Piyush Goyal advocates for increased Boeing presence in India
On Thursday, Piyush Goyal, the Commerce and Industry Minister, expressed his desire to see greater involvement of US-based company Boeing in India. This comes after the recent large order of planes received by Tata Group-owned Air India from the American firm. In February, Air India announced the purchase of 470 narrow-body and wide-body planes from Airbus and Boeing in one of the airline industry’s largest aircraft orders. The experts approximated that the deal would be worth USD 80 billion (over Rs 6.40 lakh crore).
Furthermore, Goyal highlighted that India-US bilateral trade is increasing at a healthy rate, and both sides are exploring options to expand trade fourfold, thereby touching the target of USD 500 billion by 2030. India is also aiming to boost its goods and services exports to USD 2 trillion by 2030.
Addressing a function on the India-US partnership, Minister Piyush Goyal expressed his desire for Boeing to expand its presence in India. According to him, Boeing had received a large order from the Tatas, and he expects more similar-sized orders to be in the pipeline. Goyal encouraged Boeing to increase its local supply chains and MRO (maintenance, repair, and operations) activity in the region, which would benefit the entire area. He expressed confidence that many more large US corporations would collaborate closely with Indian companies in the future.
Piyush Goyal, The Commerce and Industry Minister
In addition, Goyal stated that he believed Ajay Banga, the newly appointed President of the World Bank, would bring a developing world perspective and a more sensitive approach to the way the organization operates.
The World Bank appointed Banga as its new President on May 3rd, marking him as the first-ever Indian-American to lead the global financial institution.
During the event, Goyal stated that there are significant opportunities to enhance cooperation between India and the United States in sectors such as defense, pharmaceuticals, textiles, engineering, auto components, agri-products, and electricals. He also highlighted the growing popularity of Alphonso mangoes in the US.
Patricia Lacina, the Deputy Chief of Mission at the US Embassy, expressed hope that US companies would collaborate more with Indian firms on emerging and innovative technologies. In addition, it is expected that Indian tourism in the US will exceed pre-Covid levels this year. This is due to the launch of new airlines and airports in India, as well as Air India’s single-largest order of planes from Boeing in February. Lacina noted this during the event. Lacina anticipates many more Americans visiting India in the coming years.
Moreover, Lacina reported that this year’s record number of Indian students studying in the US is expected to surpass last year’s.
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