India eyes US energy to reduce trade deficit

The Trump administration's decision to ramp up American energy output will soften international oil prices, create an alternative import source for India, and also help New Delhi to address Washington's concern regarding the rising trade deficit, three people aware of the development said.

- Rajeev Jayaswal & Zia Haq

NEW DELHI:

"America has world's largest hydrocarbon reserves. India may quickly increase energy imports from the US depending on commercial viability, which will help in reducing the trade deficit," one of the three added on condition of anonymity.

According to provisional data released by the commerce ministry on January 15, India exported goods worth $59.93 billion to the US in April-December 2024, a 5.6% year-on-year growth. It imported merchandise worth $33.40 billion from the US in the same period, a 1.9% y-o-y increase.