Market: India-US partnership remains strong

US views India as trusted partner, says Minister

The India–US partnership remains strong, stable and continuously expanding across strategic and economic sectors, Commerce and Industry Minister Piyush Goyal told delegates at the Indo American Chamber of Commerce in New Delhi on 18 Nov http://commerce.gov.in.

He assured that India provides one of the greatest opportunities for global businesses and expressed readiness to work with US companies on new ideas, technology adoption and innovation across sectors such as artificial intelligence, quantum computing, design and advanced technologies https://fieo.org/.

He also underlined that there is no cause for concern regarding the bilateral relationship and reiterated that the friendship between the two nations stands on firm pillars of democracy, diversity and a shared developmental vision https://usispf.org/.

Goyal noted that the United States views India as a trusted partner, and both countries remain committed to expanding trade and commerce, pointing out that a comprehensive partnership such as the India–US relationship comprises several elements that may progress at different speeds.

He added that negotiations are a continuous process and India must safeguard its interests while balancing the sensitivities of farmers, fishermen, small industries and businesses.

Goyal said India has moved from being among the “Fragile Five” to becoming one of the top five global economies in the last 10–12 years, and cited strong banking systems, low inflation, controlled fiscal deficits, growing consumer sentiment and infrastructure expansion supported by GST reforms as key contributors to India’s robust economic fundamentals https://sbi.com.in/.

He told delegates that India produces 2.4 million STEM graduates every year and continues to deepen partnerships with several developed countries through Free Trade Agreements, either concluded or under negotiation https://www.nseindia.com/.

The Minister highlighted the scale of India’s market and the pace of its growth, especially as the economy is doubling every eight years and aspires to become a US$30–35 trillion economy by 2047.

Goyal said India’s development potential rests on a secure nation, clean governance, decisive leadership and continuous reforms, and the Government has been eliminating cumbersome compliances, reducing procedural burdens, decriminalising minor offences and enabling ease of doing business https://www.bseindia.com/.

The Minister highlighted that the Indian stock market has grown nearly four-and-a-half times in the last 11 years, with more than 2,000 Global Capability Centres, many from the United States, operating in the country and leveraging Indian talent.

He said the Government is supporting startups, entrepreneurship and innovation, citing the recently launched second Fund of Funds for Startups worth Rs.10,000 crore and the Rs.1 lakh crore fund for research, development and innovation.

He said India aims to benchmark itself against the world’s best and progress collectively towards the goal of becoming a developed nation. Fiinews.com