Union minister Nitin Gadkari on 30th April 2021 said there is growing confidence between India and the United States that all outstanding trade issues will be resolved soon, and supported American firms to explore huge investment opportunities in India. Addressing Indo-US Partnership Vision Summit, Nitin Gadkari said that India and the United States have reached principle agreement in the area of defence, security, energy and trade.
"Indo-US partnership is the most important partnership of the 21st century." In the new era of relationship, the national interest of India and United States are converging and there is growing confidence between both administrations that all outstanding trade issue will be resolved and major trade agreement will be signed soon," Nitin Gadkari said.
The 2 countries are negotiating a trade package to iron out certain issues and promote 2 way commerce. In the year 2018-19, India's exports to the US stood at US$ 52.4 billion, while imports were US$ 35.5 billion. Trade deficit dipped from US$ 21.3 billion in 2017-18 to US$ 16.9 billion in the year 2018-19. The road transport and highways minister noted that on strategic fronts, our bilateral relationship has always ensured peace, prosperity and security across both regions.
"Both the countries are working to address contentious issues to make the partnership based on mutual trust and respect. We stand hand in hand against terrorism and authoritarianism," Nitin Gadkari said, adding the US renamed its pacific military command to the Indo-Pacific command.
Nitin Gadkari, who also holds the MSME portfolio, said there is a huge opportunity for investment in the infrastructure sector in India.
"Indian government is working to build world-class infrastructure for its citizen. It targets to improve highways, road and ports," Nitin Gadkari said, adding India is the fastest growing economy and the rate of return is very good.
Nitin Gadkari, however, pointed out that investors will have to cover their investments with hedging while investing in NHAI projects.
"There's a huge opportunity for investment in infrastructure including railway stations, airports, metro rail. There is also an opportunity of investment now in the electricity in public transport." Nitin Gadkari noted.
The Union minister said currently, India's automobile industry is worth Rs 7 lakh crore. "In the next 5 years, I want to make India the number 1 hub of automobile manufacturing," Nitin Gadkari said.
The Union minister said the MSME sector in the country also provides a golden opportunity for investors in the United States as the performance in the sector is growing and has huge potential for exports.
Nitin Gadkari also stated that the government focusing on the diversification of agriculture. "Besides, we are working to increase the share of renewable energy... We are laying emphasis on hydrogen fuel cell battery technology," he said.
Further, the Union minister said there is huge potential for investment in the power sector, especially the green energy segment.
"There is a lot of potential in solar energy also. India is the fastest-growing economy, the internal rate of return is very good, and you will get good returns as compared with the United States, I'm confident that you will get at least 2times more returns from investment in India," Nitin Gadkari added.