India today is a land of opportunity and can be a “trusted partner” for global and American corporations in their supply chains and investment portfolios, Commerce and Industry Minister Piyush Goyal said.
He also exuded confidence that the country will soon be the third-largest economy in the world, as transformational reforms and a young population drive future growth.
“I would urge all of you to take this message to the world, to the Americans and American corporations and to the sphere of influence that each one of you has that India is the place to be, India can be your trusted partner in your supply chains, in your investment portfolio, in your business,” Goyal said on Sunday as he addressed diaspora and members of the Indian-American community.
Goyal arrived in New York on Sunday on an official visit till January 11 during which he will also travel to Washington DC. In the first leg of the visit, he will interact with CEOs of multinational enterprises, join roundtable meetings with business leaders and think tanks and visit industries in New York.
He will attend the 13th Trade Policy Forum (TPF) meeting in Washington on January 11 and also hold a bilateral meeting with US Trade Representative Ambassador Katherine Tai.
Addressing the community reception on the eve of the Pravasi Bhartiya Divas 2023, Goyal said members of the diaspora, and their forefathers immigrated from India to the US in search of a better life.
While America “has given you a lot and I’m sure each one of you has given back to the US manifold, today India is that land of opportunity.
“Today India beckons your contribution to make India a great superpower,” Goyal said adding that as “we work towards making India a developed nation”, he is confident that the country’s diaspora will also be contributing to take India back to the “old glory that we had a few 100 years ago” to the time when India was one of the largest contributors to global economy. “I think it’s time we got that glory back in our nation.”
Goyal highlighted that India quickly rebounded after the lockdown and economic stress unleashed by the pandemic, underlining that last year was a “record year in terms of growth in all spheres, including our international engagement.”
He said India’s exports crossed $670 billion for the very first time in the country’s history and foreign direct investment was also at an all-time high, with nearly $84 billion FDI inflows in 2021-22.
He said investments in India get one of the finest returns, which no other country has, as he cited a study to note that if one looks at a 20-year horizon, nearly one out of four companies on the top 500 companies on the Indian stock exchange have given a 20% plus compounded return to investors, more than anywhere else in the world and ahead of the US and China.
Goyal added that a “metamorphosis” is needed back home in India. “The transformational reforms that we have seen over the last few years have made India the world’s fifth-largest economy. Four or five years from now, we’re very confident we will be the third largest economy.”
Assuring that no one in India will rest on this laurel, Goyal said several steps have been taken to ensure ease of doing business in India and ease of living and this “will hold us in good stead” as the country’s young skilled and talented population drives the Indian economic growth in the next 25 years. “There is fire in the belly of every Indian,” he added.
Goyal noted that under India’s G20 presidency this year, “we are demonstrating to the world our abilities and our contributions as we see them in the next 25 years.”
He gave a clarion call to the diaspora to strengthen the brand India, “bring high quality to everything that we do, both in India and internationally”, buy Indian-made products, present the India investment opportunity to investors in the US and contribute to India’s growth story through a greater degree of philanthropy and knowledge transfer.
“Your accomplishments in the US have been huge. You are uniquely positioned to contribute to India’s growth story also. We invite you not only to share your ideas, your vision, your achievements and the possibilities that are there in India. In this century, which the world today acknowledges as India’s century, I invite you to help us shape the contours of a new India, a powerful India, an India that will lead global growth, an India that is destined to be a ‘Vishwa Guru’,” he said.
Goyal stressed that both the US and India are vibrant democracies. “We both have very strong linkages and bonds of friendship, very strong geopolitical ties, huge interests in business, trade, in economic well-being of both countries. In fact, India is happy that the US is our largest trading partner,” Goyal said.
The Indian diaspora holds the Indian flag high and continues “to act as the living bridge between India and the US,” the minister added.
Edited by Affirunisa Kankudti