Union Commerce and Industry Minister Piyush Goyal has said that the trade between India and US has grown exponentially, but still there is a lot to be desired.
Delivering the inaugural virtual address at the annual USIBC State of US – India Business, the Minister said, we set a modest target of half a trillion dollars, which he hoped can be achieved through continuous engagement between the two nations. Mr Goyal said, US and India complement each other.
He said, the US offers technology, finance and innovation, whereas India has a large market that needs to be served. He, however, added that at the same time, we need to protect people in agriculture and protect the citizens from low quality products. Emphasizing at a fair dealing in our engagement, the Minister said, India provides an under-served aspirational market.
The US will have to be very sensitive to price points in India, which matter to emerging economies with millions of people just coming out of poverty, he added.
Inviting businesses in the US to look at India as a manufacturing base, Mr Goyal said, from here they can serve a large Indian market and at the same time, also serve global markets through cost-competitive products.
He said, India’s reforms in defence, mining, labour and agriculture sector will open up new opportunities for the American companies. He mentioned the announcement in the Union budget to increase the FDI limit in insurance to 74 percent.