Piyush Goyal Calls for Diversifying Crude Oil, Coking Coal Imports

Commerce Minister Piyush Goyal said India is seeking diversification in the purchase of its crude oil and coking coal requirements, and the country would like high-quality coking coal from the US.

He also said that the US can provide certain items that India is in desperate need of in terms of economic growth. These items could include graphics processing units used in artificial intelligence applications, data centers, high-performance computers, etc.

He said that India can provide products that the US cannot compete with, and the US can provide technology and capital that India cannot compete with. He said that there is already a requirement of aircraft valued at $100 billion from the US in the next five years, and the country requires more aircraft to enhance capacity and reduce fares.

At an event in Mumbai, he said, "Having a trade deal with the US is good for India. He also said that it opens up huge opportunities for Indian companies, especially in employment-intensive goods and technology services."

Commerce Minister Piyush Goyal on Wednesday presented a vision of India's economic diplomacy. He said that engagement, trust, and strong negotiations have led to the country's successes in recent trade agreements.

At the Global Economic Cooperation Summit in Mumbai, Goyal said, "I think one of the first principles of economic diplomacy is to get closer to your stakeholders." He stressed that India is at the forefront of building alliances, making friends, and connecting its trade and investment needs with the rest of the world.

Elaborating on India's long-term goals, Goyal said the country is working towards becoming a $30-35 trillion economy by 2047, so that India can join the group of developed countries.