The Business Bytes
TBB BUREAU
BHUBANESWAR, SEPT 06, 2022
Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal on Tuesday said that India today provides the best investment opportunity to the investors across the world, while calling upon investors in the US to avail the opportunities that India offers.
He said this while addressing the US India Strategic Partnership Forum (USISPF) in San Francisco.
Speaking on India-US relations, Goyal said partnership between India-US partnership is a ‘Partnership of Trust’, which rests on 3Ts of Trade, Technology and Talent. He noted that India-US relations are based on strong government to government engagement, people to people ties, large Indian diaspora, business to business relations, increasing bilateral trade, deep engagement in geopolitically relevant vibrant Quad, Ministerial Dialogue, IPEF and robust trade policy forum. Reaffirming India’s commitment to working closely in areas of mutual interest, Shri Goyal said focus is on further expanding the India-US relationship.
Recognizing that India and the US are natural partners in terms of competitive advantages and opportunities they offer to each other, Shri Goyal spoke about the talent that India has provided to the US and investment that the US has provided to India. He asked US investors to share newer ideas, suggestions on taking the India-US relations to the next level. Noting that both countries share tremendous interest in the world which is peaceful, open to business, and believes in democracy, transparency, Shri Goyal asserted that the two countries can work collectively to promote global security, stability and resilient supply chains and a growing economy.
Stating that India’s credibility has strengthened across the world in last few years, Goyal mentioned that we have taken transformative reforms and structurally prepared the economy for higher degree of honest business, recognizing and respecting integrity in business processes, reducing compliance burden, decriminalisation of laws, respecting and trusting and honesty of business persons.
Highlighting that India is a much more open economy now, Shri Goyal pointed out that India is opening up discussions with countries on subjects that were never taken up before such as gender, environment, small and medium enterprises, labour and anti-corruption laws. We are committed to providing growth opportunities both for domestic and foreign investors, he added.
In his speech, Goyal highlighted the fact that lots of innovation is taking place in different fields and new areas are opening up in India such as Artificial Intelligence, Big Data, E Commerce, Edutech, Fintech, Agritech and Healthtech. He sought suggestions and ideas to explore the engagement further in areas around textiles, geotextiles, technology for testing labs.
