Business Desk mumbai

Union Minister of Commerce and Industry, Piyush Goyal, on Tuesday reaffirmed the strength and strategic depth of the Indo–US partnership, describing it as “strong, stable and continuously expanding” across both economic and strategic domains. Addressing the Indo American Chamber of Commerce in New Delhi, he said the relationship rests firmly on shared democratic values, diversity and a common developmental vision.

Goyal highlighted India’s transformation from being counted among the “Fragile Five” economies a decade ago to becoming one of the world’s top five today. He reiterated that India is poised to become the world’s third-largest economy by 2027, supported by strong banking systems, low inflation, contained fiscal deficits and a surge in consumer confidence. He credited infrastructure expansion and GST reforms with further strengthening India’s economic fundamentals.

Emphasising that India and the United States view each other as trusted partners, the minister noted that trade negotiations must remain fair and balanced, safeguarding India’s domestic stakeholders, including farmers, fishermen, small manufacturers and micro-enterprises. He observed that a comprehensive bilateral partnership naturally comprises various elements that may advance at differing speeds, and negotiations are therefore an ongoing, evolutionary process.

Calling for collective effort and national unity, the minister urged all stakeholders to work together towards building a prosperous India by 2047, noting that when 1.4 billion Indians unite with purpose, no challenge is insurmountable.

Invoking the Prime Minister’s vision, he remarked that India is “not merely an emerging market, but an emerging model of development”. He outlined the pillars underpinning India’s journey towards Amrit Bharat 2047: robust macroeconomic foundations, inclusive and sustainable growth, a welfare-driven model, benefiting 1.4 billion citizens, a vibrant democracy and the nation’s demographic dividend led by skilled youth.

Describing India’s economic rise as a story of resilience, reliability and security, the Minister highlighted governance improvements that have enhanced access to education, housing and employment, including in remote and tribal regions. He pointed to the construction of four crore free houses over the past decade, with two crore more planned during the present term. India’s youthful population—averaging 28.4 years of age—is driving economic dynamism and aspiring to a higher quality of life. 

Despite global uncertainty, Goyal said, India remains an “oasis of stability”. The Indian stock market has grown nearly four-and-a-half times in the past 11 years, and more than 2,000 Global Capability Centres, many from the US, now operate in India. He cited recent government initiatives such as the second Rs 10,000-crore Fund of Funds for Startups and the Rs 1-lakh-crore research and innovation fund as further catalysts of entrepreneurship and technological progress.