India-US Partnership Emerging as Defining Economic Alliance of the 21st Century: Piyush Goyal

Highlighting growing American investor confidence in India, Shri Goyal stated that commitments from US industry during the last six months alone are estimated to exceed 60 billion dollars.

Union Minister of Commerce and Industry Shri Piyush Goyal today said that India and the United States are increasingly emerging as natural and trusted partners across critical sectors including technology innovation, defence manufacturing, digital infrastructure, quantum computing, medical devices and advanced manufacturing. Addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi, the Minister emphasized that the partnership between the two nations is being strengthened by deep mutual trust, shared democratic values and strong economic complementarities.

Highlighting growing American investor confidence in India, Shri Goyal stated that commitments from US industry during the last six months alone are estimated to exceed 60 billion dollars. These include major investments in data centres and digital infrastructure by global technology giants such as Amazon and Google. He said India today offers a trusted and stable framework for global businesses while combining scale, talent and market opportunities unmatched anywhere in the world.

The Minister said the United States is increasingly looking for reliable global partners and India has consistently demonstrated respect for intellectual property rights, quality standards and timely execution. He added that India's massive pool of skilled professionals, coupled with the aspirations of 1.4 billion citizens, rising incomes and an expanding middle class, makes the country one of the world's most attractive investment destinations.

Shri Goyal noted that the economies of India and the United States complement each other with minimal direct competition, creating strong opportunities for long-term strategic cooperation. According to him, when economic complementarity is combined with mutual trust, it creates an "unbeatable combination" capable of building resilient and trusted global supply chains for the future.

Speaking about India's industrial transformation, the Minister said the Government is adopting an area-based development approach through the ambitious Bhavya Scheme, which aims to establish 100 new industrial parks across the country. He explained that the scheme integrates industrial infrastructure with worker housing, recreation facilities and social amenities to create modern and holistic industrial ecosystems.

The Minister further stated that improved infrastructure, reduced logistics costs and India's growing network of free trade agreements are together creating a virtuous cycle of investment, manufacturing growth and export competitiveness. He expressed confidence that India would continue to remain the world's fastest-growing major economy for at least the next quarter century.

Highlighting the role of Micro, Small and Medium Enterprises (MSMEs) in global supply chains, Shri Goyal said the Government has launched coordinated initiatives involving the MSME Ministry and the Department for Promotion of Industry and Internal Trade to support technology upgradation, quality enhancement and skill development among MSMEs. He added that the proposed Export Promotion Mission will help Indian MSMEs obtain globally recognized certifications required for participation in international supply chains.

He informed that agencies such as the Export Inspection Council, Bureau of Indian Standards (BIS) and Food Safety and Standards Authority of India (FSSAI) are working together to strengthen India's testing and quality certification infrastructure to meet world-class standards.

Referring to India's resilience amid global economic uncertainties, Shri Goyal noted that India's growth forecast was recently upgraded from 6.4 percent to 6.5 percent despite global disruptions caused by the Ukraine conflict and tensions in West Asia. He said this reflects India's economic strength, decisive leadership and growing global confidence in the country as a reliable investment destination.

The Minister described the India-US relationship as a defining partnership of the 21st century driven by American innovation and investment combined with Indian skill, talent and entrepreneurship. He said global leaders increasingly view India with admiration and optimism, motivating the country to work towards building a stronger and more prosperous future.

Discussing India's evolving manufacturing ecosystem, Shri Goyal said the country is rapidly moving away from the earlier "assemble in India" model toward becoming a global centre for design, innovation and intellectual property creation. He pointed out that innovations which may cost billions of dollars in developed economies can often be developed in India at one-third or even one-fifth of the cost because of India's engineering capabilities and talent base.

The Minister also highlighted the rapid expansion of Global Capability Centres (GCCs) in India. He said India currently hosts 2,117 GCCs employing nearly 2.35 million people directly while generating approximately 98 billion dollars in revenue annually. According to him, global corporations are increasingly recognizing India as a preferred destination for innovation and research operations instead of relocating talent overseas.

Shri Goyal said the COVID-19 pandemic accelerated this transition by demonstrating the effectiveness of remote working and offshoring operations to trusted partners such as India. He added that a culture of innovation and research is now spreading rapidly among Indian youth not only in metropolitan cities but also in tier-two, tier-three cities and eventually rural regions because of India's robust digital backbone.

Highlighting the transformational impact of flagship government initiatives, Shri Goyal referred to Startup India, Make in India and Digital India as major drivers of India's economic and technological transformation. He also mentioned efforts related to financial inclusion, women empowerment, housing, unified electricity grids and digital infrastructure development.

Speaking on renewable energy growth, the Minister stated that India's solar power capacity has increased from less than two gigawatts to more than 150 gigawatts in under twelve years due to visionary policy reforms and ambitious national targets. He said India now offers high-quality power infrastructure and 24-hour clean energy at globally competitive prices, making it highly attractive for data centres and advanced manufacturing industries.

The Minister further highlighted India's rapid digital transformation, noting that the country has achieved one of the world's fastest 5G rollouts extending even to remote regions while simultaneously offering some of the lowest data costs globally. He said India is already preparing for the next phase of technological growth and digital advancement.

Shri Goyal also spoke extensively about PM Gati Shakti, describing it as a transformative initiative developed to improve integrated infrastructure planning across India. He explained that the platform combines nearly 1,800 layers of geospatial and infrastructure-related data to support better planning of highways, railways, ports and logistics systems while reducing costs and improving efficiency.

Recalling earlier logistical bottlenecks around major ports such as JNPT, the Minister said PM Gati Shakti has fundamentally transformed infrastructure planning by enabling coordinated and technology-driven decision-making.

On India's long-term vision for Viksit Bharat 2047, Shri Goyal said the Government is working with clearly defined targets similar to successful businesses. He stated that India aims to become a developed nation with a projected per capita income of 20,000 dollars and a population of around 1.6 billion by 2047.

The Minister stressed that government initiatives related to housing, financial inclusion, water access, ease of living and ease of doing business are being implemented with measurable goals and continuous monitoring. He urged global businesses and investors to look beyond the present and recognize India's immense talent, agility, aspirations and long-term growth potential.