ETSA champions show the great Indian dream is all home-brewed and visa-free
In a candid conversation with ET’s Deepshikha Sikarwar, he spoke about India’s trade deals, India-US relations, foreign investment, and how Indian businesses will benefit from the restrictions on the green card programme.
Piyush Goyal, the Commerce and Industry Minister of India, was the distinguished guest at the ETSA event, following his return from the US where he participated in the G20 Trade Ministers’ Meeting. Speaking candidly with ET’s Deepshikha Sikarwar, Goyal discussed India’s trade deals, US relations, foreign investment, and the implications of visa restrictions like H-1B and green cards on Indian businesses.
Goyal acknowledged that while there are friction points between the two nations, the overall relationship remains strong. He urged not to overemphasize every incident or statement, instead focusing on the long-term impact of the relationship on the global economy. Goyal believes India and the US are friends who will continue to be good friends.
Addressing concerns from the IT and tech sectors, Goyal stated that companies like Tata Consultancy Services do not anticipate any adverse effects from recent decisions on H-1B visas and the green card program. He emphasized that immigration is not an FTA issue and that mobility for providing services is crucial for trade.
Goyal highlighted that the current restrictions on H-1B visas could be beneficial for the Indian economy, as it may encourage more Indian talent to stay and contribute to the country's growth. He pointed out that after the Covid pandemic, businesses are increasingly establishing their global capability centers in India, leading to a greater focus on the startup ecosystem.
Regarding deep tech startups, Goyal noted that there are still a few thousand significant startups in this sector, and there is ample room for growth. He pointed out that many skilled professionals are better off in India, where they can work at a fraction of the cost, pay taxes, and support local businesses.
On the bilateral trade deal, Goyal mentioned that discussions are ongoing despite the US Trade Representative, Jamieson Greer, stating that the deal is not imminent. He noted that the US Supreme Court's decision to remove the powers of the President to impose IEEPA tariffs has led to new models being explored to give preferential treatment to US trading partners.
Goyal reiterated that India has focused on negotiating free trade agreements (FTAs) with developed, prosperous countries, covering 38 economies with per capita income significantly higher than India's. With these FTAs, India aims to unlock a market worth $85 trillion, benefiting startups, entrepreneurs, and businesses. Although negotiations are ongoing, Goyal expressed confidence in achieving successful FTAs, such as the UK and EU agreements, which are expected to come into force soon.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
