New Delhi: India is looking to significantly expand its trade with the United States in energy products in the coming years, with American involvement expected to play a key role in meeting the country’s energy security goals, Commerce and Industry Minister Piyush Goyal said on Tuesday.
Delivering the keynote address at an event titled “Energy Security in a Shifting Global Landscape: Building Resilient Energy Markets Across Borders,” hosted by the Consulate General of India in New York, the US-India Strategic Partnership Forum (USISPF), and ReNew, Goyal underscored the importance of India-US collaboration in energy security.
“We expect to increase our trade with the US on energy products in the years to come. Being close friends and natural partners, our energy security goals will have a very high element of US involvement, which will ensure price stability, diversified energy sources for India, and help unlock limitless possibilities with the US on energy and beyond,” he said.
Goyal, who is leading a delegation to New York for discussions aimed at concluding a bilateral trade agreement, also emphasized the potential for deeper cooperation in nuclear energy. “There were certain elements which needed to be set right, and we are working in India to support private efforts on nuclear power. We also have to secure resilient critical mineral supplies, diversify sources, and build infrastructure particularly transmission grids within countries and across borders to support clean energy transition,” he said.
The minister added that India is working to double its nuclear power capacity in the coming years through government intervention while aiming to make nuclear energy more competitive. He highlighted India’s ambition to expand its clean energy capacity from 250 gigawatts to 500 gigawatts over the next five years, describing the present moment as a “sweet spot” for growth.
Goyal also commented on the European Union’s Carbon Border Adjustment Mechanism (CBAM), warning that the measure could isolate the EU and harm its own economy by driving up costs and reducing export competitiveness. “This green protectionism could become a trap that is difficult to escape,” he cautioned.
The event was attended by senior dignitaries, including MP Anurag Thakur, Petroleum and Natural Gas Secretary Pankaj Jain, USISPF CEO Mukesh Agni, ReNew co-founder Vaishali Nigam Sinha, and ReNew Chairman and CEO Sumant Sinha.
