US’ huge investment surplus can be used in India's infra sector: Piyush Goyal

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Commerce and industry minister Piyush Goyal on Thursday said that the US has huge investment surpluses that can be used to develop infrastructure in India and make it a manufacturing base, to provide goods and services at affordable and competitive prices.

While addressing United States – India Business Council’s (USIBC) 46th Annual General Meeting and India Ideas Summit, he also said that going forward, it is in the interest of both countries to strengthen their strategic partnership into a more comprehensive economic and trade partnership also.

“India and the US have complementarities and we can collaborate on so many areas,” Goyal said on being asked about India-US bilateral trade priorities and a trade deal.

“The US has huge investment surpluses which can be used in India for promoting infrastructure investments, (and) also to make India a manufacturing base to help you (the US)grow your economy, to help provide goods and services to you at affordable and competitive prices. For example, India can bring down the US healthcare cost very significantly,” he said.

The minister said that India has several goods and services to offer to the US which are needed by consumers there.

Apart from pharmaceutical products, India can provide trained paramedical staff, IT professionals, textiles, leather, gems and jewellery as these sectors hold tremendous potential in the US, he said.