India's Strategic Energy Shift: A New Era in US-India Trade Relations
India plans to diversify energy sources amid changing global conditions, ensuring energy security for citizens. The US-India trade deal cuts tariffs significantly with a shift towards American oil. While Russia claims no notice of halted oil purchases, India maintains its strategy protects sensitive sectors.
India is set to change its energy sourcing strategy in response to shifting global conditions, aiming to secure energy for its citizens, as announced by Trade Minister Piyush Goyal. This announcement follows the US's statement that New Delhi will cease Russian oil imports.
The recent trade agreement with the United States cuts tariffs on Indian products from 50% to 18%, contingent on India reducing its Russian oil imports and buying more from the US and possibly Venezuela. However, there has been no official communication from India regarding a halt in Russian oil purchases.
Despite the trade deal, Indian refiners have yet to receive directives from the government to stop buying Russian oil. Additionally, India has negotiated to protect key sectors like agriculture and dairy, though local opposition parties have raised concerns about the new market access granted to the US.
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