India and US are complementary economies: Piyush Goyal

Business Tuesday 10/January/2023 22:43 PM
India and US are complementary economies: Piyush Goyal

New York: Union Minister Piyush Goyal on Tuesday, said that India and US are complementary economies and it is a great time for collaborations, the Ministry of Commerce and Industry informed.

Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal is on a three-day visit to the United States from 9-11 January 2023. "The Union Minister addressed two roundtables on January 9 in New York: At the Council on Foreign Relations (CFR); and hosted by the U.S. - India Business Council (USIBC) at Nasdaq," the Ministry stated.

The discussion at CFR was moderated by Amb. Kenneth Juster was attended by stakeholders from the industry, academia and think tanks. The Roundtable hosted by the USIBC at Nasdaq was moderated by Amb. (Retd.) Atul Keshap, President, of USIBC, was attended by Executive Vice Chairman, Nasdaq and Chairman USIBC Global Board of Directors, Mr Edward Knight, as well as several leaders from the US business community.

At these Roundtables, the Union Minister gave an overview of the overarching reforms undertaken in the country in recent years and the remarkable transformation of the business ecosystem in India. He invited the US industry to make use of the limitless opportunities in India, especially in sunrise sectors such as EVs, semiconductors, battery technology, etc.

He noted that the India-US bilateral relations have been at an all-time high; and there exists a huge potential to further strengthen the commercial ties, given the shared strategic priorities and complementary strengths of the respective economies.

Earlier in the day, Piyush Goyal visited Tata Innovation Center, a partnership between TCS and Cornell Tech in New York, acting as a bridge between academia and industry. It was established in 2017 after a contribution of $50 million by TCS and focuses on artificial intelligence and data analytics.

He was welcomed by Mr Suresh Muthuswami, Chairman of TCS North America. Virtual reality-based 3D immersive content was demonstrated to HCIM on a live surgical procedure. He also appreciated the contribution of Indian companies to the US technology sector, adding to mutual competitiveness and productivity.

During the course of the day, the Union Minister met and held extensive discussions with several CEOs of leading companies, including Mr Michael Miebach of Mastercard; Mr Henry R Kravis, Co-Founder and Co-Executive Chairman of KKR (Kohlberg Kravis Roberts & Co); Mr Josh Silverman, CEO of e-commerce platform Etsy; Mr Stephen A Schwarzman, CEO of the asset management group, Blackstone; and Mr George R. Oliver, CEO of Johnson Controls. CEOs, in their discussions, complimented the bold economic reforms undertaken by India under the leadership of the Prime Minister.

They expressed optimism about India's growth trajectory. CIM invited them to expand their presence in India, making use of the growing opportunities.