500 billion dollar trade possible with US: Union Minister Piyush Goyal.
Commerce Minister Piyush Goyal on Sunday said India will have no problem in purchasing goods worth USD 500 billion from the US over the next five years, terming it a very conservative number, given that India’s growing economy will generate a demand of about USD 2 trillion.
At present, he said, India could source imports worth about USD 300 billion from the US that it currently buys from other countries.
“We are even today importing 300 billion dollars of goods that can be imported from the US. We are importing from all over the world. That is going to grow up to two trillion in the next five years… I told my counterparts that look, I can assure you that there is demand in India, but you have to be competitive,” Goyal told PTI Videos in an interview.
He also said adequate safeguards are in place in the trade agreement with the US to protect the interests of farmers and the domestic industry from any significant increase in imports.
India and the US on Saturday announced that they have finalised the framework for the first phase of the bilateral trade agreement. According to a joint statement, India has expressed its intention to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years.
The commerce minister said big tech firms have announced large investments in India and, therefore, “my sense is that we will see 10 gigawatts of data centres” in the country, and for that India will need equipment, which the US can supply.