New Delhi:

Union Minister of Commerce and Industry, Piyush Goyal, declared that the H1B visa issue is now “a thing of the past” during a meeting at Vanijya Bhavan, New Delhi.

He emphasized that the topic would no longer be a point of discussion in international dialogues, marking a shift in focus towards other areas of economic and strategic partnerships.

Minister Goyal’s recent visit to the United States included a two-day stay in New York, where he met with CEOs of major companies to discuss reforms initiated by the Modi government aimed at boosting foreign investments in India, particularly in the pharmaceutical and diamond sectors.

Surat, a prominent hub for the diamond industry, was highlighted as a key region for such investments. Goyal met around thirty business leaders who have already established ventures in India, signalling continued interest in expanding business operations in the country.

Following his engagements in New York, the Minister travelled to Washington, where he had a luncheon meeting with 17 CEOs from the CEO forum, including Tata Sons’ top executive.

The discussions primarily centred on restructuring the forum, as the terms of several members are set to expire in December. Various Memorandums of Understanding (MoUs) were also signed during the visit, underscoring the commitment to deepening business ties.

The visit also involved meetings with Small and Medium-sized Enterprises (SMEs), think tanks, educators, and the Center for Strategic and International Studies (CSIS). Goyal described this visit as different from previous trips, noting that there were no “negative agendas” on the table, reflecting a more positive outlook towards Indo-US relations.

Discussions extended beyond traditional sectors, covering potential partnerships in critical areas such as clean energy development, technology transfer, digital telecommunications, and defence.

Talks on biosciences have been ongoing, though Goyal noted that progress on biofuels was limited due to the upcoming US elections.

There were also conversations about setting a stable exchange rate between the Indian rupee and the US dollar, which could benefit bilateral trade.

Tourism and the development of the digital economy were also focal points during his meetings. Goyal’s engagements at the CEO forum and with the CA forum aimed to showcase India’s evolving business landscape and ongoing economic reforms, positioning the country as an attractive destination for global investment.
 

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The ADB’s growth forecast for India for FY25 is in line with the projections made by the Reserve Bank of India.
| Photo Credit: REUTERS

The Asian Development Bank (ADB) on Thursday raised India’s GDP growth forecast for the current fiscal to 7 per cent from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

The 2024-25 growth estimate is, however, lower than 7.6 per cent projected for the 2022-23 fiscal. Strong investment drove GDP growth in the 2022-23 fiscal as consumption was muted, the ADB said.

The ADB had in December last year projected the Indian economy to expand 6.7 per cent in the 2024-25 fiscal.

“The economy grew robustly in fiscal 2023 with strong momentum in manufacturing and services. It will continue to grow rapidly over the forecast horizon. Growth will be driven primarily by robust investment demand and improving consumption demand. Inflation will continue its downward trend in tandem with global trends,” said the April edition of the Asian Development Outlook released on Friday.

Growth will be robust despite moderating in FY2024 and FY2025, it said. For the 2025-26 fiscal, the ADB has projected India’s growth at 7.2 per cent.

The ADB said exports are likely to be relatively muted this fiscal as growth in major advanced economies slows down but will improve in FY2025.

“Monetary policy is expected to remain supportive of growth as inflation abates, while fiscal policy aims for consolidation but retains support for capital investment. On balance, growth is forecast to slow to seven per cent in FY2024 but improve to 7.2 per cent in FY2025,” it said

To boost exports in the medium term, India needs greater integration into global value chains, the ADB added.

The ADB’s growth forecast for FY25 is in line with the projections made by the Reserve Bank of India (RBI).

The RBI last week had said GDP growth in the current fiscal is projected at seven per cent on expectations of normal monsoon, moderating inflationary pressures and sustained momentum in manufacturing and services sectors.