Union Minister of Commerce and Industry, Piyush Goyal, on Tuesday reaffirmed that the India-US partnership remains strong, stable, and steadily expanding across a wide spectrum of strategic and economic sectors. Addressing the Indo American Chamber of Commerce in New Delhi, he said that the friendship between the two countries rests on the firm pillars of democracy, diversity, and a shared vision for development.
The Minister said that India and the United States continue to view each other as trusted partners, committed to deepening trade and economic cooperation. He observed that while various elements of this comprehensive partnership may evolve at different paces, the overall relationship remains on an upward trajectory. Negotiations with the United States, he added, are part of a continuous process, with India balancing national interests and the sensitivities of sectors such as farming, fisheries, and small industries.
Highlighting India’s economic transformation over the past decade, Goyal noted that the country has moved from being one of the “Fragile Five” economies to ranking among the world’s top five. He said India is on course to become the third-largest global economy by 2027, driven by strong banking systems, controlled inflation, fiscal discipline, rising consumer confidence, and an expanding infrastructure supported by GST reforms.
Referring to the Prime Minister’s vision, Goyal said that India is not just an emerging market but an emerging model of development. He outlined the key pillars of growth under the Amrit Bharat 2047 mission, which include strong macroeconomic fundamentals, inclusive and sustainable growth, welfare-oriented governance for 140 crore citizens, the strength of democracy, and the energy of a skilled and youthful workforce.
The Minister said that India produces 2.4 million STEM graduates annually and is strengthening ties with several developed nations through Free Trade Agreements, both concluded and under negotiation. He described India as an aspirational nation where access to food, housing, healthcare, education, electricity, clean water, and digital connectivity has become nearly universal — a striking contrast to previous decades.
Emphasising the pace of economic growth, Goyal said the Indian economy has more than doubled in size over the last ten years and is now doubling every eight years. He projected that India aims to become a USD 30–35 trillion economy by 2047. Citing Uttar Pradesh as an example, he said the state has witnessed remarkable economic transformation, emerging as a leading investment destination with large-scale industrial projects under active monitoring.
Describing India’s growth journey as one of resilience, reliability, and security, the Minister said strong governance has brought education, housing, and employment opportunities to remote and tribal regions. He informed that four crore poor families have received free housing in the last decade, with two crore more houses planned under the current government’s tenure.
Goyal noted that India’s development is anchored in a secure nation, transparent governance, decisive leadership, and continuous reforms. He said the government has been simplifying compliances, reducing procedural delays, decriminalising minor offences, and improving ease of doing business. With an average age of 28.4 years, India’s young population is driving innovation and aspiring for a better quality of life.
Despite global uncertainties, the Minister said India stands as an oasis of stability. He pointed out that the Indian stock market has expanded four-and-a-half times in the past 11 years, with over 2,000 Global Capability Centres — many from the United States — operating in India and leveraging its skilled talent pool. He added that the government continues to support entrepreneurship through initiatives like a second Fund of Funds for Startups worth Rs. 10,000 crore and a Rs. 1 lakh crore fund for research and innovation.
Reiterating India’s commitment to progress, Goyal said the country offers vast opportunities for global businesses and expressed readiness to collaborate with US companies in emerging areas such as artificial intelligence, quantum computing, design, and advanced technologies. He said India is benchmarking itself against the world’s best as it moves toward becoming a developed nation.
He also recalled India’s collective resilience during the COVID-19 pandemic, stating that the nation continues to outperform global growth projections and is on track to record higher exports in both goods and services by the end of the financial year. Confident of India’s upward trajectory, he said the country will remain the fastest-growing large economy for years to come.
Calling for unity and cooperation, Goyal urged all stakeholders to participate in building a prosperous India by 2047. He said that when 1.4 billion Indians work together with determination and purpose, no challenge is insurmountable.