Boosting Economic Ties: India-US Collaborate on Industrial City Investments

India and the US are exploring opportunities for American investments in India's industrial cities to enhance mutual economic ties. Discussions led by Commerce Minister Piyush Goyal and US Secretary Gina Raimondo aimed at fostering two-way growth. Twelve new cities have been approved with an investment of Rs 28,602 crore.

In a strategic move to fortify economic relations, India and the United States are actively exploring investment opportunities in India's planned industrial cities. According to an official statement released on Thursday, this initiative aims to enhance bilateral economic ties.

Commerce and Industry Minister Piyush Goyal, alongside US Secretary of Commerce Gina Raimondo, conducted discussions in Washington, D.C. regarding potential US investments. During his official visit, Goyal co-chaired the sixth India-US CEO Forum, focused on boosting mutual growth through American capital in 20 prospective industrial cities.

The Union Cabinet has sanctioned the development of 12 new industrial hubs across 10 states, with an estimated investment of Rs 28,602 crore. These industrial areas are strategically placed along six major corridors to elevate India's manufacturing capabilities. Notably, the Forum also addressed progress in entrepreneurship, healthcare, aerospace, digital infrastructure, and other key sectors.

(With inputs from agencies.)