NEW DELHI: Piyush Goyal said India and the United States have a historic opportunity to reshape global supply chains amid geopolitical disruptions caused by the Ukraine war and the escalating crisis in West Asia.
Speaking at the Annual Leadership Summit of the American Chamber of Commerce in India, the Union Commerce and Industry Minister said India’s economic resilience, policy stability and growing global credibility have positioned the country as a trusted global partner and preferred investment destination.
India Emerging Stronger Despite Global Disruptions
Goyal said the world is passing through “tremendous times” due to multiple geopolitical conflicts and economic uncertainties, but India has continued to grow steadily despite these challenges.
He noted that India’s economic growth forecast was upgraded from 6.4 per cent to 6.5 per cent, reflecting the resilience and confidence of 1.4 billion Indians.
According to the minister, decisive leadership, strong macroeconomic fundamentals and growing international trust have enabled India to emerge stronger even during periods of global instability.
PM Modi’s Global Outreach Strengthening India’s Standing
Referring to Prime Minister Narendra Modi’s recent five-nation visit, Goyal said several world leaders expressed confidence in India’s leadership and economic potential.
He added that India’s rising global stature is helping attract investments and deepen strategic partnerships across sectors.
India-US Partnership Could Shape 21st Century Supply Chains
‘Perfect Opportunity’ for Strategic Economic Cooperation
Highlighting the significance of India-US economic ties, Goyal described the current geopolitical environment as a “perfect opportunity” for both nations to build resilient and diversified global supply chains.
He said a stronger India-US partnership can combine:
- American innovation and technology
- US investment capabilities
- India’s skilled workforce
- India’s manufacturing strength
to create what he called a “defining partnership of the 21st century.”
Global Businesses Seeking Trusted Supply Chains
The minister observed that companies worldwide are increasingly looking for reliable and diversified supply chains amid:
- Geopolitical conflicts
- Shipping disruptions
- Rising economic nationalism
- Global trade uncertainties
According to Goyal, India is well-positioned to become a major manufacturing and investment hub because of its stable policy environment, infrastructure expansion and growing industrial capabilities.
MSMEs and Infrastructure Central to India’s Trade Vision
MSMEs Need Global Certifications
Goyal stressed that strengthening Micro, Small and Medium Enterprises (MSMEs) will be crucial for integrating India into global value chains.
He said Indian MSMEs require support in obtaining international certifications and standards to become first-tier suppliers for multinational corporations and global industries.
Logistics and Infrastructure Upgrades Essential
The minister also highlighted the importance of:
- Logistics modernisation
- Lower transportation costs
- Supply chain efficiency
- Digital connectivity
- World-class infrastructure
He said these factors are becoming key pillars of India’s long-term trade and economic strategy.
India Targets Developed Nation Status by 2047
Reaffirming the government’s long-term economic vision, Goyal said India aims to become a developed nation by 2047 with a per capita income target of 20,000 US dollars.
He stated that achieving this goal would require:
- Stronger industrial growth
- Export expansion
- Deeper global partnerships
- Greater participation in international value chains
According to the minister, India’s growing international reputation is creating confidence among both investors and citizens.
India-US Trade Talks Expected to Progress Further
On the sidelines of the summit, Goyal revealed that the chief trade negotiator from the United States is expected to visit India next month, indicating further momentum in bilateral trade discussions.
India and the US are currently exploring deeper cooperation in sectors such as:
- Manufacturing
- Semiconductors
- Clean energy
- Technology
- Strategic trade
Government Monitoring Rupee Volatility
Responding to concerns over the recent depreciation of the Indian rupee amid global market volatility, Goyal said the government is closely monitoring the situation.
He said all arms of the government are working together to maintain economic stability and evaluate policy responses to external economic pressures.
However, he clarified that there are currently no plans to impose restrictions on non-essential imports.
Instead, the minister appealed to citizens to reduce consumption of import-dependent products to strengthen domestic economic resilience.
FAO Recognition Reflects Strength of Indian Agriculture
Goyal also referred to the recent recognition received by Prime Minister Narendra Modi from the Food and Agriculture Organization (FAO).
He said the honour reflects the contribution of Indian farmers in strengthening food security and supporting agricultural development even during periods of global uncertainty.
According to the minister, India’s agriculture sector continues to remain a pillar of economic stability amid global supply-chain disruptions.
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