Piyush Goyal invokes 'India story', invites Indian-Americans to invest

World Monday 09/January/2023 11:06 AM
Piyush Goyal invokes 'India story', invites Indian-Americans to invest

New Jersey: Indian Union Commerce Minister Piyush Goyal, currently in the United States, highlighted the India story, Prime Minister Narendra Modi's leadership and urged the Indian diaspora to expand India's reach to global markets. At Edison, Goyal spoke about PM Modi's management style, citing his ambitious vision, policy boldness, and careful monitoring. He expressed admiration at how America has benefitted from Indian talent.

During an interaction with the Indian community, Goyal, who is on a four-day visit to New York, New Jersey and Washington, highlighted the government's bid to win over an influential and prosperous segment of the American economic life and prod them to invest in their homeland. The minister expressed a desire to have people of Indian heritage pitch India's growth story.

"I would invite you to help us shape the contours of a new India, a powerful India and India that will lead global growth and India that is destined to be a 'Vishwaguru'," said Goyal, in an address to the Indian diaspora.
"As we take up the G-20 presidency this year, we are demonstrating to the world our abilities and our contributions as we see that in the next 25 years," added Goyal.

"In the Azadi ka Amrit Mahotsav, not only are we reflecting on our achievements and glory but also focusing on ideas for this Kaal and I will ensure that each one of you contributes to these ideas and efforts. You stand to gain a lot and your families, and businesses have a huge opportunity (to prosper in India)," Goyal said.

He added that India and US are natural partners having trade complementarities, long-standing strategic and economic relationships and a strong people to people contact. Both are vibrant democracies as well, the Union minister noted.

"Both the US and India are vibrant democracies. We both have very strong linkages and bonds of friendship, very strong geopolitical ties, and huge interests in business and trade in the economic well-being of both countries," Goyal added.

Lauding India's economy and how it bounced back after the Covid lockdown, Goyal said 2022 was a record trade year, with India's exports growing to USD 670 billion.

Goyal is in the United States to participate in the 13th Trade Policy Forum (TPF) ministerial meeting, a primary bilateral mechanism on trade, with US Trade Representative Katherine Tai. The top Indian official is also scheduled to call on US Secretary of Commerce Gina Raimondo.

TPF is a premier forum to resolve trade and investment issues between India and the US. The TPF was established in July 2005 to discuss trade and investment issues.

The objective of the forum is to facilitate trade and investment flow between the two countries, develop and implement trade policies through transparent procedures that comply with international obligations, foster a conducive environment for technological collaboration and innovation and promote inclusive economic growth and job creation in India and the US.

The Union Minister of Commerce and Industry and the trade representative of the US are the co-chairs of the Trade Policy Forum.

The 12th TPF ministerial meeting was held on November 23, 2021 after a gap of four years, in New Delhi.
The Union minister will also meet business leaders in New York, and Washington, apart from engaging with members of the diaspora.

A Commerce ministry release said the forum is a "platform for continuous engagement between two countries in the area of trade and to further the trade and investment relations between the two countries".

The two countries are also collaborating under the QUAD, I2U2 (India-Israel/ UAE-USA) and IPEF (Indo-Pacific Economic Framework). Regular exchanges at the leadership level have been an integral element of the expanding bilateral engagement.

The outcomes emerging from these visits have been instrumental in further strengthening the multifaceted ties between the two countries.