India, US target $500 bn in bilateral trade in near future
01 September 2021
India and the United States have agreed to give a big boost to bilateral trade so as to achieve a target of $200 billion in the near future, union minister of commerce and industry, consumer affairs and food and public distribution and textiles, Piyush Goyal has said.
He said world is looking for a trusted partner and that India's business community can be that patner.
Goyal was addressing business and trade fraternity through the platform of Jain International Trade Organisation (JITO) on Tuesday.
It may be noted that recently, India emerged as the world’s second most desirable manufacturing destination overtaking the US. This shows the potential and promise of India to become the “Manufacturing hub” of world, he said, adding that along with that, we should also become a “Trading hub,” ie, the place where world comes to shop.
Goyal said that India’s rise to the top will be backed by `Trust, Tenacity and Talent’ of our traders. Today, he said, India is ready to SPRINT ahead with `Stability, Productivity, Resilience, Innovation, Nationalistic spirit and Talent.
“Government is working towards making India Aatmanirbhar. An Aatmanirbhar Bharat is about building capacity and confidence to engage with all. This will empower our industry to interact with all with quality, cost competitiveness and innovation” the minister said.
Goyal said that traders and exporters are the twin pistons powering the economic growth engine of the nation. He said that 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.
Goyal lauded the role of all wealth creators of the country. He said, you are the people who help the government take several social welfare initiatives to the poorest of the poor. He said through a series of programmes, Prime Minister Narendra Modi has transformed the lives of underprivileged women and children of this country. The business community has helped realise the PM’s vision.
He said that the synergy between the government and the private sector has injected confidence in people. What India can provide the world, no other country can. A partnership between the people, the private sector and the government is transforming the lives of 1.30 billion Indians.
“Be it Ease of Doing Business or Ease of Living, Be it Transparency or Transfer of Benefits. Today, a robust foundation laid in last 7 years, inspires us to dream big & write our own destiny,” Goyal said, This is a New India which will be built on mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas’.
Goyal said that every growth parameter is showing extremely exciting future for all. Whether it is FDI, forex reserves, foodgrain reserves, agriculture production, manufacturing, all sectors are on a growth path. We now need to sprint ahead.
He said, “Under the decisive leadership of Prime Minister Narendra Modi, we have aimed to transform India in every field. Be it Ease of Doing Business or Ease of Living, be it Transparency or Transfer of Benefits. Today, a robust foundation laid in last 7 years, inspires us to dream big and write our own destiny.”
The minister said that India is fast progressing on discussions on FTAs with several countries like the UK, UAE and GCC countries, Australia and European Union.