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Commerce & Industry Minister Piyush Goyal has said that India-US partnership is at a ‘defining stage’ and the two countries will continue to work towards diversifying and deepening trade and investment ties for mutual growth and prosperity. He said that the bilateral trade between India and US has been the highest in the couple of years and is aimed to increase multifold in the coming years. 

Goyal has stated that with the increasing eminence and recognition of India across the world, India’s target of $2 trillion exports by the year 2030 is doable. He announced the FTP 2023 in April 2023 and announced the four pillars of the new policy as: incentive to remission, export promotion through collaboration, ease of doing business and emerging areas. He said India’s overall exports, including services and merchandise exports, has already crossed $ 750 billion and is expected to cross $ 760 billion this year.

The minister also cited the examples of many Indian companies operating in the US and vice versa and highlighted how significantly they are contributing to each other’s economy. He also encouraged companies from the US to establish their base in India and expand to newer frontiers like the markets of Africa and South-East Asia. He said India offers assured prosperity and growth to the US companies with the recent policy reforms undertaken with focus on the fundamental macroeconomic parameters, affordable labour costs, inclusive and sustainable development and increasing ease of doing business.