US: Piyush Goyal invokes ‘India story’, invites Indian-Americans to invest

9 January, 2023 | Vaishali Sharma

Piyush Goyal National

Union Commerce Minister Piyush Goyal, who is now in the United States, emphasised India’s story, Prime Minister Narendra Modi’s leadership, and asked the Indian diaspora to help India e...

Union Commerce Minister Piyush Goyal, who is now in the United States, emphasised India’s story, Prime Minister Narendra Modi’s leadership, and asked the Indian diaspora to help India expand its reach into global markets. Goyal discussed PM Modi’s management style at Edison, emphasising his ambitious vision, policy daring, and meticulous monitoring. He praised the ways in which Indian brilliance has benefited America.

Goyal, who is on a four-day visit to New York, New Jersey, and Washington, underscored the government’s attempt to win over a powerful and wealthy part of American economic life and persuade them to invest in their homeland during a meeting with the Indian community. The minister stated a wish for persons of Indian descent to present India’s growth story.

“I would invite you to help us shape the contours of a new India, a powerful India and India that will lead global growth and India that is destined to be a ‘Vishwaguru’,” said Goyal, in an address to the Indian diaspora.

“As we take up the G-20 presidency this year, we are demonstrating to the world our abilities and our contributions as we see that in the next 25 years,” added Goyal.

“In the Azadi ka Amrit Mahotsav, not only are we reflecting on our achievements and glory but also focusing on ideas for this Kaal and I will ensure that each one of you contributes to these ideas and efforts. You stand to gain a lot and your families, and businesses have a huge opportunity (to prosper in India),” Goyal said.

He added that India and US are natural partners having trade complementarities, long-standing strategic and economic relationships and a strong people to people contact. Both are vibrant democracies as well, the Union minister noted.

“Both the US and India are vibrant democracies. We both have very strong linkages and bonds of friendship, very strong geopolitical ties, and huge interests in business and trade in the economic well-being of both countries,” Goyal added.

Goyal praised India’s economy and how it recovered following the Covid shutdown, saying 2022 will be a record trade year, with India’s exports increasing to USD 670 billion.

Goyal is in the US to attend the 13th Trade Policy Forum (TPF) ministerial meeting, a main bilateral trade body, alongside US Trade Representative Katherine Tai. The senior Indian official will also meet with US Secretary of Commerce Gina Raimondo.

The TPF is a prominent venue for resolving trade and investment disputes between India and the United States. In July 2005, the TPF was formed to examine trade and investment concerns.

The forum’s objective is to facilitate inclusive economic growth and job creation in India and the United States by facilitating trade and investment flows between the two countries, developing and implementing trade policies through transparent procedures that comply with international obligations, fostering a conducive environment for technological collaboration and innovation, and promoting inclusive economic growth and job creation in India and the United States.

The Trade Policy Forum is co-chaired by the Union Minister of Commerce and Industry and the United States’ trade representative.

After a four-year hiatus, the 12th TPF ministerial meeting was convened in New Delhi on November 23, 2021.

In addition to meeting with members of the diaspora, the Union minister will meet with business leaders in New York and Washington.

A Commerce ministry release said the forum is a “platform for continuous engagement between two countries in the area of trade and to further the trade and investment relations between the two countries”.

The two countries are also collaborating under the QUAD, I2U2 (India-Israel/ UAE-USA) and IPEF (Indo-Pacific Economic Framework). Regular exchanges at the leadership level have been an integral element of the expanding bilateral engagement.

The outcomes emerging from these visits have been instrumental in further strengthening the multifaceted ties between the two countries.