New Delhi, May 21: Union Commerce and Industry Minister Piyush Goyal stated on Thursday that India and the United States are working as natural partners. He highlighted the growing collaboration between the two nations in areas such as technology, defense, digital infrastructure, quantum computing, and medical devices. Goyal emphasized that mutual trust and shared economic interests are the greatest strengths of their relationship.
Addressing the American Chamber of Commerce’s annual leadership summit in the national capital, Goyal noted that U.S. companies have committed over $60 billion in investments in India over the past six months. This includes significant data center investments from major firms like Amazon and Google. He asserted that India is providing a reliable environment, a vast market, skilled talent, and rapidly expanding opportunities for global companies.
Goyal remarked that the U.S. is seeking a dependable partner, and India has consistently demonstrated its reliability by delivering high-quality production while respecting intellectual property rights. He pointed out that India’s large pool of skilled youth and its market of 1.4 billion people provide a new momentum for American innovations.
He indicated that the economies of India and the U.S. complement each other, with minimal competition between them. This partnership could play a crucial role in establishing robust and reliable supply chains for the future.
The minister further mentioned that the government is working on a sector-based model to promote industrial growth. Under the ‘Grand’ scheme, 100 new industrial parks will be developed across the country. These parks will offer housing, recreational, and social facilities for workers, creating a comprehensive industrial ecosystem.
Goyal highlighted that improved infrastructure, reduced logistics costs, and free trade agreements are strengthening investment, manufacturing, and exports. He expressed confidence that India will remain the world’s fastest-growing economy for the next 25 years.
He also stated that the government is focusing on technological upgrades and skill development to empower the MSME sector. Through the proposed Export Promotion Mission, small and medium enterprises will receive assistance in obtaining international certifications, enabling them to become part of the global supply chain.
Despite global challenges like the Russia-Ukraine war and crises in West Asia, Goyal noted that India’s growth rate forecast has been raised from 6.4% to 6.5%. He attributed this to India’s strong economic potential, decisive leadership, and growing recognition as a reliable investment destination.
He remarked that the world views India with respect and hope, which inspires citizens to contribute to building a stronger nation.
Goyal stated that India is no longer just an assembly hub for foreign companies but is rapidly becoming a global center for design, innovation, and intellectual property creation. He explained that technological solutions that cost billions in developed countries can be developed in India at a fraction of the cost.
He added that post-COVID, global companies are prioritizing the establishment of their Global Capability Centers in India. Currently, 2,117 Global Capability Centers operate in India, employing approximately 2.35 million people and generating nearly $98 billion in business.
The minister noted that initiatives like Startup India, Make in India, and Digital India, under Prime Minister Narendra Modi’s leadership, have brought significant changes to the country. He mentioned that India’s solar energy capacity has surged from 2 gigawatts to over 150 gigawatts in the last decade.
Goyal concluded by stating that the government is working towards the goal of ‘Developed India 2047.’ This initiative aims to transform India into a developed nation, increase per capita income to $20,000, and build a robust industrial and digital economy.
He urged the business community and investors to trust India’s potential, talent, and rapidly evolving economic strength, assuring that those who believe in India’s growth journey will reap the greatest benefits in the years to come.
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