The $500bn India-US bilateral trade is doable in 5 years
India is seeking a greater share of the world trade and greater global engagement, Commerce and Industry Minister Piyush Goyal has told the India Chamber of Commerce USA’s Summit on Global Financial & Investment Leadership on 8 Oct 2020.
“We are moving from red-tape to red-carpet. We are moving out of the shackles of the past into a more open and liberal foreign investment destination,” he said at the virtual summit.
“Let’s work together in the spirit of oneness. Let’s engage with each other and I am sure we have a bright future for the shared prosperity of the people of the US and India.”
He assured that India would be a trusted source to American businesses to work with a country which is transparent where there is rule-based trading & dialogue.
He reminded them of a US$500 billion target set for the bilateral trade in the next 5 years, adding it “is eminently doable”.
The US-India bilateral trade grew to US$145 dollars in 2019 from US$126 billion dollars in 2017.
He highlighted that India is undertaking efforts to reform the Indian systems of Governance, policies and laws around mining, space technology, defence, banking, financial sectors, labor and agriculture sectors.
“We are looking at a genuine single-window system which makes it easy for companies & businesses to work in India.” #investment #manufacturing #trade #exports /fiinews.com
