US sees India as trusted partner, trade ties remain strong: Goyal

Asserting that the India-US relations remain on a solid upward trajectory, Commerce and Industry Minister Piyush Goyal on Tuesday said Washington views New Delhi as a “trusted partner” and that the strategic and economic cooperation between the two nations continues to broaden despite global volatility.

Addressing the Indo-American Chamber of Commerce here, Goyal dismissed concerns of any slowdown in bilateral engagement, emphasising that the partnership is anchored in “shared democratic values, diversity and a common vision for development”.

He said trade negotiations with the US are a continuous process and progress across various sectors may move at different speeds, but India will always safeguard the interests of farmers, fishermen, small businesses and domestic industry.

Deal can be worked out 'soon': US official

New York: A senior Trump administration official has said a trade deal between India and the US can be worked out "soon". "Yeah, we were for sure very close. I've spoken to the ambassador...you know, we've had visits,” National Economic Council Director Kevin Hassett said in an interview with CNBC on Monday. On Tuesday, Commerce and Industry Minister Piyush Goyal said, "You will hear a good news" on the proposed trade pact.

Bipartisan resolution on strategic ties

Democratic US Representatives Ami Bera from California, the longest-serving Indian American Member of Congress, and Republican Joe Wilson of South Carolina, have introduced a bipartisan resolution “recognising the strategic value of the historical partnership between the US and India”. It also highlights India's vital role in promoting regional stability, economic growth and a free and open Indo-Pacific.

Highlighting India’s economic transformation, Goyal said the country has risen from being counted among the “Fragile Five” to one of the world’s top five economies in just over a decade. India, he projected, is poised to become the world’s third-largest economy by 2027, backed by strong banking systems, controlled inflation, improved fiscal indicators, robust consumer demand and large-scale infrastructure expansion.

Quoting Prime Minister Narendra Modi, the minister said India is no longer just an “emerging market but an emerging model of development”, with its journey towards a developed nation by 2047 guided by inclusive growth, welfare-driven governance and a young skilled population.

Goyal noted that India produces 2.4 million STEM graduates each year and is deepening its trade engagements with several developed economies through a series of free trade agreements either concluded or under negotiation.

Touting India’s growth story as one of “resilience, reliability and security”, he pointed to the transformation of Uttar Pradesh into a major investment hub and the delivery of over four crore houses to poor families in the last 10 years, with two crore more in the pipeline.

Even amid global economic turbulence, Goyal said India has emerged as an “oasis of stability”. He cited the surge in the stock market -- up nearly four and a half times in 11 years — and the presence of more than 2,000 US-linked Global Capability Centres operating on Indian talent.

On innovation, the minister highlighted government support for startups including the second Fund of Funds worth Rs 10,000 crore and the Rs 1 lakh crore corpus for research and development.

Declaring that India is one of the biggest opportunities for global enterprises, Goyal invited US companies to enhance cooperation in frontier technologies such as AI, quantum computing and advanced manufacturing as India benchmarks itself “against the best in the world”.

Expressing confidence that India will remain the fastest growing major economy in the foreseeable future, Goyal urged collective commitment to the nation’s 2047 goals. “When 1.4 billion Indians work together with unity and purpose, no challenge is insurmountable,” he said.