Goyal underscored the India-U.S. partnership as the defining moment of the 21st century …reports Asian Lite News
India’s Minister of Commerce & Industry, Piyush Goyal delivered the inaugural address at the American Chamber of Commerce in India (AMCHAM) India’s 31st Annual General Meeting in New Delhi, highlighting the importance of the India-U.S. partnership and its potential for mutual growth and prosperity.
Goyal underscored the India-U.S. partnership as the defining moment of the 21st century and emphasized the vision for the relationship, the 5Ts-Talent, Technology, Tradition, Trade, and Trusteeship, identified by Prime Minister Narendra Modi. The minister noted that the bilateral trade between India and the U.S. has been the highest in the last couple of years and is aimed at increasing multifold in the coming years. The target of US$2 trillion exports by the year 2030 is doable, he added.
Goyal also cited examples of many Indian companies operating in the U.S. and vice versa, highlighting how significantly they are contributing to each other’s economy. The minister encouraged U.S. companies to establish their base in India and expand to newer frontiers like the markets of Africa and South-East Asia. He said that India offers assured prosperity and growth to the U.S. companies with the recent policy reforms undertaken with focus on fundamental macroeconomic parameters, affordable labor costs, inclusive and sustainable development, and increasing ease of doing business.
The minister stressed that there is tremendous potential to scale further heights in the bilateral trade between both countries. He said that 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 U.S. corporations having Indian or Indian-origin CEOs.
Goyal highlighted the multifarious interaction between India and the U.S. at various platforms like the Indo-Pacific Economic Framework for Prosperity (IPEF), U.S.-India CEO Forum, Quad, etc. He said that the comprehensive and strategic partnership between India and the U.S. is based on the strong foundation of shared values, commitment to the rule of law, transparency, freedom of business, freedom of media, independent judiciary, etc.
The minister appreciated the important role played by AMCHAM and the impetus provided by it for the India-U.S. partnership. He said that the collective effort between the leadership of both countries, warmth between people, etc. enables both countries to partner in uncharted territories for mutual growth and development.
At the event, the minister also released two reports: The India Edge – US Industries Catalyzing the Growth Trajectory and Future of Urban Mobility – Integration of Platforms.