Look At India As Your Next Investment Destination: Commerce Minister Piyush Goyal To American Businesses

Union Commerce and Industry Minister Shri Piyush Goyal on Wednesday (7 October) invited American businesses to be a part of Prime Minister Narendra Modi’s vision, and look at India as their next investment destination.

Addressing the India Chamber of Commerce USA's Summit on Global Financial and Investment Leadership virtually, Goyal said that the Indian government is committed to being bold, open, and change, the Commerce Ministry said in a statement.

“Let's work together in the spirit of oneness. Let's engage with each other & I am sure we have a bright future for the shared prosperity of the people of the US and India," Goyal said.

Stating that the US-India relationship will grow from strength to strength in the years to come, the Commerce Minister said that both the countries are at the cusp of a very enduring relationship.

He said that the US and India have a long journey ahead of them for working together, leveraging on huge reform measures that PM Modi has taken under Aatmanirbhar Bharat.

He said that the potential between the US and India is boundless. “We are partners who trust each other & we can make rapid strides to provide a trusted source to American businesses to work with a country which is transparent where there is rule-based trading & dialogue. The bilateral trade between US and India grew from $126 billion dollars in 2017 to $145 dollars in 2019. The target we have set of $500 billion dollars in the next 5 years is eminently doable," Goyal said.

The minister said that India today is moving out of the past into a mindset of high-quality products, greater global engagement, and greater share of world trade. He said that this isn't time for a conservative approach, it's time for bold decisions & bold investments.

Goyal said that the Modi Government has a very holistic approach. “We are moving from red-tape to red-carpet. We are moving out of the shackles of the past into a more open and liberal foreign investment destination," he said.