US President Donald Trump said that India would buy American products worth $500 billion as part of the latest trade agreement between the two countries.
Defending the details of the pact, Commerce and Industry Minister Piyush Goyal presented a snapshot of how the money would be spent. “The target of $500 billion bilateral trade will mean more exports as well as sourcing,” he said.
Commerce Secretary Rajesh Agrawal said that India already imports goods worth nearly worth $300 billion from the US, and the demand is expected to rise further as the economy expands.
Here’s a tentative breakup of India’s proposed $500 billion imports from the US in the next five years:
| Import Category | |
| Aircraft and related components | Over $100 billion |
| Data centre equipment and ICT hardware | |
| Energy imports, steel and infrastructure-linked inputs | |
| Total |
Aircraft orders already placed with Boeing were in the range of $70–80 billion, and once parts and related components are added, the total value could cross $100 billion, Goyal explained.
Commerce secretary Agrawal added that the latest pact between the Modi and Trump administration is likely to be converted into a legal agreement by mid-March.
Read more: On US India deal, Goyal says energy diversification paramount for India
(Edited by : Sriram Iyer)
