SAN FRANCISCO, Sep 6: India provides the best investment opportunity for businesses across the world and investors in the US should avail the opportunities that New Delhi offers, Commerce and Industry Minister Piyush Goyal has said.
He said that the time is “just ripe” to engage in areas of mutual interests of India and the US.
Addressing industry leaders of the US and India here, the minister on Monday said both countries can promote global security, stability and resilient supply chains.
“There are many competitive advantages that the US-India relation has to offer. The resilience of our supply chains and the way talent India has provided to the US and investments the US has provided to India, all of these cumulatively make a very good business case,” he said while addressing the US India Strategic Partnership Forum (USISPF).
He added that India provides the best investment opportunity.
“It is a destination you cannot miss. It is a market of a billion-plus aspirations, Goyal said.
Inviting US businesses to invest in India, the Minister said the time is just ripe for “all of us to engage in areas of mutual interest”.
Foreign direct investment equity inflows into India stood at USD 16.59 billion during April-June this fiscal year as against USD 17.56 billion in the same period last year.
According to an official statement released in May, India recorded the “highest” ever annual FDI inflow of USD 83.57 billion in 2021-22.
The government reviews the FDI policy on an ongoing basis and makes significant changes from time to time, to ensure that India remains an attractive and investor-friendly destination.
FDI norms have been eased in several sectors such as coal mining, contract manufacturing, digital media, single brand retail trading, civil aviation, defence, insurance and telecom.
Recognising that India and the US are natural partners in terms of competitive advantages and opportunities they offer to each other, Goyal said that India can provide a skilled workforce.
He also asked US investors to share newer ideas, suggestions on taking the bilateral relations to the next level.
The Minister added that India is a much more open economy now and it is opening up discussions with countries on subjects that were never taken up before such as gender, environment, small and medium enterprises, labour and anti-corruption laws.
“We are committed to providing growth opportunities both for domestic and foreign investors,” he said. (PTI)