Knowledge over the previous few years exhibits that power purchases from the US have gone up, India's Commerce Secretary Rajesh Agrawal informed reporters on Wednesday in New Delhi.
“Proper now we're at a median of $12-$13 billion as per FY25 figures and there's headroom for $14-$15 billion” extra with the present refinery configuration, he mentioned.
The transfer might bridge the $42.7 billion commerce surplus India enjoys and assuage President Donald Trump who has slapped the South Asian nation with a punitive 50% tariff, partly resulting from its buy of Russian oil. Indian officers are within the US to fulfill counterparts and are hoping to safe a deal as early as subsequent month, Bloomberg Information reported Monday.
New Delhi's broad technique consists of decreasing the commerce surplus by shopping for extra American items, enhancing entry to Indian markets and easing commerce obstacles. It's contemplating roughly $40 billion of big-ticket purchases equivalent to protection and oil from the US to slender the excess.
Indian industries have been resilient, absorbing some price because of the excessive tariffs and sustaining their provide chains, Agrawal mentioned. India's commerce deficit widened to the very best in additional than a yr in September to $32.15 billion, however exports rose 6.7% from a yr in the past regardless of the US imposing its steepest tariffs in Asia on Indian items.
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