India is courting US investors and companies for greater capital, manufacturing and technology partnerships as Washington and New Delhi continue difficult bilateral trade negotiations…reports Asian Lite News Desk
India is stepping up its pitch to American investors and companies, with Commerce and Industry Minister Piyush Goyal holding talks with executives from some of the biggest US financial, technology, insurance and consumer businesses during a week-long visit to the United States.
Goyal’s meetings with senior leaders from Blackstone, Neuberger Berman, IBM, AIA Group, General Atlantic, MetLife and The Estée Lauder Companies focused on expanding investment in India, strengthening business partnerships and encouraging US companies to increase manufacturing, sourcing and technology operations in the country.
The outreach comes as Washington and New Delhi continue negotiations on a broader bilateral trade agreement, with US Trade Representative Jamieson Greer saying last week that a deal was not imminent despite what he described as constructive discussions with Goyal on the sidelines of the G20 Trade Ministers’ Meeting in Milwaukee.
Goyal’s US visit, from September 29 to October 5, included participation in the G20 trade meeting as well as meetings with American business leaders in Milwaukee, Chicago and New York. India’s Commerce Ministry had identified investment, manufacturing and business partnerships with US companies as key priorities for the trip.
India targets US investment
In New York, Goyal met Blackstone President and Chief Operating Officer Jonathan Gray and Prakash Melwani, chairman of Blackstone’s International Private Equity business.
The discussions focused on expanding Blackstone’s investment and partnership with India across sectors.
Blackstone already has a substantial presence in India and has continued to expand its investments in the country’s technology and infrastructure sectors. The firm and its co-investors agreed earlier this year to provide up to $600 million to Indian AI cloud platform Neysa as part of a planned $1.2 billion capital raise, according to Indian business media.
Goyal also met Neuberger Berman Chairman and CEO George Walker, alongside senior executives from the investment management firm.
Their discussions centred on strengthening investment links between the US and India, particularly in financial and wealth management.
Goyal said India’s economic scale, capital markets and long-term growth prospects offered opportunities for institutional investors.
The meetings reflect India’s effort to attract more US capital at a time when both countries are trying to broaden their economic relationship beyond goods trade.
US companies urged to expand in India
The Indian minister also met Stéphane de La Faverie, president and CEO of The Estée Lauder Companies, in New York.
The talks focused on expanding the company’s manufacturing and sourcing activities in India and taking advantage of the country’s growing beauty and personal care market.
Estée Lauder has operated in India for more than two decades and has expanded its portfolio in the country. The company also agreed earlier this year to acquire a majority stake in Indian luxury beauty brand Forest Essentials, further highlighting the growing importance of the Indian market to US consumer companies.
Goyal’s discussions with American companies have therefore centred not only on selling into India’s large consumer market but also on using India as a manufacturing and sourcing base.
That pitch fits into New Delhi’s broader effort to attract global companies to build supply chains in India and use the country as a base for exports.
In another round of meetings, Goyal met IBM Chairman and CEO Arvind Krishna to discuss the company’s longstanding operations in India and cooperation in artificial intelligence, cloud infrastructure, quantum computing and other emerging technologies.
Goyal highlighted India’s large technology workforce and rapid digital adoption as potential advantages for American technology companies seeking to develop and scale new products.
Insurance and financial services were another major focus.
Goyal met AIA Group Non-Executive Chairman Mark Tucker and discussed expanding investment in India’s insurance sector. He also held talks with MetLife President and CEO Michel A. Khalaf on opportunities arising from India’s expanding insurance and financial services markets.
The minister linked the discussions with India’s goal of achieving “Insurance for All by 2047”, arguing that regulatory reforms and rising demand for insurance and long-term financial products could create opportunities for international insurers.
General Atlantic Chairman and CEO William E. Ford was also among the US business leaders Goyal met during the visit.
Trade tensions remain
The investment outreach comes against a more complicated backdrop for US-India trade.
Washington and New Delhi have been negotiating a bilateral trade agreement, but several issues remain unresolved. Greer said after meeting Goyal at the G20 gathering that the talks were continuing but that an agreement was not expected immediately.
The two governments are also dealing with disagreements over tariffs, market access and India’s trade and energy policies.
