Commerce and Industry Minister Piyush Goyal has said there are ”limitless opportunities” for US investors and companies to grow in and with India across sectors and this is the ”right time” for them to increase their engagement with the country.
“India and US relations have been at an all-time high. In addition to strong bilateral relations, we are working closely under platforms such as Quad, I2-U2, IPEF etc,” Goyal said at a roundtable here hosted by the US-India Business Council (USIBC), part of the US Chamber of Commerce, and Nasdaq Monday. Goyal was making a reference to the Quad grouping of India, US, Australia and Japan, the I2-U2 grouping of India, Israel, the United Arab Emirates, and the United States and the Indo-Pacific Economic Framework for Prosperity.
In a statement issued by the USIBC, Goyal said that ”for the US companies looking for ‘good times’, this is the time, this is the right time, to look at India, and engage more with India.” “There are limitless opportunities all across: from semiconductors to infrastructure to healthcare to manufacturing to innovation to renewables to defence and so on. I am confident that the US industry will make use of these opportunities to grow in India and grow with India,” Goyal said in the statement.
USIBC President Ambassador Atul Keshap and Executive Vice Chairman of Nasdaq and Interim Chair of USIBC’s Global Board of Directors Edward Knight emphasised how India’s G20 presidency this year and the United States’ focus on “friend-shoring” presents a momentous opportunity to highlight the importance of the US-India economic partnership, and a fertile backdrop to make landmark progress on US-India trade issues, the statement said. Keshap added that “as the United States and other like-minded democracies seek to fortify their supply chains, India is a vital friend-shoring partner.” He added that India is taking an entrepreneurial approach to its trade partnerships and embracing an agenda focused on promoting India’s rise as a global export hub, an ambition ”our member companies support and appreciate.” Knight highlighted the existing and potential future role of American capital markets in powering India’s economic rise, and in connecting India’s talent, startup ecosystem, and rapidly expanding industrial capacity with global capital.
“There is a tremendous opportunity to introduce the longstanding culture of innovation and entrepreneurship that exists in India to the global capital markets and global investors. We look forward to continuing our diplomatic relationship with the Government of India as we look for more ways to facilitate growth between our nations.” Goyal is in Washington DC and will attend the 13th Trade Policy Forum (TPF) meeting on January 11. He will also hold a bilateral meeting with US Trade Representative Ambassador Katherine Tai. Keshap said the US-India Trade Policy Forum presents a strong opportunity for both countries to advance their economic convergence. ”Progress on harmonising investment and commerce policies, intensifying cooperation on critical and emerging technologies, and lowering barriers to trade will enable the industry to deliver sustained growth, job creation, and economic resilience for both our nations.” The roundtable titled ‘Friend-Shoring and the US-India Trade Partnership: Forging Shared Economic Resilience’ was attended by executives from the supply chain and logistics, manufacturing, healthcare, digital economy, and financial services sectors. The USIBC said key topics of discussion included expectations from the upcoming TPF, ways to further strengthen India’s intellectual property regime, and India’s progress on improving the ease of doing business. USIBC members highlighted Prime Minister Narendra Modi’s flagship National Logistics Policy as a “game changer,” and as a major step to lowering the costs of doing business in the Indian market and unlocking India’s potential as a global manufacturing and export hub. Several USIBC members signalled major new investments in India and plans to expand their manufacturing presence in the country.
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