- India remains an attractive investment destination despite Middle East geopolitical tensions
- Union Minister Goyal urged stronger economic ties with the US for resilient supply chains
- US investments in India exceeded $60 billion in the past six months
Union Minister Piyush Goyal said India continues to remain an attractive investment destination despite rising geopolitical tensions in Middle East, while pitching stronger economic collaboration with the US to build resilient supply chains. Speaking at an event in New Delhi on Wednesday, Goyal said the current global environment presents a “perfect opportunity” for India and the US to deepen economic cooperation, particularly in manufacturing and innovation-led sectors.
“India can provide scale to US innovations,” the commerce minister said, adding that American industry had invested more than $60 billion in India over the past six months. His remarks come at a time when companies across sectors are reassessing supply chain dependencies amid disruptions caused by geopolitical conflicts, shipping risks and energy market volatility.
No Plans to Cut Non-Essential Imports
Goyal also ruled out any immediate move to curb non-essential imports, even as the rupee remains under pressure against the US dollar and crude oil prices stay elevated due to the conflict in Middle East. “There are no plans on non-essential import cuts,” he said.
The statement comes with rising oil prices and currency weakness often revive concerns about India's trade deficit and external account pressures.
The rupee has faced renewed volatility in recent sessions amid a stronger dollar environment and concerns around higher energy import costs. Responding to questions on the rupee's slide and possible government measures, Goyal said authorities are closely monitoring developments.
“All the various arms of the government are working as a team,” he said, adding that “several steps are under consideration.” He, however, did not elaborate on what measures were being evaluated. “The situation globally is quite challenging,” Goyal said, pointing to uncertainty stemming from geopolitical tensions and disruptions in international markets.
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