New York: India anticipates a significant increase in its trade with the United States in energy products in the years ahead, with Washington playing a central role in New Delhi’s energy security strategy, Commerce and Industry Minister Piyush Goyal said on Tuesday.
Speaking at an event titled “Energy Security in a Shifting Global Landscape: Building Resilient Energy Markets Across Borders” hosted by the Consulate General of India in New York, the US-India Strategic Partnership Forum (USISPF), and ReNew, Mr Goyal underscored the growing scope of bilateral cooperation in the energy sector.
US role in India’s energy security
“India is a big player in the energy field… we are big importers of energy from across the world, including from the US,” Mr Goyal said, adding, “We expect to increase our trade with the US on energy products in the years to come. Being close friends, natural partners, our energy security goals will have a very high element of US involvement.”
According to him, greater engagement will ensure price stability, diversified energy sources, and unlock “limitless possibilities” in energy and other sectors.
Nuclear power and clean energy collaboration
Mr Goyal also pointed to nuclear power as another area of collaboration. “It’s an area that we’ve been talking of for a long time. There were certain elements which needed to be set right. And I believe we are working in India to support private efforts on nuclear power.”
He reiterated that India plans to double its nuclear power capacity in the coming years through government intervention while simultaneously promoting private participation. However, he acknowledged challenges related to costs and competitiveness, which would need solutions to make nuclear power more viable.
At the same time, India is targeting massive growth in renewable capacity. “Over the next five years, we hope to grow from 250 gigawatt to 500 gigawatt,” Mr Goyal underlined, calling the present moment a “sweet spot” for expanding clean energy.
Cross-border cooperation and critical minerals
Highlighting the need for resilient global energy frameworks, the minister said nations must collaborate to ensure that energy trade is not weaponised.
“We have to work on creating infrastructure, particularly transmission grid infrastructure within countries and across borders,” he explained. “We all have to work very seriously to align our regulatory frameworks to guarantee cross-border energy trade without concerns of geopolitics overtaking energy resilience or security.”
He also stressed securing critical mineral supplies, diversifying sourcing, and preventing vulnerabilities in supply chains.
EU’s carbon tax under criticism
Mr Goyal strongly criticised the European Union’s Carbon Border Adjustment Mechanism (CBAM), warning that it could backfire.
“In fact, 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,” he argued. “Their products would lose market share and exports, while costs of living and infrastructure would become unviable.”
Calling the move “green protectionism,” he said it risked trapping economies in policies that could be damaging in the long term.
Conclusion
The event, attended by dignitaries including Union Minister Anurag Thakur, Petroleum Secretary Pankaj Jain, USISPF President Mukesh Agni, and ReNew co-founders Vaishali Nigam Sinha and Sumant Sinha, highlighted India’s ambitions for clean energy expansion, nuclear power growth, and cross-border energy cooperation.
With India pushing to secure reliable, affordable, and sustainable energy, its deepening engagement with the US is expected to play a crucial role in shaping global energy partnerships in the coming decade.