Rubio says India made ‘substantial progress’ in diversifying oil purchases

US Secretary of State Marco Rubio expressed on Tuesday that India had made significant strides in diversifying its energy sources, reducing its reliance on Russia, a key importer. During his visit to Mumbai, the economic hub of India, Rubio emphasized the importance of diversifying energy portfolios, a goal that India has consistently advocated for.

He acknowledged that such a shift is not an overnight process, but applauded India's progress in this direction. The US is hopeful to become a potential source of energy for India, Rubio stated.

Rubio further hinted at the possibility of a trade deal between the two nations, noting that they are on the brink of concluding one. However, the process is not yet finalized. The two countries are close to reaching an agreement, but there are still a few items to be wrapped up. Rubio expressed optimism that they could announce a finalized trade deal soon, which would pave the way for a signature ceremony.

The US and India have been negotiating for a while now, with an interim trade agreement reached in February aimed at mitigating US tariffs on Indian goods. However, the situation remains uncertain due to the withdrawal of Trump's comprehensive tariffs by the US Supreme Court, leading to a period of uncertainty regarding the implementation of the interim agreement.