Donald Trump sets this condition for the Modi government in the India–US trade deal, Piyush Goyal says…

Piyush Goyal, on Sunday, said that India sees no difficulty in purchasing USD 500 billion (approximately Rs 45,28,822 crore) worth of goods from the US over the next five years.

New Delhi: India and the United States have recently announced a new interim trade framework for a trade deal. As per the new framework, India is likely to purchase goods worth USD 500 billion from the United States. Now, the moot question is whether India will be able to meet this condition set by US President Donald Trump. The Union Minister for Commerce and Industry Piyush Goyal has now responded to this. Piyush Goyal, on Sunday, said that India sees no difficulty in purchasing USD 500 billion (approximately Rs 45,28,822 crore) worth of goods from the US over the next five years.

There would be no problem in achieving this target, which he described as a very modest figure—especially considering that India’s growing economy is expected to generate demand of nearly USD 2 trillion. He further added that India can import around USD 300 billion worth of goods from the United States that it presently buys from other countries.

Piyush Goyal said, “Even today, we are importing goods worth $300 billion. This can be imported from the US. We are importing from across the world. This figure is set to rise to USD 2 trillion over the next five years. I told my counterparts, “Look, I can assure you that there is demand in India. But you will have to be competitive.”

What intention has India expressed?

As per the statement issued by the United States and India, the Modi government has the intention to purchase American energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal worth USD 500 billion over the next five years.

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The minister has further said that the major technology firms have assured large investments in India. This investment will bring data centers with a capacity of 10 gigawatts. This will require equipment, which the United States can supply. Talking about India’s plans to purchase USD 500 billion worth of goods from the US include existing orders for Boeing aircraft, Goyal said, “Everything we are talking about is part of a continuum, and it includes everything we are already purchasing.”

He added that India is currently importing between USD 45–50 billion worth of goods from the US. These are products that India does not manufacture domestically. Piyush Goyal said, “We will need aircraft. We will need engines for aircraft. We will need spare parts. We already have orders worth $50 billion for aircraft from Boeing alone. We also have orders for engines.”

Piyush Goyal outlines India’s needs

The Union Minister said, “So for the next five years, around $80–90 billion is already on order. We will actually need much more than that. I recently read that Tata is planning to place additional orders. I believe that apart from oil, LNG, LPG, and crude oil, we will need at least more than USD 100 billion for the aviation sector alone.”

He further said that the country needs coking coal for the steel industry. India is already importing around 17–18 billion tonnes of coking coal. He added, “When we reach $300 billion, which is a declared target, and with the steel industry expanding rapidly, we will need $30 billion annually for coking coal alone. All the products I have mentioned have been imported since the Congress era, when the UPA was in power. There is nothing new in this.”

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The Times Of Bengal