India Discusses with US Investment Opportunities in Planned Industrial Cities

India and the US discussed business opportunities to increase American investments in the planned industrial cities in the country to boost two-way economic ties, an official statement said on Thursday.

Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo held discussions in Washington DC, it said.

Goyal is on an official visit to the US. He co-chaired the sixth India-US CEO Forum with Raimondo.

"We also discussed opportunities for US investments in upcoming 20 industrial cities in India to foster mutual growth," Goyal said.

The Union Cabinet has approved 12 new industrial cities in 10 states to boost domestic manufacturing with an estimated investment of Rs 28,602 crore.

Spanning across 10 states and strategically planned along six major corridors, these projects represent a significant leap forward in India's quest to enhance its manufacturing capabilities and economic growth.

These industrial areas will be located in Khurpia in Uttrakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in AP, and Jodhpur-Pali in Rajasthan.

The India-US CEO Forum platform allow private sector members to develop and provide recommendations to the Indian and US governments that reflect the private sector's views, concerns and suggestions about the creation of an environment in which the bilateral economic links are strengthened.

The forum is co-chaired from Private Sector by N. Chandrasekaran, Chairman, Tata Sons, and James Taiclet, President and Chief Executive Officer, Lockheed Martin.

This is the third time the Forum has been convened since its reconstitution in November 2022 by the Governments of India and the USA and saw participation from 16 CEOs.

The CEOs, under the seven working groups, presented priority areas to create stronger partnerships and boost growth across various critical areas such as Entrepreneurship and Promoting Small Businesses, Healthcare and Pharmaceuticals, Aerospace and Defence, ICT and Digital Infrastructure, Energy, Water and Environment, Infrastructure and Manufacturing, Financial Services, Trade and Investments, among others.

"Both sides deliberated on the progress made as of the last meeting of the Forum in March 2023, including the launching of innovation handshake and a knowledge sharing platform called NIHIT (Network for Innovation and Harnessing Investments and Trade)," the ministry said.