India is looking to deepen its economic ties with the United States by engaging with the incoming Trump administration, according to India’s trade minister Piyush Goyal, who spoke to reporters in New Delhi on Friday.
“We are looking forward to very deep and substantive engagement with the new US administration,” Goyal said, noting that under Prime Minister Narendra Modi, India has strengthened bilateral relations with successive US administrations, including those led by Barack Obama, Donald Trump, and Joe Biden.
Bilateral trade between India and the United States, India’s largest trading partner, exceeded $118 billion in 2023/24, with India registering a trade surplus of $32 billion. Industry estimates suggest that trade could grow by an additional $50 billion within two to three years, highlighting significant potential for stronger economic cooperation.
The government and industry groups favor a broader trade and investment agreement with the United States to help Indian manufacturers integrate into global supply chains while maintaining policy flexibility to safeguard national interests.
Goyal mentioned that India’s goods and services trade is projected to surpass $800 billion in the 2024/25 fiscal year.
While aiming to protect its manufacturers from potential US tariff hikes on exports, India is exploring ways to strengthen ties with Washington as Trump has threatened tariffs of 60% and other restrictions on imports from China.
