By Martin Shwenk Leade

Copyright indiatimes

PTIPiyush Goyal

India expects its energy partnership with the United States to expand significantly in the coming years, with American involvement set to play a central role in India’s energy security strategy, Commerce and Industry Minister Piyush Goyal said in New York on Tuesday.Delivering the keynote at an event titled Energy Security in a Shifting Global Landscape: Building Resilient Energy Markets Across Borders, Goyal emphasised that India’s growing demand for energy makes it a critical global player.“We expect to increase our trade with the US on energy products in the years to come. And being close friends, natural partners, our energy security goals will have a very high element of US involvement, which will ensure price stability, diversified sources of energy for India and help us unlock limitless possibilities with the US on various fronts,” he said.The event, hosted by the Consulate General of India in New York, the US-India Strategic Partnership Forum (USISPF), and decarbonisation solutions company ReNew, brought together policymakers and industry leaders. Attendees included Member of Parliament Anurag Thakur, Petroleum and Natural Gas Secretary Pankaj Jain, USISPF CEO Mukesh Agni, and ReNew executives Vaishali Nigam Sinha and Sumant Sinha.Goyal, who is leading an Indian delegation for bilateral trade discussions, noted that the day coincided with the start of Navratri. “It’s said that on this day, things are expected to turn for the better,” he remarked.Live EventsThe minister singled out nuclear power as another key area for India-US collaboration. He said India is working to support private efforts in the sector and expects to double nuclear power capacity through government-led interventions. However, he acknowledged challenges around pricing and competitiveness.“We do hope to take it on a much bigger scale. But we’ll have to make it more competitive,” he said.India is also preparing for a steep rise in clean energy capacity. Goyal reiterated that the country is positioned to grow from 250 gigawatts today to 500 gigawatts within five years. To achieve this, he stressed the need for resilient supply chains of critical minerals and stronger transmission infrastructure both within and across borders.“We all have to work very seriously to align our regulatory frameworks to see how cross-border energy can be guaranteed without concerns of geopolitics overtaking energy resilience or security,” he said.Turning to global trade rules, Goyal criticised the European Union’s Carbon Border Adjustment Mechanism (CBAM), warning it could backfire on the bloc. “It could isolate the EU and hurt their economy because they would be like a small island and everybody else around them would be trading. Their products would lose market share and exports, while inflation would rise at home,” he said.Describing CBAM as a form of “green protectionism,” he cautioned that it risked becoming “a trap in which, if somebody buries his head, he may find it very difficult to come out of the sand.”For India, Goyal’s remarks framed energy as both a strategic vulnerability and an opportunity. With rising demand at home, closer ties with the US could help diversify supply, stabilise prices, and accelerate the transition towards cleaner energy. At the same time, he signalled India’s resistance to trade policies that threaten competitiveness in the name of climate goals.Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)

Read More News onpiyush goyalindia us tradenuclear powerenergytariff

(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless

(You can now subscribe to our Economic Times WhatsApp channel)Read More News onpiyush goyalindia us tradenuclear powerenergytariff(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless