India-US partnership driven by trust, complementary economies: Piyush Goyal

By Aroonim Bhuyan

New Delhi. Union Commerce and Industry Minister Piyush Goyal on May 21 said India and the US are emerging as natural partners across sectors ranging from technology and defence to digital infrastructure and advanced manufacturing, underpinned by mutual trust and complementary economic strengths.

Addressing the Annual Leadership Summit of the American Chamber of Commerce in India in New Delhi, Goyal said American companies had committed investments worth more than $60 billion in India over the past six months, including major data centre projects by Amazon and Google.

He said India offered global companies a trusted investment framework combining scale, skilled talent and a large and aspirational market. According to the minister, the US is increasingly looking for dependable economic partners, while India has consistently demonstrated respect for intellectual property rights and the ability to deliver high-quality output on time.

Goyal described the India-US relationship as “the defining partnership of the 21st century”, driven by a combination of American innovation and investment with Indian skills and talent. He said the two economies complemented each other with limited direct competition, helping create resilient and trusted global supply chains.

The minister highlighted India’s growing appeal in emerging sectors such as quantum computing, medical devices, high-precision defence manufacturing and digital infrastructure. He said India was rapidly transitioning from being merely an assembly hub to becoming a centre for design, innovation and intellectual property creation.

Referring to industrial development initiatives, Goyal said the government was working on an area-based manufacturing approach through the Bhavya scheme, which aims to establish 100 new industrial parks across the country. The parks, he said, would integrate industrial infrastructure with worker housing, recreation and social amenities to create holistic manufacturing ecosystems.

He added that infrastructure expansion, reduced logistics costs and India’s free trade agreements were creating a virtuous cycle for investment, exports and manufacturing growth. Expressing confidence in India’s economic trajectory, Goyal said the country would likely remain the world’s fastest-growing major economy for at least the next 25 years.

The minister also stressed the importance of micro, small and medium enterprises (MSMEs) in strengthening supply chains. He said the government was working with the MSME Ministry and the Department for Promotion of Industry and Internal Trade to promote technology upgradation and skill development among smaller businesses.

He noted that the proposed Export Promotion Mission would help MSMEs obtain globally recognised certifications required for integration into international supply chains. Agencies such as the Export Inspection Council, the Bureau of Indian Standards and the Food Safety and Standards Authority of India were also working together to develop world-class testing and quality infrastructure, he added.

Highlighting India’s economic resilience amid global uncertainty, Goyal said India’s growth forecast had recently been revised upward from 6.4 percent to 6.5 percent despite challenges arising from the Ukraine conflict and tensions in West Asia. He said this reflected confidence in India as a reliable investment destination.

The minister pointed to India’s rapid digital transformation, including one of the world’s fastest 5G rollouts and among the lowest data costs globally. He said digital adoption and innovation were expanding beyond metropolitan centres into smaller cities and rural areas because of India’s strong digital backbone.

Goyal said India currently hosts 2,117 global capability centres employing around 2.35 million people and generating nearly 98 billion dollars in revenue. He said multinational corporations increasingly preferred establishing capability centres in India rather than relocating talent overseas, a trend that accelerated after the COVID-19 pandemic.

Referring to flagship initiatives launched under Prime Minister Narendra Modi, including Startup India, Make in India and Digital India, the minister said these programmes had laid the foundation for India’s long-term transformation.

He also highlighted growth in renewable energy, stating that India’s solar power capacity had increased from less than two gigawatts to over 150 gigawatts in under 12 years. According to him, India now offers reliable 24-hour clean energy at globally competitive rates, making it an attractive destination for data centres and advanced manufacturing.

On infrastructure development, Goyal described PM Gati Shakti as a transformative initiative integrating nearly 1,800 layers of geospatial and infrastructure data to improve planning for highways, railways, ports and logistics networks. He said the platform had significantly improved coordination and efficiency in infrastructure implementation.

Calling for stronger industry participation, Goyal urged larger companies to support MSMEs through faster payment cycles, suggesting payments be cleared within seven days after approval of goods to improve cash flow and encourage investment in technology and quality enhancement.

Speaking about the government’s long-term vision for Viksit Bharat 2047, the minister said India aimed to become a developed nation with a projected per capita income of $20,000 by 2047. He urged investors and businesses to recognise India’s scale, talent and long-term growth potential, saying those who trusted India’s economic story would continue to benefit from its transformation.