Piyush Goyal Calls The US To Invest In India’s EV Sector, Other Emerging Technologies

Union Minister Piyush Goyal has urged the US to invest in Indian emerging sectors including EVs, semiconductors, and battery technology during his three-day visit to the country, per a Ministry of Commerce and Industry statement.

During his visit, Goyal participated in roundtable discussions with the Council on Foreign Relations and US-India Business Council at Nasdaq.

The minister also held discussions with CEOs of leading companies such as Mastercard’s Michael Miebach; Henry R Kravis, cofounder and co-executive chairman of investment firm KKR; Josh Silverman, CEO of ecommerce platform Etsy; Stephen Schwarzman, CEO of asset management group Blackstone; and George R. Oliver, CEO of Johnson Controls, on investment partnerships.

“He (Goyal) invited the US industry to make use of the limitless opportunities in India especially in sunrise sectors such as EVs, semiconductors, battery technology, etc,” the ministry’s statement reads.

“He noted that the India-US bilateral relations have been at an all-time high; and there exists huge potential to further strengthen the commercial ties, given the shared strategic priorities and complementary strengths of the respective economies,” it added.

As per the statement, CEOs present at the discussion too have expressed optimism about India’s growth trajectory. 

Reiterating that India is poised to become the third-largest economy in the world in the next few years, Goyal said that India offers huge opportunities due to its large domestic consumption pattern, democracy, rule of law, and transparent economy. 

He has also urged everyone to take a message to the world that India can be a trusted partner in supply chains and investment portfolios in many businesses.

It is pertinent to note that India is showing promising growth in the emerging technology segments with the growing adoption of EVs and drones. Contributing factors include the government’s various incentive plans, which are also enabling significant development in the spacetech segment. 

Besides, in an attempt to make India a semiconductor hub, the government has also set aside INR 1,000 Cr to fund semiconductor design startups. Meanwhile, more domestic players are starting to establish lithium-ion battery and cell manufacturing facilities in the country to support the growing EV, drone, and electronics industry, and reduce dependence on China.

India’s FDI inflows have increased 20X from 2000-01 to 2021-22. And the country has received the highest annual FDI inflows of $84.8 Bn in FY22.