Indo-US partnership expanding across technology, defense and supply chains: Goyal | Today’s news
NEW DELHI: Commerce Secretary Piyush Goyal on Thursday named India as the US’s preferred economic partner, saying US companies have invested more than $60 billion in the past six months as global businesses deepen their bets on India amid growing demand for trusted supply chains and digital infrastructure.
Speaking at the annual US Chamber of Commerce India Leadership Summit in New Delhi, Goyal said India and the US were becoming “natural partners” supported by economic complementarity and resilient supply chains, while asserting that India would remain the world’s fastest growing economy for at least the next 25 years.
Goyal cited an increase in the IMF’s FY27 growth forecast for India to 6.5% from 6.4% and said the economy remained resilient despite challenges arising from the war in Ukraine and conflict in West Asia. The Reserve Bank of India in April forecast India’s FY27 real GDP growth at 6.9%, warning that escalating geopolitical conflict, volatility in global financial markets and weather-related disruptions could weigh on the domestic growth outlook.
He said the India-US partnership extends beyond trade to sectors such as technological innovation, high-precision defense, digital data centers, quantum computers and medical devices. Goyal cited major data center investments by Amazon and Google as part of recent investment commitments.
“America is looking for a trusted partner, and India has consistently demonstrated respect for intellectual property rights while delivering high-quality deliverables on time,” Goyal said.
Goyal said the two economies are minimally competing and instead complementary, helping firms diversify supply chains amid global economic uncertainty. He said India is also moving beyond the earlier model of importing components and assembling products locally and becoming a hub for design, innovation and creation of intellectual property.
According to the minister, MNCs are increasingly choosing India for global talent hubs rather than moving talent overseas, a trend that has accelerated after the covid-19 pandemic highlighted the viability of remote work and offshoring.
He said that India currently hosts 2,117 global capacity centers that directly employ around 2.35 million people and generate nearly $98 billion in revenue.
Highlighting the government’s industrial strategy, Goyal said the proposed Bhavya scheme envisages 100 industrial parks with integrated housing for workers, recreation and social infrastructure through an area-based approach.
On infrastructure, the PM described Gati Shakti as a transformational initiative integrating nearly 1,800 layers of geospatial and infrastructure data to improve planning across highways, railways, ports and logistics networks while reducing costs and delays.
The minister added that the proposed export promotion mission will help MSMEs secure globally recognized certifications needed to integrate into international supply chains. Agencies including the Export Control Board, Bureau of Indian Standards and Food Safety and Standards Authority of India are working together to strengthen testing and quality infrastructure, he said.
Describing the India-US relationship as the defining partnership of the 21st century, Goyal said India’s long-term economic transformation is driven by infrastructure expansion, renewable energy growth, digital adoption and flagship initiatives such as Startup India, Make in India and Digital India.
