In February, in one of the largest aircraft orders by an airline, Air India announced it will buy 470 narrow-body and wide-body planes from Airbus and Boeing, with the total deal value estimated to be worth USD 80 billion (over Rs 6.40 lakh crore).
Goyal also said that the India-US bilateral trade is increasing at a healthy rate and both the sides are looking at expanding the trade four-fold so that “we can touch USD 500 billion target by 2030”.
By 2030, India is looking at increasing their goods and services exports to USD 2 trillion.
“Boeing has received a very large order from the Tata’s and I am given to understand that similar sized orders are in the pipeline… I want to see greater presence of Boeing in India, we would love to see you expand your local supply chains…and have more MRO (maintenance, repair and operations) activity here, which will serve the entire region,” Goyal said here while addressing a function on India-US partnership.
He expressed confidence that many more such large corporations from the US would work closely with Indian firms.
Further, the minister said that as Ajay Banga was appointed as the next President of the World Bank, “I am sure he will be able to bring the developing world perspective and a much more sensitive approach to the way World Bank operates and works”.
Banga was on May 3 appointed as the next President of the World Bank, becoming the first-ever Indian-American to head the global financial institution.
He added that huge opportunities are there to enhance cooperation in sectors such as defence, pharma, textiles, engineering, auto components, agri products, electricals.
“Alphonso mangoes are also going in the US in a big way,” Goyal said.
Speaking at the function, Deputy Chief of Mission at the US Embassy here Patricia Lacina expressed hope that the US companies will partner more with Indian firms on innovative and emerging technologies.
“This year, Indian tourists in the US are expected to exceed the pre-Covid levels and with Air India making its single largest order of planes from Boeing in February and launch of new airlines and airports in India, I think we can expect many more Americans to be visiting India in the years to come,” she said.
This year, “we also expect to exceed our” last year’s record number of Indian students studying in the US, she said.
The commerce minister also released a report of AMCHEM India-KPMG titled — The India edge – US industries catalysing the growth trajectory.
The report stated that it is the right time to invest in India as the country is receiving healthy foreign direct investments, witnessing high growth in exports and becoming a global R&D hub with the government’s focus on manufacturing.
“Government of India has been on the path of continuous reforms with the objective of bringing consistency and stability. There have been significant strides in ease of doing business, lower tax rates, easing of compliances, simplification of processes, and fiscal/non-fiscal incentives, which have put India at a vantage point,” it said.
It added that India, due to its government support, favourable demographics and development of a robust infrastructure, is well placed to capitalise on the changing market dynamics and emerge as a global manufacturing hub.
“Major US OEMs (original equipment manufacturers) have adopted a China Plus One and Europe Plus One business strategy to diversify their supply chain, with India emerging as a suitable alternative. This is primarily due to the competitive advantage that India provides, including a large growing market, relatively stable economic and political environment and large workforce,” the report said.
According to the reports, sectors where businesses of both sides can increase cooperation include electronic system design and manufacturing (ESDM); pharma and medical devices; energy; aerospace and defence.
“Factors that can help US players grow in India (in the ESDM) include benefits through electronic manufacturing clusters in lowering logistics cost, contract manufacturing using third parties for R&D, and production and technical expertise in semiconductor design and manufacturing,” it said.
It added that the US can become a strategic partner and support in building lithium-ion battery production facilities in the country.
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