The next 25 years is the golden period of Amrit Kaal and thus the right time to invest in India, said the Union Minister of Commerce and industry, consumer affairs, food and public distribution, and textiles Piyush Goyal when addressing the US India Strategic Partnership Forum (USISPF) in San Francisco.
He called upon US investors and sought suggestions and ideas for deeper engagement in sectors such as textiles, geotextiles, and technology for testing labs.
Goyal described the India-US partnership as a ‘partnership of trust,’ which rests on the 3Ts of trade, technology, and talent, according to a report by India’s Ministry of Commerce and Industry. He noted that India-US relations are based on strong government-to-government engagement, people-to-people ties, the large Indian diaspora, business-to-business relations, increasing bilateral trade, deep engagement in the geopolitically relevant Quad, ministerial dialogue, the Indo-Pacific Economic Framework for Prosperity (IPEF), and robust trade policy forums. Reaffirming India’s commitment to working closely in areas of mutual interest, Goyal stressed on further expanding the relationship between the two countries.
Recognising that India and the US are natural partners in terms of competitive advantages and opportunities they offer to each other, Goyal spoke about the talent that India has provided to the US and investments that the US has made in India. He asked US investors to share newer ideas and suggestions on taking India-US relations to the next level. Noting that both countries share significant interest in world peace, are open to business, and believe in democracy and transparency, Goyal asserted that the two nations can work collectively to promote global security, stability, resilient supply chains, and a growing economy.
Pointing towards India’s recently increased credibility across the world, Goyal mentioned that the Indian government has implemented transformative reforms and structurally prepared the economy for conducting business ethically. These reforms enable maintaining integrity in business processes, reducing compliance burden, and the decriminalising of laws, added the release.
Highlighting that India is a much more open economy now, Goyal pointed out that India is opening up discussions with countries on subjects that were never taken up before such as gender, environment, small and medium enterprises, labour, and anti-corruption laws. The Indian Government is committed to providing growth opportunities for both domestic and foreign investors, he added.
In his speech, Goyal drew attention to the fact that innovation is happening at a fast rate in different fields and new areas are opening up in India such as artificial intelligence, big data, e-commerce, edutech, fintech, agritech, and healthtech.
