Union Minister of Commerce and Industry Piyush Goyal on Thursday said the US was looking for a trusted partner and India has consistently demonstrated respect for intellectual property rights while delivering high-quality output on time.
Addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi, Goyal said India offers a large pool of skilled talent and provides scale to American innovation through demand aggregation from 1.4 billion aspirational Indians, rising incomes and a growing middle class.
He said India and the United States have economies that complement each other with minimal competition, making the partnership stronger. He said when complementarity is combined with mutual trust; it creates an unbeatable combination capable of building trusted and resilient supply chains for the future.
The Minister said the Government is also adopting an area-based approach to industrial development through the Bhavya scheme aimed at creating 100 new industrial parks across the country.
He said the model integrates industrial infrastructure with worker housing, recreation and social amenities to create holistic industrial ecosystems.
Highlighting the role of MSMEs in strengthening global supply chains, Goyal said the government has initiated coordinated efforts involving the MSME Ministry and the Department for Promotion of Industry and Internal Trade to support technology upgradation and skill development for MSMEs.
He said the proposed Export Promotion Mission will help MSMEs secure globally recognised certifications necessary to become part of international supply chains. Goyal added that agencies such as the Export Inspection Council, Bureau of Indian Standards and FSSAI are working together to build world-class testing and quality infrastructure across India.
On manufacturing transformation, Goyal said India is rapidly moving away from the earlier model of sourcing globally and assembling products domestically towards becoming a centre for design, innovation and intellectual property creation. He said innovations that may cost billions of dollars in developed countries can be developed in India at one-third or one-fifth of the cost.
He further added that India’s renewable energy sector has witnessed unprecedented growth over the last decade.
He said solar power capacity has increased from less than two gigawatt to over 150 gigawatt in less than twelve years, supported by visionary policy decisions and ambitious targets set by the government.
