India working to develop China ties again, says Piyush Goyal

India is working to strengthen its ties with China again, though the final outcome of this relationship is not yet determined, said Commerce and Industry Minister Piyush Goyal on Wednesday. At a Bloomberg New Economy event, Goyal also expressed openness to joint ventures with any nation, provided they receive a fair deal. He described India's relationship with the US as substantial and consequential for both countries, stating confidence that bilateral ties would grow stronger.

Goyal emphasized India's willingness to engage with various countries, as long as fair deals are ensured and geopolitical situations do not worsen. He acknowledged past concerns but affirmed that efforts are underway to improve relations with China. Goyal further highlighted the robust US-India relationship, describing it as substantive and consequential for the world, given the status of both nations as large democracies.

He also discussed India's efforts to reduce dependence on global supply chains, citing a $130-150 billion annual expenditure on semiconductors. Goyal stressed that while India is open to partnerships, trust is the key factor in any collaboration. He pointed out that India has become self-sufficient in critical areas like food and energy and aims to work with partners for efficiency and self-sufficiency in integrated supply chains.