Taking the Indo-US trade to greater heights!

 

The two nations can be resilient

Trusted partners in the global value chain! 

The Commerce and Industry Minister Shri Piyush Goyal has invited the US business and industry to work with their Indian counterparts to take the bilateral trade to greater heights. Addressing the US-India Strategic Partnership Forum (USISPF) through a virtual conference, Shri Goyal said that the two democracies share deep commitment with each other, at the Government, Business and people to people levels. 

Both countries believe in free and fair trade, and the US is India’s largest trading partner. He said that going beyond the trade, in this interconnected world, the two nations can be the resilient trusted partners in global value chain.

Shri Goyal outlined to the members of USISPF about the steps being undertaken in the country, to facilitate industry and investments. He said that GIS-enabled land bank has been launched on pilot basis, with six states on board, which will help the investors in identifying the land and location. 

The Minister also mentioned about the single-window system for clearances, which is being developed in cooperation with various approving authorities and agencies at the Central, State and Municipal levels. On the issue of trade agreement between the US and India, Shri Goyal said India is ready to sign initial limited trade package, and it is up to the US to move ahead. 

Shri Goyal said that the road ahead has challenges but also a number of opportunities.  He said that economic activity in the country had suffered due to pandemic but there have been indications of sharp revivals. Talking about the amount of freight carried by the Indian railways, he said that it is 4% more in August 2020 than the corresponding period of 2019. 

Similarly, the exports which had reached 88% in July’20 compared to July’19, the momentum has gained further speed, and the August figures, which are being finalized, seem to be looking even better. If the data from the Oil and Gems/Jewelry sectors is excluded from the total exports, the upsurge will be even more.