secure crude oil at more competitive prices.</span></p> <p><span style="font-size:14px">Both countries have agreed to work towards increasing bilateral trade to USD 500 billion annually by 2030, he said while speaking with reporters.</span></p> <p><span style="font-size:14px">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.</span></p> <p><strong><span style="font-size:14px">Steel Expansion and Coking Coal Demand</span></strong></p> <p><span style="font-size:14px">Highlighting the industrial impact, Goyal said Indias steel production currently stands at around 140 million tonnes per year and is expected to double in the coming years.</span></p> <p><span style="font-size:14px">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. </span></p> <p><span style="font-size:14px">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.</span></p> <p><strong><span style="font-size:14px">Technology Access and IT Growth Potential</span></strong></p> <p><span style="font-size:14px">The minister also pointed to US strengths in infrastructure, connectivity and distribution equipment, which are critical for sectors such as data centres.</span></p> <p><span style="font-size:14px">Referring to Indias 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.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 45167 https://knnindia.co.in/news/newsdetails/global/interim-indiaus-trade-deal-to-help-secure-competitive-crude-oil-prices-piyush-goyal 2026-02-16 17:10:32 knnindia.co.in