India a land of opportunity, can be your trusted partner: Piyush Goyal in US

India is now a land of opportunity and can be a trusted partner for global and American corporations in their supply chains and investment portfolios, Commerce and Industry Minister Piyush Goyal has said.

He also exuded confidence on Sunday (January 8) that the country will soon be the third largest economy in the world as transformational reforms and a young population drive future growth.

“I would urge all of you to take this message to the world, to the Americans and American corporations and to the sphere of influence that each one of you has that India is the place to be, India can be your trusted partner in your supply chains, in your investment portfolio, in your business,” Goyal said.

Also read: Pravasi Bharatiya Divas: Anurag Thakur urges young diaspora to invest in India

He was speaking to the diaspora and members of the Indian-American community in Edison, New Jersey.

Goyal in the US

Goyal arrived in New York on Sunday on an official visit till January 11 during which he will also travel to Washington DC.

He will interact with CEOs of multinational enterprises, join roundtable meetings with business leaders and think tanks, and visit industries in New York.

Also read: Modi and the NRI: How BJP has tapped the diaspora for electoral gains

He will attend the 13th Trade Policy Forum (TPF) meeting in Washington on January 11 and meet US Trade Representative Ambassador Katherine Tai.

Addressing a community reception also attended by the Consul General of India in New York ahead of the Pravasi Bhartiya Divas, Goyal said while America had given the Diaspora a lot, “I am sure each one of you has given back to the US manifold…

“Today India beckons your contribution to make India a great superpower.”

Plea to diaspora

He said he was confident the diaspora will contribute to take India back to its old glory when the country was one of the largest contributors to global economy. “I think it is time we got that glory back in our nation.”

Highlighting that India quickly rebounded after the pandemic-induced lockdown, he said last year was a record year in terms of growth in all spheres, including our international engagement.

He said India’s exports crossed $670 billion for the very first time and foreign direct investment (FDI) was also at an all-time high, with nearly $84 billion FDI inflows in 2021-22.

He said investments in India get one of the finest returns.

He cited a study to say that over a 20-year horizon, nearly one out of four companies on the top 500 companies on the Indian stock exchange have given a 20 per cent plus compounded return to investors.

India will be 3rd largest economy

Goyal said the transformational reforms over the last few years have made India the world’s fifth-largest economy.

Four or five years from now, India will be the third largest economy, he said.

Indian diaspora’s remarkable contributions in the US🇮🇳🇺🇸 pic.twitter.com/rSfsFmwwEL

— Piyush Goyal (@PiyushGoyal) January 9, 2023

Goyal said several steps have been taken to ensure ease of doing business in India and ease of living. “There is fire in the belly of every Indian,” he added.

He urged the diaspora to strengthen brand India, buy Indian-made products, present the India investment opportunity to investors in the US and contribute to India’s growth story through philanthropy and knowledge transfer.

“You are uniquely positioned to contribute to India’s growth story. We invite you not only to share your ideas, your vision, your achievements and the possibilities that are there in India…

“I invite you to help us shape the contours of a new India, a powerful India, an India that will lead global growth, an India that is destined to be a Vishwa Guru,” he said.

Goyal stressed that both the US and India were vibrant democracies. India was happy that the US was its largest trading partner, he said.

(With Agency inputs)