Heightened cooperation in hydrocarbons between India and the US could help increase bilateral trade to $500 billion by 2030, a latest US-India Business Council (USIBC) and Grant Thornton Bharat report reveals.
The report ‘Strengthening the India-US Energy Partnership: Unlocking Hydrocarbon Opportunities through Investment and Collaboration’ stated that with broader cooperation, there are possibilities for expansion of trade in Liquefied Petroleum Gas (LPG), ethane, Liquefied Natural Gas (LNG), crude oil and propane, which will further strengthen the supply chain and provide energy security.
It further mentioned that the cooperation between the US and India has moved to wider strategic collaboration across trade, investment, technology, infrastructure and energy security instead of traditional buyer-seller dynamic.
“The evolution of the India-US energy relationship reflects the broader trajectory of our bilateral partnership - moving from transactional engagement to deeper strategic integration. As trusted partners, India and the United States are uniquely positioned to collaborate across energy, technology and investment to strengthen energy security, support economic growth, and create new pathways for expanding bilateral trade in the years ahead,” PTI quoted USIBC India’s MD Rahul Sharma in a statement.
