India keen to diversify crude oil, coking coal sources: Piyush Goyal

India wants to diversify its sources of crude oil and coking coal and would "love" to source high-quality coking coal from the US, Commerce and Industry Minister Piyush Goyal said on Wednesday. He also said that the US can provide certain goods that India needs desperately for its economic growth. These goods can include Graphics Processing Units (GPUs) for Artificial Intelligence applications, equipment for data centres and high performance computing.
India’s crude imports from Russia have dropped since the US imposed sanctions on two major Russian oil firms in late 2025. According to reports, the share of Russian crude in India’s oil imports has dropped to the lowest level since late 2022 and analysts expect the numbers to drop further in the coming months.
He noted that the US is well positioned to supply several products that are critical for India’s economic growth, including graphics processing units used in artificial intelligence, infrastructure and equipment for data centres, and high-performance computing systems. Goyal said India can produce goods in areas where US manufacturers may not be competitive, while America can serve as an important provider of technology and investment capital.He added that demand for aircraft from the US is already estimated at about $100 billion over the next five years, with additional capacity required to expand domestic aviation and help lower fares.
Piyush Goyal said entering into a trade agreement with the US would be beneficial for India, noting that it would create significant opportunities for domestic businesses, particularly in labour-intensive sectors and technology-driven services. Referring to India’s free trade agreements, Goyal noted that nine such pacts have been concluded over the past four years. He added that these deals were negotiated from a position of confidence, emphasising that India now engages in trade talks assertively, without defensiveness, and with a focus on long-term interests.