Minister highlights multifarious interaction between India-US at various platforms
Minister of Commerce & Industry Piyush Goyal has expressed hope that more and more US-based corporations will work together with Indian companies in the near future and has cited examples of how both countries’ businesses are contributing in each other’s economy through their work in the Indian-American markets.
He has encouraged companies from the US to establish their base in India and expand to newer frontiers like the African and South-East Asian markets.
“India offers assured prosperity and growth to the 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,” Goyal said at the American Chamber of Commerce in India’s (AMCHAM) 31st Annual General Meeting in New Delhi on 4 May 2023.
The Minister talked about diversifying and deepening India-US trade and investment ties for mutual growth and prosperity in his address on the ‘US-India Partnership: Forging Ahead’.
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, among others, on the merchandise side while IT, accounting, business processes outsourcing, research & development, tourism, on the services side.
Goyal said that the bilateral trade between both the countries is growing rapidly and has 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 said, citing the example of many US corporations having Indian or Indian-origin CEOs.
The Government’s efforts on improving logistics infrastructure such as connectivity and power is leading to better quality of life for the people of India and enabling the aspirational youth to contribute to the rapid development of India, he pointed out.
Goyal stressed that it is important for the industry to stand on its own feet with delivery of high-quality products and services with government interference in business to the minimum.
The Minister said that there is multifarious interaction between India and the US at various platforms like the Indo-Pacific Economic Framework for Prosperity (IPEF), US-India CEO Forum, Quad, etc.
The comprehensive & strategic partnership between India and the US 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., he stressed.
The Minister highlighted complementarity between the Indian-US economies and noted that both the countries collaborate to make prosperous and rational decisions.
He underlined the significance of the recent visit of United States Secretary of Commerce Gina Raimondo to India for the strengthening and deepening of the India-US Partnership.
He appreciated that Raimondo had noted the Government’s efforts in eliminating poverty and improving the lives of the people of India through the efficient use of technology and effective policy formulations.
The Minister reassured that India is committed to the fight against climate change.
The Minister also appreciated the important role played by AMCHAM and the impetus provided by it for the India-US partnership. fiinews.com
