Gov. Greg Abbott touted Texas’ booming economy and the strong bilateral trade between the state and India on Monday during a fireside chat at an annual business event in Dallas.
Abbott served as the keynote speaker for the 24th Annual Awards Banquet of the U.S. India Chamber of Commerce DFW on November 6.
In his fireside chat, Abbott discussed various topics at the event, such as recent legislative achievements, future economic opportunities, and the mutualistic partnership between Texas and India.
In 2021, India was Texas’ seventh-largest trading partner, its eighth-largest export destination, and its 11th-largest import source, according to an analysis by the governor’s office.
Due to strong trading and investment partners like India, Texas has earned a reputation as a leader in the global economy. As of 2023, the Texas economy was officially ranked as the eighth-largest economy in the world, valued at more than $2.4 trillion.
“We believe in helping to transform and elevate the lives of all Texans, while at the same time making sure that we provide our growing number of employers the high-skilled, well-trained employees they need and deserve,” said Abbott in a news release.
According to the governor, the Lone Star State saw a record inflow of taxpayer dollars over the last 12 months.
“This past year, Texas had a record amount of revenue, and because of you, Texas had an all-time record budget surplus,” Abbott said. “It was the largest budget surplus not just in the history of Texas, but the largest state budget surplus in the United States of America.”
He added that the passage of the largest property tax cut in the state’s history – as covered by The Dallas Express – was a reward to Texas citizens in light of the state’s historic surplus.
“The budget surplus doesn’t belong to the legislature. It doesn’t belong to the State of Texas or the Governor. That money belongs to you, the taxpayer,” Abbott decared.
While Texas owes much of its economic success to having a strong workforce, a business-friendly environment, and a favorable regulatory environment, the governor explained it goes beyond all that.
“Our mission to connect people to opportunity and help businesses grow is shared, and Indian-American businesses are a big reason for Texas’ success,” he said.