India provides best investment alternative, destination that can’t be missed, says Piyush Goyal 

Commerce and Industry Minister Piyush Goyal has pitched India because the best investment destination, saying the time is “just ripe” to have interaction in areas of mutual pursuits of India and the US. Addressing trade leaders of the US and India right here, the minister on Monday stated each nations can promote international safety, stability and resilient provide 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 stated whereas addressing the US India Strategic Partnership Forum (USISPF).

Also learn| Piyush Goyal hopes for early conclusion with UK for commerce pact geared toward boosting bilateral financial ties

He added that India provides best investment alternative. “It is a destination you cannot miss. It is a market of a billion plus aspirations,” Goyal stated. Inviting US companies to spend money on India, the minister stated the time is simply ripe for “all of us to engage in areas of mutual interest.” Foreign direct investment fairness inflows into India stood at USD 16.59 billion throughout April-June this fiscal yr as towards USD 17.56 billion in the identical interval final yr.

Also learn| Commerce division rejig to make it future-ready: Piyush Goyal

According to an official assertion launched in May, India recorded “highest” ever annual FDI influx of USD 83.57 billion in 2021-22. The authorities evaluations the FDI coverage on an ongoing foundation and makes important adjustments once in a while, to make sure that India stays enticing and investor-friendly destination. FDI norms have been eased in a number of sectors corresponding to coal mining, contract manufacturing, digital media, single model retail buying and selling, civil aviation, defence, insurance and telecom.