Speaking at the India-US Strategic Forum event in New York amid the ongoing trade tensions, Commerce Minister Piyush Goyal on Wednesday said that India, being a large importer of energy, will have its energy security goals closely linked with the US in the coming years.
He also expressed interest in small modular reactor (SMR) innovations in the US and said both countries will continue cooperating in the nuclear energy sector.
Indian trade negotiators, led by Goyal, are in the US to revive stalled trade discussions after officials from the United States Trade Representative visited India on September 16.
Energy cooperation key to India-US partnership: Goyal
Goyal said that energy is an area where countries need to cooperate. He noted that India is a major energy importer, including from the US, and expects trade in energy products with the US to grow in the coming years. “Being close friends, natural partners, our energy security goals will have a very high element of US involvement,” headed.
India is the third-largest consumer of crude oil in the world, relying on imports for around 88 per cent of its needs. It is also a major importer of liquefied natural gas (LNG), meeting about half of its gas demand through imports. In recent years, the US has been the fifth-largest supplier of crude oil and the second-largest supplier of LNG to India.
Goyal engages with global leaders to boost trade and investment
During his visit to the United States and other international engagements, Goyal held high-level meetings with global CEOs, business leaders, and policymakers, highlighting India as an important destination for trade, investment, and innovation.
News agency ANI reported that Goyal met Stephen A. Schwarzman, Chairman and CEO of Blackstone, to discuss the firm’s investment plans in India, showing continued global confidence in the country’s economy.
The minister also met Raj Subramaniam, CEO of FedEx, to explore opportunities in India’s growing logistics sector and its expanding role in global supply chains.
To enhance cooperation in logistics and infrastructure, Goyal also held talks with Sultan Ahmed bin Sulayem, CEO of DP World. His meeting with IBM CEO Arvind Krishna focused mostly giving a boost to the tech partnerships like investment in emerging technologies and also using India’s young talent pool for global innovation.
Additionally, he met World Bank President Ajay Banga to discuss collaboration on sustainable development, inclusive growth, and building resilient systems in India.
‘One Sun, one world, one grid’
At the event on energy security in New York, organised by India, USISPF, and ReNew Power, Goyal highlighted Prime Minister Narendra Modi’s “One Sun, One World, One Grid” vision. He put spotlight on the country’s focus on sustainable energy and innovation, and also infrastructure to support the transition to global clean energy.