Ensuring energy security for 140 crore Indians is top priority: Goyal briefs Lok Sabha on India-US trade deal

 Union Minister for Commerce and Industry Piyush Goyal on Wednesday told the Lok Sabha during the ongoing Budget session that protecting India’s energy needs and sensitive sectors remains the government’s top priority, even as global trade and energy conditions continue to change. 

“I want to make it clear that ensuring the energy security needs of 140 crore Indians is the government’s top priority. In line with the changing international scenario, we are diversifying our energy sources with this objective in mind,” Goyal said. 

Briefing the Lok Sabha on the recently announced India-US trade deal, the minister said the government had safeguarded India’s key interests, especially in agriculture, dairy, and fertilisers.   

“India’s sensitivities in the fertiliser and agriculture sectors have been fully taken into account,” he said, adding that farmers and dairy producers would not be harmed. 

Economic priorities in focus 

Goyal said both the countries had moved ahead by keeping their own economic priorities in focus. “Both sides will want to move forward while keeping their respective economies in mind and safeguarding their own interests. India has been successful in protecting the interests of its agriculture and dairy sectors,” he said. 

The minister said the agreement came after nearly a year of talks. “Last year, negotiators from both sides held detailed discussions on various levels. Keeping the important interests of both sides in mind, it is natural that both sides would want to safeguard their respective important and sensitive areas and ensure the best possible results. During the discussions, the Indian side was successful in safeguarding the interests of its sensitive sectors, especially agriculture and dairy… With a year of discussions, the two sides succeeded in giving the final form to various sectors of the bilateral trade agreement,” he told the House. 

The deal was finalised on Monday after months of tension, following the US decision under President Donald Trump to impose tariffs of up to 50% on Indian goods, along with penalties linked to India’s purchase of Russian oil. These differences delayed the agreement, even though India repeatedly rejected allegations related to the Ukraine war. 

Support for farmers and dairy producers 

Goyal later said Prime Minister Modi has consistently supported farmers and dairy producers. “PM Modi has always championed both the agriculture and dairy sectors, safeguarding their interests and working tirelessly to ensure a bright future and ample opportunities for the people in this sector. I am pleased that the entire country understands and appreciates this, and it resonates deeply with them. The sensitive factors of India’s economy, particularly agriculture and dairy, have been protected,” he said at a press conference. 

The minister added that several sectors would benefit from the agreement, including MSMEs, engineering, textiles, gems and jewellery, leather goods and marine products.