Piyush Goyal Reaffirms Strong India–US Partnership, Charts 2047 Growth Vision

The Minister stressed that India must protect domestic interests, especially those of farmers, fishermen, MSMEs and small manufacturers, while navigating complex agreements.

Addressing the Indo‑American Chamber of Commerce (IACC) in New Delhi, Union Minister of Commerce and Industry, Shri Piyush Goyal, reaffirmed that the India–US partnership remains robust, stable and multidimensional, rooted in shared democratic values and expanding rapidly across strategic, technological and economic domains. He emphasised that there is “no cause for concern” about the bilateral relationship and underscored that cooperation between the world’s two largest democracies continues to deepen despite global uncertainties.

A Partnership of Trust, Diversity and Shared Purpose

Shri Goyal noted that the United States views India as a trusted, reliable and long‑term partner, with both nations committed to strengthening trade, investment, supply chain stability and innovation-driven collaboration. He explained that large, comprehensive partnerships like India–US naturally contain multiple strands progressing at varying speeds, and negotiations—whether on trade, standards or market access—are an ongoing process.

The Minister stressed that India must protect domestic interests, especially those of farmers, fishermen, MSMEs and small manufacturers, while navigating complex agreements. He said that safeguarding livelihoods and local industry remains central to India’s global economic engagements.

India’s Economic Rise: From Fragile Five to Global Top Five

Shri Goyal highlighted India’s dramatic macroeconomic transformation over the past decade. Once counted among the “Fragile Five” economies, India is now one of the world’s top five, propelled by structural reforms, fiscal discipline and targeted social programmes. The Minister projected that India is on track to become the world’s third‑largest economy by 2027, citing:

• A strong, well‑capitalised banking system

• Low inflation and a manageable fiscal deficit

• High consumer confidence and demand resilience

• Record infrastructure creation driven by GST‑enabled logistics efficiency

• A surge in global investor confidence in India’s governance model

He noted that India has grown to become an aspirational economy, powered by a young population and an improved standard of living across sectors previously plagued by scarcity.

India: An Emerging Model of Development

Recalling Prime Minister Narendra Modi’s vision, Shri Goyal reiterated that India is not just an emerging market but an emerging model of development, built on the foundation of:

• Strong macroeconomic fundamentals

• Inclusive and sustainable growth pathways

• Universal welfare systems covering 140 crore citizens

• Deepening democratic participation

• A skilled youth population driving national progress

India produces 2.4 million STEM graduates annually, making it one of the world’s most powerful talent pools—a key reason why global capability centres, multinational corporations and technology firms continue to expand operations in India.

Trade, FTAs and India’s Expanding Global Footprint

The Minister stated that India is deepening commercial cooperation with multiple advanced economies through free trade agreements—both concluded and under negotiation. These FTAs will help India diversify supply chains, open new markets for MSMEs and position the country at the centre of 21st‑century global commerce.

He added that India is today an aspirational society where basic needs—nutrition, housing, potable water, electricity, healthcare, sanitation and digital access—have become universally available, enabling millions to participate in economic growth.

Economic Doubling, State Transformations and Market Strength

Shri Goyal highlighted that India’s economy has more than doubled in the past decade. At current growth rates, India’s GDP doubles every eight years, steering the nation towards a USD 30–35 trillion economy by 2047 as part of the Amrit Bharat vision.

He pointed to Uttar Pradesh as a case study in transformative governance—now a leading destination for large‑scale investments with consistent project monitoring and improved law and order.

The Minister described India’s growth story as one of resilience, reliability and security, emphasising that targeted welfare programmes and infrastructure investments have brought education, housing, healthcare and employment to remote tribal areas.

Regulatory Reforms and Ease of Doing Business

Shri Goyal reiterated the Government’s unrelenting push for clean governance, decisive leadership and continuous reforms. By eliminating outdated regulations, reducing compliance burdens, and decriminalising minor offences, India is creating one of the world’s most supportive environments for entrepreneurship and foreign investment.

India’s average age—28.4 years—positions it as a global talent hub, with a population increasingly seeking better opportunities, higher incomes and global engagement.

India: A Stable Oasis Amid Global Volatility

Despite geopolitical uncertainties and global economic headwinds, India has become an oasis of stability. Shri Goyal highlighted:

• India’s stock market has grown 4.5 times in the last 11 years

• Over 2,000 Global Capability Centres, many from the US, now operate in India

• Startups are supported through a ₹10,000 crore second Fund of Funds

• Innovation is given a major boost through the ₹1 lakh crore RDI Fund

He said that global companies increasingly recognise India’s strength in technology, talent, design, quantum computing, AI and advanced manufacturing.

A Strong Post‑COVID Performance and Growing Global Confidence

Shri Goyal praised India’s collective resilience during the COVID‑19 crisis, noting that the country’s capacity to act unitedly and effectively has strengthened global faith in the Indian economy.

He stated that India continues to outperform global growth forecasts and is on course to record higher exports in goods and services this financial year, underscoring its position as the fastest-growing major economy.

A Collective March Towards a Developed India by 2047

In his closing remarks, Shri Goyal called for collaborative efforts across industry, government and civil society to realise the dream of a prosperous, developed India by 2047. He said: “When 1.4 billion Indians work together with unity and purpose, no challenge is insurmountable.”