US Investments in India Top $60 Billion, Says Piyush Goyal
Union Minister of Commerce and Industry Piyush Goyal revealed that investment pledges from US industries to India have exceeded $60 billion, or almost Rs.6 lakh crore, in just the past six months.
While speaking at the Annual Leadership Summit of the American Chamber of Commerce in India in New Delhi, Goyal noted that India and the US are developing into “natural partners” due to economic compatibility and strong supply chains, emphasizing that India will continue to be the fastest-growing economy globally for a minimum of the next 25 years.
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He mentioned that the India-US alliance is expanding beyond trade to include areas like technological innovation, advanced defence, digital data hubs, quantum computing, and medical equipment. Goyal mentioned significant data center investments from Amazon and Google as a component of the latest investment pledges.
He expressed that Secretary Rubio’s forthcoming visit is very timely, showcasing an expanding partnership that will create greater and newer opportunities for India's youth, farmers, women, entrepreneurs, start-ups, and industries, while also unlocking significant investment avenues for US capital.
Goyal stated that the two economies have minimal competition and instead support one another, assisting businesses in diversifying supply chains during global economic instability. He mentioned that India is progressing beyond a previous approach of importing parts and assembling goods locally to becoming a center for design, innovation, and intellectual property development.
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The minister stated that multinational corporations are progressively opting for India to establish global capability centers instead of moving talent abroad, a trend that gained momentum following the covid-19 pandemic, which demonstrated the feasibility of remote work and offshoring.
He mentioned that India currently has 2,117 global capability centres that directly employ about 2.35 million individuals and produce nearly $98 billion in revenue.
Emphasizing the government’s industrial plan, Goyal mentioned that the proposed Bhavya initiative includes 100 industrial parks featuring combined worker accommodation, recreational spaces, and social facilities through a region-focused development strategy.
Regarding infrastructure, he characterized PM Gati Shakti as a groundbreaking initiative that incorporates approximately 1,800 layers of geospatial and infrastructure information to enhance planning throughout highways, railways, ports, and logistics systems, all while reducing expenses and delays.
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The minister mentioned that the suggested Export Promotion Mission would assist MSMEs in obtaining globally acknowledged certifications essential for participating in international supply chains. Organizations such as the Export Inspection Council, Bureau of Indian Standards, and Food Safety and Standards Authority of India are collaborating to enhance testing and quality infrastructure, he mentioned.
Describing the India-US relationship as a key partnership of the 21st century, Goyal stated that India's lasting economic transformation is fueled by infrastructure development, growth in renewable energy, digital integration, and major initiatives like Startup India, Make in India, and Digital India.