Addressing the India Chamber of Commerce USA’s Financial & Investment Leadership via video-conferencing, Union Commerce & Industries Minister Shri Piyush Goyal highlighted the bright future for the shared prosperity of the US and India and urged to work together in the direction.
He added that the US-India partnership would grow with the reforms by the government. The bilateral trade between the United States and India grew from $126 billion dollars in 2017 to $145 billion dollars in 2019. He also added that the target of $500 billion dollars in the next 5 years is “eminently doable”.
Mentioning the reforms, the minister said, “The Government is undertaking efforts to reform logistics and bring down the cost of logistics. We are focused on improved infrastructure and have developed a single-window system which makes it easier for business to operate in the country.”
The Union Minister added that the corporate tax of India is the lowest in the world. Along with faster registration and improved infrastructure, the union government is transforming India into an investment hub of the future. The Minister highlighted the close relationship between the US and India over the past decade to call upon the American businesses to invest in India. He also announced that the 3rd India-US 2+2 dialogue will take place later this month on the 26th and 27th of October.