India-US partnership defining moment of the 21st century: Piyush Goyal

Speaking at the American Chamber of Commerce in India (AMCHAM) India's 31st Annual General Meeting in New Delhi on Thursday (May 4, 2023), India's Minister of Commerce & Industry Piyush Goyal declared that the India-U.S. partnership is the defining moment of the 21st century.

He emphasized the value of the India-US collaboration and the slogan "Chalein Saath Saath: Forward Together We Go" in his inaugural speech, "US-India Partnership: Forging Forward."

Goyal emphasized the depth of the cooperation between India and the US, noting the five Ts, which Prime Minister Narendra Modi had designated as the relationship's guiding principles: Talent, Technology, Tradition, Trade, and Trusteeship.

He noted that the bilateral trade between India and US has been the highest in the last couple of years and said that it is aimed to increase multifold in the coming years. He said that the target of US$2 trillion exports by the year 2030 is doable with the increasing eminence and recognition of India across the world and with strengthening partnerships with like minded countries having shared values like the US.

He gave examples of Indian and American companies doing business in each other's countries and making major economic contributions to each other's economies, strengthening the relationship between the two countries.

Furthermore, the Union Minister encouraged companies from the US to establish their base in India and expand to newer frontiers like the markets of Africa and South-East Asia.

He emphasized the enormous potential for growth in a variety of industries, including manufacturing for the defense industry, medicines, textiles, engineering items, car components, electrical goods, and more. He also spoke on the expanding two-way commerce and the possibility of future expansion.

Union Minister Goyal discussed the significance of India's demographic dividend and the government's initiatives to improve the country's logistical infrastructure, which will improve the quality of life for its citizens. He emphasized the necessity for the market to offer high-quality goods and services with little intervention from the government.

He also emphasized the several forums where India and the US communicate, including the Quad, the US-India CEO Forum, and the Indo-Pacific Economic Framework for Prosperity (IPEF). He emphasized the comprehensive and strategic relationship between the two countries, which is founded on a commitment to the rule of law, transparency, corporate freedom, media freedom, and an independent judiciary.

Goyal acknowledged AMCHAM's significant contribution and released two reports—The India Edge - US Industries catalyzing the growth Trajectory and Future of Urban Mobility- Integration of Platforms— at the event.