Addressing reporters, Goyal said both countries have agreed to work towards scaling up bilateral trade to USD 500 billion annually by 2030, with the government actively pursuing measures to achieve this goal. He noted that the proposed trade volume would include India’s energy imports such as crude oil, LNG and LPG. Increasing imports and having more suppliers would help India secure crude oil at more competitive prices,” Goyal said. Meeting this target will require substantial imports of coking coal, presently valued at about Rs 1.50 lakh crore and projected to rise to Rs three lakh crore. India’s information technology exports currently stand at around USD 200 billion, or Rs 18 lakh crore, he said, adding that access to advanced US equipment could significantly accelerate growth and potentially increase IT exports to nearly Rs 45 lakh crore.

Source: The Telegraph February 14, 2026 11:15 UTC