Union minister Nitin Gadkari while addressing the Indo-US Partnership Vision Summit recently said there is growing confidence between India and the US that all outstanding trade issues will be resolved soon. He urged American firms to explore huge investment opportunities in India. He also said India and the US have reached principle agreement in the area of defence, security, energy and trade.
Mr. Gadkari mentioned that the Indo-US partnership is the most important partnership of the 21st century. In the new era of relationship, the national interest of India and US are converging and there is growing confidence between both administrations that all outstanding trade issues will be resolved and a major trade agreement will be signed soon.
India and the US are negotiating a trade package to iron out certain issues and promote two-way commerce. In 2018-19, India’s exports to the US stood at USD 52.4 billion, while imports were USD 35.5 billion. Trade deficit dipped from USD 21.3 billion in 2017-18 to USD 16.9 billion in 2018-19.
He also stated that both countries are working to address contentious issues to make the partnership based on mutual trust and respect. Gadkari, who also holds the MSME portfolio, said there is a huge opportunity for investment in the infrastructure sector in India. The minister said the MSME sector in the country also provides a golden opportunity for investors in the US as the performance in the sector is growing and has huge potential for exports.
In India, we are working to build world-class infrastructure for its citizens. The government aims to improve highways, roads and ports. He also added that India is the fastest growing economy and the rate of return is very good. However, he pointed out that investors will have to cover their investments with hedging while investing in NHAI projects.
Mr Gadkari said there’s a huge opportunity for investment in infrastructure including airports, metro rail, railway stations. There is also an opportunity of investment now in the electricity in public transport. Currently, India’s automobile industry is worth Rs 7 lakh crore. Besides, working on increasing the share of renewable energy, emphasis is being laid upon hydrogen fuel cell battery technology. Gadkari also mentioned that there is a huge potential for investment in the power sector, especially in the green energy segment as there is a lot of potential in solar energy.