Union Commerce Minister Promotes High-Tech Manufacturing and Infrastructure Investment

The Union Minister of Commerce and Industry, Shri Piyush Goyal, commenced his four-day visit to the United States on September 30, 2024. Minister Goyal began the tour with discussions with existing and potential US investors highlighting to them the avenues for cooperation in various sectors.

On Day-1, Minister Goyal chaired a roundtable discussion with young CEOs and entrepreneurs of Indian origin in New York organized by the Consulate General of India. The interaction session allowed the young entrepreneurs to articulate their views on the business landscape of India and provide suggestions for reforms. In his remarks, Minister Goyal emphasized on the transformative reforms undertaken under the leadership of Prime Minister Shri. Narendra Modi, which has propelled India's remarkable growth over the past decade. He invited American companies to leverage India’s unmatched scale and take advantage of the "Make in India" initiative, particularly in high-tech manufacturing and quality production.

During the course of the day, Minister Goyal also held one-on-one meetings with several CEOs discussing new areas of collaboration, particularly in advanced manufacturing, pharmaceuticals, robotics, artificial intelligence, and sustainable technologies.

Minister Goyal met with Mr. Chintu Patel, Co-CEO, and Mr. Chirag Patel, President & Co-CEO of Amneal Pharmaceuticals. They explored ways to enhance India’s pharmaceutical ecosystem for high-end R&D, including biologics, and improved manufacturing capabilities to establish a robust global supply chain.

A productive meeting was held with Mr. Henry R. Kravis, Co-Founder & Co-Executive Chairman of Kohlberg Kravis Roberts & Co. (KKR). Minister Goyal highlighted potential investment opportunities in India's electronics manufacturing, data infrastructure, and logistics sectors. He underscored the consistent economic growth in India over the past decade and the vast consumer market, which present numerous opportunities for strategic investments.

In his meeting with Mr Stephen Schwarzman, CEO, Blackstone, Minister Goyal took note of the fact that the company has already invested about USD 50 billion in India and is one of the largest commercial and real estate investors in India. Minister Goyal highlighted the potential for infrastructure development in India, wherein the emphasis of the Government is to develop quality infrastructure in the country for improving living standards, making it easier to do business and reducing logistics costs.

The president of Warburg Pincus, Mr Timothy F. Geithner also called on the Minister for a one-on-one discussion that covered various areas where there is scope for further improving the ease of doing business.

The day ended with a freewheeling discussion with CNBC global market reporter, Ms Seema Mody on the emerging opportunities in India and the strong economic ties between India and the United States.

Minister Goyal's visit underscores the strong ties between India and the United States, fostering collaboration and investment for mutual growth. He will continue with his meetings with the business community in New York on day-2 of his visit, before he proceeds for the bilateral meetings in Washington DC.