Government moves to accelerate FDI and FII inflows, says Piyush Goyal
He informed that the Indo-American partnership is best viewed as one built on trust and shared prosperity, benefiting not only both nations but also the wider world.
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Commerce and Industry Minister Piyush Goyal stated on Tuesday that the government is working actively with stakeholders to create a more investment-friendly environment in India as part of its broader ambition to achieve Viksit Bharat by 2047. He informed the annual general body meeting of FICCI in New Delhi that he is holding discussions with members of the investment community to explore ways to make foreign direct investment and foreign institutional investment faster, smoother and more efficient, as reported by Moneycontrol.
The minister stressed that increased investment would result in job creation, support the introduction of new technologies, and promote research, development and innovation. He further explained that higher inflows would bolster defence manufacturing and contribute to stronger domestic currency stability, which in turn would help lower inflation.
Goyal spoke about the need for policy certainty, a stable currency and investor confidence across the investment ecosystem. He urged Indian industry to diversify supply chains and reduce dependence on a single geography, noting that the government is prioritising the establishment of a strong domestic manufacturing base. He stated that supply chains must be examined for vulnerabilities at a time when trade is increasingly being weaponised and recent global disruptions have underscored these risks.
Emphasising workforce development, Goyal highlighted the importance of building skills among the younger generation, particularly those born since 2000. He remarked that India’s challenge is more about underemployment than unemployment and asserted that creating a large skilled and talented workforce is essential to addressing this gap.
On Indo-US Relations
At the Indo-US Business Summit in New Delhi, Goyal indicated that positive developments could be expected on the proposed India–US trade agreement once both sides reach a settlement that is fair, equitable and balanced. He stated that negotiations must safeguard India’s interests and sensitivities, particularly concerning farmers, fishermen and small industry, and suggested that good news would follow once those interests are aligned with the contours of the deal.
Goyal dismissed suggestions of any pause in India–US relations, describing the partnership as strategic and robust. He noted that India and the US had recently signed a 10-year defence pact with the US Department of Defense and remarked that a relationship as comprehensive as this contains multiple elements that do not always progress at the same pace, likening occasional disagreements to those within a family.
He informed that the Indo-American partnership is best viewed as one built on trust and shared prosperity, benefiting not only both nations but also the wider world. He added that India has recently concluded a major LPG agreement, committing to import 2.2 million tonnes per annum from the US, underscoring that cooperation between the two countries remains ongoing and substantive.
