New Delhi [India], February 4 : Union Commerce and Industry Minister Piyush Goyal on Wednesday said in the Parliament that "ensuring the energy security of 1.4 billion Indians is the supreme priority of the government".
During his statement on the India-US trade deal in the Rajya Sabha, Goyal noted that diversifying energy sources in response to market conditions is central to the national strategy.
"As India proceeds on the path to Viksit Bharat, we will need to grow our capacities enormously in multiple sectors, including energy, aviation, data centres, and nuclear power," Goyal remarked, pointing out that the US is a world leader in these fields.
He highlighted that both countries have finalised several areas of a bilateral trade agreement following intensive negotiations. Goyal informed the House that both sides will now work to complete technical processes and finalise paperwork to expeditiously unlock the potential of the deal. He described the framework as a landmark step in strengthening bilateral relations and advancing the vision of a developed India by 2047.
He added that the 18 per cent rate announced by US President Donald Trump is lower than tariffs imposed on several competing countries, which enhances India's export competitiveness.
In the statement delivered to the House, Goyal noted that the negotiating teams for both nations engaged over the last year to conclude a balanced and mutually beneficial agreement. He stated that the discussions aimed to safeguard critical and sensitive sectors in their respective economies. The Minister emphasised that the interests of India's agriculture and dairy sectors remain protected under the new framework.
"The US side, too, had areas that were sensitive from its point of view. Following a nearly year-long discussion spread over many rounds, the two negotiating teams were able to narrow their differences significantly and finalise several areas of the bilateral trade agreement," Goyal said.
The Minister highlighted that the agreement provides a comparative advantage to Indian exporters, particularly in manufacturing and labour-intensive sectors. He reiterated that India's core sensitivities in food and agriculture have been "fully safeguarded."
According to the statement, the partnership intends to unlock opportunities for MSMEs, entrepreneurs, and skilled workers while enabling access to advanced technologies.
"This partnership will unlock new opportunities for MSMEs, entrepreneurs, skilled workers and industry. It will also enable access to advanced technologies and support India's vision to Make in India for the world, design in India for the world and innovate in India for the world. This landmark framework agreement, therefore, marks an important step in strengthening India-U.S. relations and advancing our journey towards Viksit Bharat 2047."
Following the announcement by US President Donald Trump on February 2, the reciprocal tariff by the US was reduced to 18 per cent from 25 per cent, while the additional 25 per cent punitive levy linked to India's purchase of Russian oil has been removed.
"Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%," Trump wrote on Truth Social.
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