While the commerce minister Piyush Goyal did not address reports around a possible renouncement of Russian oil purchases under the recently announced US-India bilateral deal, the detailed terms of which are yet to be made public, he made a subtle but pointed remark in the Lok Sabha, saying that “diversification of energy sources will be of paramount interest for India.”
The bilateral understanding was announced on February 2, though neither side has released a formal framework or binding commitments. The US president has informally mentioned that as a part of the deal, India will take “zero” tariffs on US products and will buy $500 billion worth of American goods. Trump also said Modi promised him India won’t buy Russian oil anymore.
India, however, has so far not officially commented on these reports, and no reference to either Russian oil purchases or a $500 billion trade target has been made in Parliament or in official statements.
Addressing the House, the Commerce Minister underlined that India’s energy needs will remain non-negotiable. “I want to make it clear, as I said earlier as well, that for 140 crore Indians, energy security will be paramount for us,” Sharma said. He added that “diversification of energy sources will be of paramount interest.”
Repeating his earlier stance, the minister said India had succeeded in protecting its interests in sensitive sectors. “I want to tell the House that the interests of the agriculture sector have been taken care of,” he said, adding that dairy was also safeguarded in the negotiations.
Read More: India-US Trade Deal | Dairy, agriculture protected, says Piyush Goyal
Sharma said the partnership with the US would open up new avenues for small businesses. “This partnership will help MSMEs explore new opportunities,” he said.
Calling for a broader perspective on the deal, the minister urged lawmakers to recognise the structural fit between the two economies. “I urge members to understand that India and the US are complementary economies,” he said.
He noted that India’s development trajectory would require advanced capabilities. “India needs aircraft, nuclear power and energy in its path to development, and the US is a leading nation in these sectors,” Sharma added.
Read More: US-India trade agreement: How India’s Russian crude oil imports could change
He said comparative advantages would help boost India’s exports to the US market.
Notably, the minister did not offer any clarity on the reported $500 billion trade commitment, nor did he address the issue of Russian oil purchases during his speech.
