US has huge investment surplus which can be used in India’s infrastructure sector: Goyal

He also said that going forward, it is in the interest of both countries to consolidate their strategic partnership into a more comprehensive economic and trade partnership.

He said that India has many goods and services to offer to the US which its consumers need.

Goyal said that apart from pharmaceutical products, India can provide trained paramedical staff, IT professionals, textiles, leather, gems and jewelery as these sectors have tremendous potential in the US.

“The US has a huge investment surplus that can be used to boost infrastructure investment in India (and) to make India a manufacturing base to help India grow your economy, you should To help provide goods and services at affordable and competitive prices. For example, India can significantly reduce US healthcare costs,” he said at the USIBC India Ideas Summit.

Goyal said that India is looking at a national infrastructure pipeline, which will provide huge opportunities of over USD 1.4 trillion to boost investment in the infrastructure sector, for which the government here has provided an enabling environment. Is.

“We have more liberal FDI rules, we have reduced corporate tax, we have a simpler tax regime, a single window clearance mechanism for all approvals, huge land banks to set up manufacturing bases or industrial clusters, we have inherited have removed and resolved past issues like retrospective income tax law,” the minister said.

He said that India has a huge talent pool, which America can take advantage of.

Goyal said India is recognized as a major defense partner of the US and could also become a major market for US companies in other sectors.

He said, “Several dialogues in energy, health and innovation can enable us to have better business-to-business engagement. India and the US are working together to develop resilient supply chains in advanced technology areas and give us access to many more areas.” needs to be explored.” .

Talking about the areas to enhance cooperation, the Minister said that there is tremendous potential in sectors like electronics, pharma and healthcare, space and biotechnology.

“We must leverage our complementary strengths in technology, finance, production, supply and emerging start-up ecosystems led by fintech, edtech and health services,” he added.