New Delhi: Union Minister of Commerce and Industry Piyush Goyal on Thursday said that India and the United States are working as natural partners and complement each other across sectors including technology innovation, high precision defence, digital data centres, quantum computing and medical devices.
Addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi, the Minister said the partnership between the two countries is strengthened by mutual trust and shared economic interests.
Goyal said commitments from American industry in the last six months are estimated to be upwards of 60 billion dollars, including major data centre investments by companies such as Amazon and Google.
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He said India provides a trusted framework for global companies and combines scale, talent and market opportunity in a manner unmatched globally.
The Minister said America is looking for a trusted partner and India has consistently demonstrated respect for intellectual property rights while delivering high-quality output on time.
He said India offers a large pool of skilled talent and provides scale to American innovation through demand aggregation from 1.4 billion aspirational Indians, rising incomes and a growing middle class.
Goyal said India and the United States have economies that complement each other with minimal competition, making the partnership stronger.
He said when complementarity is combined with mutual trust, it creates an unbeatable combination capable of building trusted and resilient supply chains for the future.
Minister said the Government is also adopting an area-based approach to industrial development through the Bhavya scheme aimed at creating 100 new industrial parks across the country. He said the model integrates industrial infrastructure with worker housing, recreation and social amenities to create holistic industrial ecosystems.
Goyal said improved infrastructure, lower logistics costs and free trade agreements together are creating a virtuous cycle of investment, manufacturing growth and export competitiveness. He expressed confidence that India will continue to remain the world’s fastest growing economy for at least the next 25 years.
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AMCHAM which organised the summit was established in 1992 and has over 400 U.S. companies as members and plays a pivotal role in fostering strong ties between the U.S. and India.
The incumbent U.S. Ambassador to India is the Honorary President of AMCHAM. AMCHAM enjoys a very close relationship with the U.S. Embassy and complete support in fulfilling its objectives.
Ends.
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