NEW DELHI: Commerce and industry minister Piyush Goyal has indicated that India could buy more oil from the US amid repeated calls from American President Donald Trump for India and China to lower purchase of Russian crude.“We are big importers of energy from across the world, including from the US. We expect to increase our trade with the US on energy products in the years to come… Our energy security goals will have a very high element of US involvement, which will ensure high stability, diversified sources of energy for India and help us unlock limitless possibilities in the US on various fronts – energy and beyond,” Goyal said at the US-India Strategic Partnership Forum, as per a video posted by ANI.
‘Govt seeks removal of 25% secondary sanctions by US’Higher import of oil and gas, and some other products, will help lower the US trade deficit with India, which was pegged at over $41 billion last year. India exported goods worth $86 billion in 2024-25.Piyush Goyal and EAM S Jaishankar are currently in the US and are holding talks with top administration officials as the two sides seek to put together a trade deal while seeking to address the challenge posed by Russian oil purchases by India.Sources said Goyal’s comments reflect govt’s stand on purchase of crude and gas from multiple sources as demand will only increase in India as the economy expands.Govt is seeking the removal of the 25% “secondary sanctions” imposed by Trump on Indian exports to the US, officials said, adding that it will also seek a lower “reciprocal tariff”, currently at 25% so that other countries do not have a comparative advantage. Though the recent H-1B restrictions are a concern with Indian officials, it is not clear if the curbs would be part of the trade deal as Trump’s focus is on lowering tariffs.There is increased realisation in govt that full reciprocity in the proposed trade deal with the US was not feasible immediately, especially with a large chunk of India’s exports to the US facing tariffs of 50%.Officials said in recent weeks there has been headway in talks, especially with the visit of US chief negotiator Brendan Lynch to the capital last week, in what was a “goodwill gesture” after American negotiators postponed their visit in late Aug.We love India, want more trade: US energy secretary The US wants to expand energy cooperation with its “awesome ally” India, including in natural gas and coal, nuclear, and clean cooking fuels, where New Delhi has been a “star”, US energy secretary Chris Wright said on Wednesday.“A lot of my early time when I arrived in my position was dealing with India, the world’s largest democracy, an awesome ally of the US, a fast growing economy, a truly dynamic society that of course has rapidly growing energy demand because people are increasing their prosperity, their opportunities,” Wright said. “I’m a huge fan of India. We love India. We look forward to more energy trade, more interactions back and forth with India.“Wright addressed a press conference organised at New York Foreign Press Centre. He was responding to the question on Piyush Goyal’s remarks that New Delhi expects to increase its trade with Washington on energy products in the years to come, and India’s energy security goals will have a high element of US involvement.(With PTI inputs)
