New Delhi, May 21 (IANS). Union Commerce and Industry Minister Piyush Goyal on Thursday said that India and the US are working as natural partners and strong cooperation is being built between the two countries in areas like technology, defence, digital infrastructure, quantum computing and medical devices. He said that the biggest strength of the relations between the two countries is mutual trust and shared economic interests.
Addressing the annual Leadership Summit of the American Chamber of Commerce held in the national capital, Piyush Goyal said that the last six months have seen investment commitments of more than $60 billion in India by American companies, which also includes large data center investments by companies like Amazon and Google. He said that India today provides a reliable environment, huge market, skilled talent and rapidly growing opportunities to the companies of the world.
Piyush Goyal said that America is looking for a reliable partner and India has always proved its credibility by delivering high quality products on time while respecting intellectual property rights. He said that India has a huge strength of skilled youth and the huge market of 140 crore people gives new impetus to American innovations.
He said that the economies of India and America complement each other and there is very little competition between the two countries. This is why this partnership can play an important role in creating a strong and reliable supply chain for the future.
The Union Minister further said that the government is working on a sector-based model for the development of industries. Under the ‘Bhavya’ scheme, 100 new industrial parks will be developed across the country. Along with the industries, accommodation, entertainment and social facilities will also be provided in these parks for the employees so that a complete industrial ecosystem can be created.
He said that due to better infrastructure, low logistics costs and free trade agreements, investment, manufacturing and exports are getting new strength. Goyal expressed confidence that India will remain the world’s fastest growing economy for the next 25 years.
Piyush Goyal said that the government is paying special attention to technological upgradation and skill development to strengthen the MSME sector. He said that through the proposed Export Promotion Mission, small and medium industries will be helped in getting international level certification, so that they can become a part of the global supply chain.
Goyal said that despite global challenges like Russia-Ukraine war and West Asia crisis, India’s growth rate estimate has been increased from 6.4 percent to 6.5 percent. He said this reflects India’s strong economic potential, decisive leadership and growing recognition as a trusted investment destination in the world.
He said that today the world is looking at India with respect and hope and this belief is inspiring the countrymen to build a strong India.
Piyush Goyal said that India is no longer just a country that assembles products of foreign companies, but is fast becoming a global center of design, innovation and intellectual property creation. He said that technological solutions which cost billions of dollars in developed countries can be developed in India at a much lower cost.
He said that after the Covid pandemic, global companies are now giving priority to setting up their Global Capability Centers in India. Currently, there are 2,117 Global Capability Centers operating in India, employing approximately 23.5 lakh people and generating a turnover of approximately $98 billion.
The Union Minister said that under the leadership of Prime Minister Narendra Modi, schemes like Startup India, Make in India and Digital India have brought big changes in the country. He said that in the last decade, India’s solar energy capacity has increased from 2 GW to more than 150 GW.
Goyal said that the government is working with the goal of ‘Developed India 2047’. Under this, emphasis is being laid on making India a developed nation, increasing the per capita income to $20,000 and creating a strong industrial and digital economy.
He appealed to the industry and investors to believe in India’s potential, talent and rapidly changing economic power, saying that those who believe in India’s growth journey will get the biggest benefits from it in the years to come.
–IANS
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