Aircraft imports from US will bring down air fares: Goyal

New Delhi: Commerce and Industry Minister Piyush Goyal on Friday expressed hope that India would import aircraft, engines and spare parts worth about USD 100 billion from the US under the interim trade pact.

Import of aeroplanes may help boost tourism, and bring down airfares, he said. According to a joint statement issued by both sides on Saturday on the framework for the first phase of the bilateral trade agreement, India has expressed its intention to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years. He also said India needs coking coal to boost its steel production and the US is a major supplier of this commodity.