India's Strategic Energy and Trade Maneuvers: Parliament Briefed

The Indian government is steadfast in its decision to import crude oil from cost-effective sources of superior quality, even as geopolitical shifts are considered. Top officials from the ministries of External Affairs and Commerce conveyed this stance to a parliamentary panel on Tuesday.

Discussions largely centered around the Indo-US trade deal and the India-EU Free Trade Agreement (FTA), addressing concerns like the revised reciprocal tariff rates imposed by the US, which have been markedly reduced to 18% from an initial 50% for Indian products.

The meeting underscored India's strategic positioning in global trade. It also highlighted a projected $500 billion purchase from the US over five years, with negotiations also touching on India-Bangladesh relations and lifted sanctions on Venezuela allowing broader oil sourcing.