Union Commerce and Industry Minister Piyush Goyal has invited American businesses to look at India as their next investment destination, even as he reiterated that Indian Government is committed to being bold, open, and change, a government press release stated today.
Addressing the India Chamber of Commerce USA's Summit on Global Financial & Investment Leadership on Wednesday (7th October 2020) virtually, Mr Goyal said that the potential between the US and India is boundless.
"We are partners who trust each other and we can make rapid strides to provide a trusted source to American businesses to work with a country which is transparent, where there is rule-based trading and dialogue. The bilateral trade between US and India grew from USD 126 billion dollars in 2017 to USD 145 dollars in 2019. The target we have set of USD 500 billion dollars in the next five years is eminently doable," the minister added.
The Minister said that India today is moving out of the past into a mindset of high-quality products, greater global engagement, and greater share of world trade. "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. As the Prime Minister has said, "We have to take the Indian economy out of command and control and take it towards plug and play," he added.
Describing the reforms being undertaken in the country, Mr Goyal said, "India is undertaking efforts to reform the Indian systems of governance, policies and laws around mining, space technology, defence, banking, financial sectors, labour and agriculture reforms. We have embarked on a new journey which will take India to levels never seen before. We are looking at logistics reform to bring down the cost of logistics. We are doing several tax reforms. We have insolvency laws in place. India's corporate tax is amongst the lowest in the world. My own Ministry is working at 'plug & play' & cluster development. We are looking at a genuine single-window system which makes it easy for companies & businesses to work in India. We are focusing on improved infrastructure. We promise faster registration, easier availability of infrastructure."
He said that a great reflection of India-US relation is the bilateral discussion that US Secretary of state Mike Pompeo and Indian Foreign Minister Dr S Jaishankar had in Tokyo on the sidelines of the QUAD and the fact that third India-US 2+2 dialogue is expected to take place later this month on 26th and 27th October, the release added.