Goyal wants to rekindle India-US ties
India’s reforms in the defence, mining, labour and agriculture sectors will open up new opportunities for the American companies, Commerce and Industry Minister Piyush Goyal has said, highlighting the 74% investment being allowed in the insurance sector under the Budget 2021-22.
Addressing the annual @USIBC State of US-India Business, Goyal said he looks forward to re-kindle bilateral institutional mechanism for trade, the Trade Policy Forum, and commercial dialogue to deepen this relationship through continuous engagements with President Joe Biden administration in Washington.
“As democracies wanting to give a better future to our people, we have a lot of synergy in our thinking. I am delighted to hear that the new administration has re-joined the Paris Agreement,” said Goyal on the US joining the global environment movement for which India is one of the main proponents.
He further elaborated on approach to rekindling India-US ties, saying “We are keen to expand on the digital space with the US. He added that we would be conscious of our responsibility to the people of India for data privacy. There are a lot of concerns with the big tech companies, and India would like to protect its policy space.”
Trade between India and the US has grown exponentially, but still there is a lot to be desired, the Minister told at the business forum virtually on 17 Feb 2021.
“We had set a modest (trade) target of half a trillion US dollar, which can be achieved through continuous engagement between the two nations,” he underlined the desire to increase business and investment with the American people.
The US and India complement each other. The US offers technology, finance & innovation, whereas India has a large market that needs to be served, he went on.
However, at the same time, “we need to protect people in agriculture and protect the citizens from low quality products”.
Emphasizing fair dealing in bilateral engagement, he said that India provides an under-served aspirational market. But the US will have to be very sensitive to price points in India, which matter to emerging economies with millions of people just coming out of poverty.
Goyal invited the American businesses to look at India as a manufacturing base to serve the large Indian and global markets but through cost-competitive products. #manufacturing #exports #investment #trade /fiinews.com
