Indian Commerce and Industry Minister Piyush Goyal has pitched New Delhi as a “trusted partner” for the US and other nations amid persisting trade and geopolitical tensions between Beijing and Washington.
“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 during an address to the Indian-American community in Edison, New Jersey on Sunday evening.
The Indian minister noted that the Indian economy and society have emerged even stronger from the COVID-19 pandemic, given that Indian exports crossed the $670-billion-mark for the first time in history.
Goyal also said that the foreign direct investment (FDI) into India was at an “all-time high” of $84 billion in the previous fiscal year and presented one of the finest returns on investment across the world, which showcases the country as today's “land of opportunity.”
The Return on Investment (RoI) for Indian companies was higher than American, Chinese or Japanese companies, Goyal said.
“The transformational reforms we have seen over the last few years have made India the world’s fifth-biggest economy. Four or five years from now, we are confident of becoming the world’s third largest economy."
Further, Goyal stated that Indian economic growth in the coming years would be driven by a “young demography.”
He said that New Delhi aspires to be a “superpower” by 2047, when India celebrates the centennial year of its independence from British rule.
US-China Tensions
Goyal’s visit to the US comes amid persisting trade tensions between the US and China, which are otherwise the largest trading partners. Successive US administrations have been involved in efforts to “decouple” the country from China.
The visit of outgoing US House Speaker Nancy Pelosi to the self-governing Chinese province of Taiwan last year led to massive diplomatic protests from Beijing, which also conducted one of its biggest “live-fire” drills around Taiwan.
Subsequently, in October, the Biden administration imposed restrictions on the export of high-end semiconductor chips to China. Beijing announced last month that it would be taking Washington to the World Trade Organization (WTO)-mandated grievance redressal mechanism to contest the move.
Meanwhile, New Delhi has also been seeking to reduce its economic dependence on Beijing, amid a border standoff in the eastern Ladakh region. China, along with the US, has consistently ranked among India’s biggest trading partners.