NEW DELHI — Indian Union Commerce and Industry Minister Piyush Goyal on Aug. 28 said India and the United States have agreed to aspire for $500 billion trade in the near future, adding that the world is looking for a trusted partner and that partner is India’s business community.
While addressing the business and trade fraternity at Jain International Trade Organization (JITO), Goyal said, “Government is working towards making India Aatmanirbhar.”
“An Aatmanirbhar Bharat [Self-reliant India] is about building capacity and confidence to engage with all,” he said.
“This will empower our industry to interact with all with quality, cost competitiveness, and innovation.”
India has emerged as the world’s second most desirable manufacturing destination overtaking the US, as per a statement from the Indian Ministry of Commerce.
“This shows the potential and promise of India to become the “Manufacturing hub” of the world,” said the Ministry of Commerce.
“We should also become a trading hub. The place where the world comes to shop.”
Goyal said that India is fast progressing in discussions on other free trade agreements (FTAs) with countries, including the UK and the UAE, to further enhance trade and investment ties.
He said traders and exporters are the twin pistons powering the economic growth engine of the nation.
“Every growth parameter is showing an extremely exciting future for all of us,” said Goyal.
“Whether it is FDI, forex reserves, food grain reserves, agriculture production, manufacturing, all sectors are on a growth path. We now need to sprint ahead.”
The minister said as policymakers, “we firmly believe in the capabilities of the business community as well as start-ups, which can make India the top economy globally in the next 25-30 years.”
“Be it Ease of Doing Business or Ease of Living, Be it Transparency or Transfer of Benefits,” said Goyal.
“Today, a robust foundation laid in the last seven years inspires us to dream big and write our own destiny. This is a New India, which will be built on mantra of Sabka Saath, Sabka Vikas, Sabka Vishwas & Sabka Prayas.”
The Jain International Trade Organization is organizing a 12-day long virtual expo connecting 1000s of businesses and entrepreneurs together to learn, earn and grow, the release said.
The ministry also released a statement saying that India has attracted a total FDI inflow of $22.53 billion during the first three months of 2021-22, from April to June, which is 90 percent higher as compared to the first three months of 2020-21 ($11.84 billion).
“FDI equity inflow grew by 168 percent in the first three months of FY 2021-22 ($17.57 billion) compared to the year-ago period ($6.56 billion),” said the Ministry of Commerce.
“Karnataka is the top recipient state during the FY 2021-22 (up to June) with 48 percent share of the total FDI equity inflows followed by Maharashtra (23 percent) and Delhi (11 percent).”
(With inputs from ANI)
Edited by Saptak Datta and Praveen Pramod Tewari
The post India, US To Aspire For $500 Billion Trade In Near Future: Indian Minister appeared first on Zenger News.
