India and the US are working more closely than ever, with both countries complementing each other in areas such as technology, defence, innovation and manufacturing, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at the Annual Leadership Summit of the American Chamber of Commerce in India in New Delhi, Goyal said India has become a trusted partner for global businesses and is well-positioned to benefit from changing global economic trends.
The minister said the partnership between the two countries is strengthened by mutual trust and shared economic interests. According to him, American companies are increasingly seeing India as a dependable destination for investment, manufacturing and innovation.
Goyal said commitments from US companies in the last six months are estimated to be over $60 billion. He highlighted major investments in data centres by companies such as Amazon and Google as examples of growing confidence in India.
The minister said India and the US complement each other instead of competing directly in many sectors. He pointed to areas such as quantum computing, digital infrastructure, medical devices and high-precision defence as key spaces for collaboration.
He said the US is looking for reliable partners and India has consistently shown that it can deliver high-quality work on time, even during global crises. India’s large skilled workforce, rising middle class and strong domestic demand make it attractive for global companies, he added.
Goyal also said India is moving beyond simply assembling products and is increasingly becoming a hub for design, research and intellectual property creation. He added that global firms are now choosing India for setting up global capability centres rather than shifting talent overseas.
Talking about manufacturing and exports, Goyal said the government is planning an area-based industrial development model through the Bhavya scheme, which aims to create 100 industrial parks across the country.
He added that these industrial hubs would include worker housing, recreation and social infrastructure, creating complete industrial ecosystems.
The minister also stressed the importance of micro, small and medium enterprises (MSMEs) in global supply chains. He said the proposed Export Promotion Mission would help smaller firms secure international certifications needed to become part of global manufacturing networks.
Goyal urged larger companies to support MSMEs through faster payments, suggesting firms consider clearing dues within seven days after approval of goods to improve cash flow.
Expressing confidence in India’s economic future, Goyal said the country is likely to remain the world’s fastest-growing economy for at least the next 25 years.
He highlighted India’s digital progress, fast 5G rollout, growing renewable energy capacity and expanding infrastructure as key strengths. According to him, India’s long-term goal is to become a developed nation by 2047, driven by innovation, manufacturing and skilled talent.