India-U.S. partnership the defining moment of the 21st century, says Goyal
New Delhi, May 4, 2023
Union Minister of Commerce & Industry Piyush Goyal today said that the India-U.S. partnership is the defining moment of the 21st century.
During his Inaugural Address on 'US-India Partnership: Forging Ahead' at the American Chamber of Commerce in India (AMCHAM) India's 31st Annual General Meeting here, the Minister talked about diversifying and deepening India-U.S. trade and investment ties for mutual growth and prosperity.
Prime Minister Narendra Modi and US President Joe Biden understand each other and work smoothly together to find solutions to complex geopolitical problems around the world, he added
The bilateral trade between India and the U.S. has been the highest in the last couple of years and would increase multifold in the coming years. The target of US$2 trillion in exports by the year 2030 was doable with the increasing eminence and recognition of India across the world and with strengthening partnerships with like-minded countries having shared values like the US.
Goyal cited the examples of many Indian companies operating in the US and vice versa and highlighted how significantly they were contributing to each other’s economy. He expressed the hope that more and more US-based corporations will work together with Indian companies in the near future.
He welcomed companies from the US to establish their base in India and expand to newer frontiers like the markets of Africa and South-East Asia. India offers assured prosperity and growth to US companies with the recent policy reforms undertaken with focus on the fundamental macroeconomic parameters, affordable labour costs, inclusive and sustainable development and increasing ease of doing business.
The businesses in both countries can work together to expand to the next level in many sectors like defence manufacturing, pharmaceuticals, textiles, engineering products, auto components, electrical products, agricultural products, etc. on the merchandise side while IT, accounting, business processes outsourcing, research & development, tourism, etc. on the services side.
The bilateral trade between both countries was growing rapidly and had tremendous potential to scale further heights. The technical and managerial talent offered by India to businesses around the world cements India’s relationship with the world; he cited the example of many US corporations having Indian or Indian-origin CEOs.
The Minister referred to the multifarious interaction between India and the US at various platforms like the Indo-Pacific Economic Framework for Prosperity (IPEF), U.S.-India CEO Forum, Quad, etc. The comprehensive & strategic partnership between India and the U.S. is based on a strong foundation of shared values, commitment to the rule of law, transparency, freedom of business, freedom of media, an independent judiciary, etc. There was complementarity between the India-US economy and both countries collaborated to make prosperous and rational decisions.
He mentioned the significance of the recent visit of United States Secretary of Commerce Gina Raimondo to India for the strengthening and deepening of the India-U.S. Partnership.
The Minister appreciated the important role played by AMCHAM and the impetus provided by it for the India-U.S. partnership. Goyal released two reports at the event, “The India edge - US Industries Catalysing the growth trajectory” and “Future of Urban Mobility- Integration of Platforms”.