India, US Deepening Cooperation in Technology, Defence and Digital Infra: Goyal

New Delhi, May 22 (KNN) India and the United States are strengthening cooperation across sectors including technology, defence, digital infrastructure, quantum computing and medical devices,  Union Commerce and Industry Minister Piyush Goyal said while addressing the Annual Leadership Summit of the American Chamber of Commerce in New Delhi.

He said investment commitments from American companies in India during the last six months are estimated at over USD 60 billion, including data centre investments by Amazon and Google.

Goyal said India offers skilled manpower, large-scale market opportunities and a trusted business environment. He added that India and the United States have complementary economies that can support resilient supply chains.

The Minister said the government is developing 100 industrial parks under the Bhavya scheme through an area-based industrial development approach integrating industrial infrastructure, housing and social amenities.

Referring to MSMEs, Goyal said the proposed Export Promotion Mission will help enterprises obtain global certifications required for participation in international supply chains.

He added that the Export Inspection Council, Bureau of Indian Standards and Food Safety and Standards Authority of India are working to strengthen testing and quality infrastructure.

Goyal also urged larger companies to reduce payment cycles for MSMEs to improve liquidity and strengthen supply chains.

The Minister said India’s economic growth forecast was revised upward from 6.4 per cent to 6.5 per cent despite global challenges, including the Ukraine conflict and the West Asia crisis.

He also said India’s solar power capacity has increased from less than two gigawatts to over 150 gigawatts in under 12 years and noted that the country currently hosts 2,117 Global Capability Centres employing around 2.35 million people directly and generating nearly USD 98 billion in revenue.

Goyal said the government is continuing work on infrastructure expansion, digital connectivity, manufacturing growth and ease of doing business under the Viksit Bharat 2047 vision.

(KNN Bureau)