New Delhi: Commerce and Industry Minister Piyush Goyal on Thursday said 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 here, the Minister said the partnership between the two countries is strengthened by mutual trust and shared economic interests.
The commitments from American industry in the last six months are estimated to be upwards of $60 billion, including major data centre investments by companies such as Amazon and Google.
Goyal further stated that India provides a trusted framework for global companies and combines scale, talent and market opportunity in a manner unmatched globally.
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, adding that 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.
Highlighting the role of MSMEs in strengthening global supply chains, Goyal said the government has initiated coordinated efforts involving the MSME Ministry and the Department for Promotion of Industry and Internal Trade to support technology upgradation and skill development for MSMEs.
The proposed Export Promotion Mission will help MSMEs secure globally recognised certifications necessary to become part of international supply chains.
Agencies such as the Export Inspection Council, Bureau of Indian Standards and FSSAI are working together to build world-class testing and quality infrastructure across India, said the minister.
India’s growth forecast has been upgraded from 6.4 per cent to 6.5 per cent despite challenges such as the Ukraine conflict and the West Asia crisis.
India will continue to be the world’s fastest-growing economy for at least the next 25 years, said Goyal.
India currently hosts 2,117 global capability centres employing approximately 2.35 million people directly and generating nearly 98 billion dollars in revenue. He said these developments are contributing significantly to India’s sustained economic growth at a time when several countries are struggling with low growth rates.
(IANS)
