India provides best opportunity for investment, says Piyush Goyal

San Francisco: Commerce and Industry Minister Piyush Goyal has pitched India as the best investment destination, saying the time is "just ripe" to engage in areas of mutual interests of India and the US.

Addressing industry leaders of the US and India here, the minister on Monday said both countries can promote global security, stability and resilient supply chains.

"There are many competitive advantages that the US-India relation has to offer. The resilience of our supply chains and the way talent India has provided to the US and investments the US has provided to India, all of these cumulatively make a very good business case," he said while addressing the US India Strategic Partnership Forum (USISPF). He added that India provides best investment opportunity.

"It is a destination you cannot miss. It is a market of a billion plus aspirations, Goyal said.

Inviting US businesses to invest in India, the minister said the time is just ripe for "all of us to engage in areas of mutual interest."

Foreign direct investment equity inflows into India stood at USD 16.59 billion during April-June this fiscal year as against USD 17.56 billion in the same period last year.

According to an official statement released in May, India recorded "highest" ever annual FDI inflow of USD 83.57 billion in 2021-22.

The government reviews the FDI policy on an ongoing basis and makes significant changes from time to time, to ensure that India remains attractive and investor-friendly destination.

FDI norms have been eased in several sectors such as coal mining, contract manufacturing, digital media, single brand retail trading, civil aviation, defence, insurance and telecom.

He also said that India would be "happy and willing" to negotiate a trade pact with the US, provided America decides to look for a new free trade partner.

He said the US administration, as a policy, is not looking at a free trade agreement (FTA) with any new partner.

"Should they change their mind, India would be happy and willing to discuss. Without that also, we are engaged in attracting investment, technology, trade between the two countries," the minister told reporters here.

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