Speaking at the 20th edition of the CNBC-TV18 India Business Leaders Awards in Mumbai on Friday, December 7, 2024, Goyal expressed confidence in the future of the partnership, which he described as having flourished over the past decade under successive US administrations.
“Over the last 10 years, the friendship with the US has only got better,” Goyal stated, highlighting the consistency and durability of the bilateral relationship, regardless of the political leadership in either country.
India’s Commerce Minister also added, “The next four years are going to be a great time for the US-India partnership,” reflecting his optimism about the path ahead. His remarks come weeks ahead of the inauguration of the Trump administration.
Addressing concerns about trade imbalances, Goyal noted that India’s trade with the US remains relatively balanced, with a slight surplus in goods. However, he pointed out that this trade surplus is counterbalanced by substantial investments India makes in the US, particularly in education, technology, and defence.
“We spend nearly $20 billion on students studying in US universities. We also make significant defence purchases and technology payments to the US,” he explained, underscoring the multifaceted economic relationship between the two nations.
On the topic of trade and tariffs, Goyal defended India’s business practices, stating, “India is one country that is very transparent in its business practices. We have no hidden subsidies or incentives that distort the export market.”
He also clarified that the punitive tariffs mentioned by former President Donald Trump were aimed at countries like Canada, Mexico, and China, not specifically at India.
Watch the video for more
(Edited by : Ajay Vaishnav)
First Published: Dec 7, 2024 9:46 PM IST
