more-inU.S. Energy Secretary Rick Perry will visit India this month to further enhance a recently added component in bilateral ties — energy trade. Energy trade had prominently featured in Prime Minister Narendra Modi’s first meeting with President Donald Trump in June 2017 in Washington D.C and India placed a series of orders for American crude in the following months. Public sector Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited are now continuously buying crude from America. Trade deficitMr. Trump himself pointed to energy trade as an instrument to bring down U.S trade deficit with India and called Mr. Modi in August to “welcome” the first shipment of American crude to India, after a break of 40 years. India needs a lot of energy and the U.S has it in abundance,” pointed out Nisha Biswal, President of U.S.-India Business Council.

Source: The Hindu February 05, 2018 17:26 UTC