Commerce and Industry Minister Piyush Goyal has pitched India as the best investment destination, saying the time is "just ripe" to engage in areas of mutual interests of India and the U.S.
Addressing industry leaders of the U.S. and India in San Francisco, the Minister on September 5 said both countries can promote global security, stability and resilient supply chains.
"There are many competitive advantages that the U.S.-India relation has to offer. The resilience of our supply chains and the way talent India has provided to the U.S. and investments the U.S. has provided to India, all of these cumulatively make a very good business case," he said while addressing the U.S. India Strategic Partnership Forum (USISPF).
He added that India provides best investment opportunity. "It is a destination you cannot miss. It is a market of a billion plus aspirations,” Mr. Goyal said.
Inviting U.S. businesses to invest in India, the Minister said the time is just ripe for "all of us to engage in areas of mutual interest." Foreign direct investment equity inflows into India stood at $16.59 billion during April-June this fiscal year as against $17.56 billion in the same period last year.
According to an official statement released in May, India recorded "highest" ever annual FDI inflow of $83.57 billion in 2021-22. The government reviews the FDI policy on an ongoing basis and makes significant changes from time to time, to ensure that India remains attractive and investor-friendly destination.
FDI norms have been eased in several sectors such as coal mining, contract manufacturing, digital media, single brand retail trading, civil aviation, defence, insurance and telecom.