New Delhi, Nov 18 (IANS) The India-US partnership remains strong, stable and is continuously expanding across strategic and economic sectors, Minister of Commerce and Industry, Piyush Goyal, said on Tuesday.

Addressing the Indo-American Chamber of Commerce’s event here, the minister emphasised there is no cause for concern regarding the bilateral relationship, and reiterated that the friendship between the two nations stands on firm pillars of democracy, diversity and a shared developmental vision.

Goyal stated that the US views India as a trusted partner, and both countries remain committed to expanding trade and commerce.

He noted that a comprehensive partnership such as the India-US relationship comprises several elements that may progress at different speeds.

The minister added that negotiations are a continuous process and India must safeguard its interests while balancing the sensitivities of farmers, fishermen, small industries and businesses.

“India has moved from being among the ‘Fragile Five’ to becoming one of the top five global economies in the last 10-12 years,” Goyal noted.

He projected that India is on track to become the world’s third-largest economy by 2027, citing strong banking systems, low inflation, controlled fiscal deficits, growing consumer sentiment and infrastructure expansion supported by GST reforms as key contributors to India’s robust economic fundamentals.

Referring to Prime Minister Narendra Modi’s vision, the minister recalled the statement that India is not merely an emerging market but an emerging model of development.

He outlined the pillars on which India’s journey towards ‘Amrit Bharat 2047’ is progressing: strong macroeconomic fundamentals, inclusive and sustainable growth, a welfare-driven development model covering 140 crore citizens, the strength of a vibrant democracy and the power of India’s demographic dividend led by a skilled and talented youth.

India produces 2.4 million STEM graduates every year and continues to deepen partnerships with several developed countries through Free Trade Agreements (FTAs), either concluded or under negotiation.

Goyal said India is an aspirational nation where every child today gets access to basic needs such as food, clothing, housing, healthcare, education, electricity, clean water and digital connectivity, challenges that were widespread in earlier decades.

–IANS

aps/na