Positive Momentum in India-US Relations, Says Piyush Goyal
Commerce and Industry Minister Piyush Goyal expressed strong optimism about the ongoing India-US relationship, describing it as a “trusted partnership.” Speaking at an event organized by the Indo-American Chamber of Commerce, he assured attendees that the economic and strategic ties between the two countries are growing, even amidst global uncertainties.
Goyal noted that concerns over any slowdown in the bilateral relationship are unfounded. He emphasized that the partnership is based on shared democratic values, diversity, and a mutual vision for development. He added that trade talks with the US are ongoing, with various sectors progressing at their own pace, but reiterated India’s commitment to protecting the interests of its farmers, fishermen, and small businesses.
Trade Deal on the Horizon?
In related news, a senior official from the Trump administration suggested that a trade deal between India and the US could be concluded “soon.” National Economic Council Director Kevin Hassett mentioned in a CNBC interview that discussions are moving forward and that good news may be on the way.
Bipartisan Support for Strategic Ties
On Capitol Hill, Democratic Representative Ami Bera and Republican Representative Joe Wilson introduced a bipartisan resolution acknowledging the historical partnership between the US and India. This resolution highlights India’s crucial role in promoting regional stability, economic growth, and maintaining a free Indo-Pacific.
India’s Economic Rise
Goyal highlighted India’s impressive economic journey, noting that the country has transformed from being considered one of the “Fragile Five” to one of the world’s top five economies in just over a decade. He projected that India is on track to become the third-largest economy globally by 2027, supported by a stable banking system, controlled inflation, and significant infrastructure development.
Quoting Prime Minister Narendra Modi, Goyal described India as an “emerging model of development,” focusing on inclusive growth and a skilled workforce. India produces 2.4 million STEM graduates each year and is actively engaging in multiple free trade agreements.
An Oasis of Stability
Despite global economic challenges, Goyal described India as an “oasis of stability,” pointing to its thriving stock market and the presence of over 2,000 US-linked Global Capability Centres operating in India.
In terms of innovation, he discussed government backing for startups, including a significant fund for research and development, and encouraged US companies to collaborate in advanced technologies like AI and quantum computing.
Goyal concluded by expressing confidence in India’s future as one of the fastest-growing major economies, urging collective efforts toward shared goals by the year 2047. He emphasized that with unity and determination, nothing is beyond reach for the 1.4 billion people of India.
