India's Bold Economic Vision: $500 Billion in US Imports

Commerce Minister Piyush Goyal announced that India plans to purchase goods worth USD 500 billion from the US over five years, as part of a bilateral trade agreement. The deal includes US energy products, aircraft, technology products, and more, supporting India's economic growth plans.

Commerce Minister Piyush Goyal has articulated India's ambitious plan to import USD 500 billion worth of goods from the United States in the coming five years. He described this figure as conservative, given the country's burgeoning economy, which is expected to surge the demand to about USD 2 trillion.

India currently sources approximately USD 300 billion worth of goods globally, with potential for a significant portion to be procured from the US under the new trade agreement. Speaking to PTI Videos, Goyal underscored India's demand for competitive US products, including energy supplies, aircraft, and cutting-edge technology.

The agreement outlines India's commitment to substantial investments in US-made goods, supported by burgeoning sectors like aviation and data centers. Goyal highlighted existing orders, including USD 50 billion for Boeing aircraft. He emphasized a conservative forecast of USD 100 billion annual imports in the evolving economic landscape, aiming for a USD 30 trillion economy.

(With inputs from agencies.)