US companies prepare to be part of India’s vision of becoming a $30 trillion economy

Washington, August 28: India has embarked on a journey to re-establish itself at the top of the tables of global economic and prosperity leadership, the head of a US business group focused on India has said. India, stressing that American companies are ready to be part of the country’s ambitious vision of becoming a $30 trillion economy.

“I think it is clear that India is going to grow in every decade of the 21st century. It is going to become one of the biggest economies in the world, if not the biggest economy in the world,” said Atul Keshap, chairman of The US India Business Council (USIBC) told PTI.

“I have heard from Indian officials talking about the fact that India could become a $30 trillion economy,” he said.

Many American companies and USIBC members understand and appreciate this vision, Keshap said.

“India is on a journey to re-establish itself at the top of the tables of global leadership in terms of economy and prosperity. India used to occupy up to 25% of global GDP. I think that potential is there,” did he declare. .

Keshap said American companies are excited and ready to be part of India’s ambitious journey.

“And I think Americans want to see democracies succeed and they want to see democracies thrive,” he said.

Ahead of the India Ideas Summit in New Delhi on Sept. 6-7, Keshap, who is traveling to India with senior USIBC board members and the leadership of American chambers of commerce, said he sees a very bright future for the United States. -Links with India.

“Our engineers work together across time zones, they overcome geography to design the products and services and instruments humanity will use to live better, happier, healthier and more fulfilling lives. So what happening in US and Indian businesses is increasingly becoming part of a shared high-trust ecosystem,” he said.

It is important that America and India work well together not only to capture the full potential of India’s rise, but also to show the value of democracy to the world, he said.

“So it’s very important to build this high-trust ecosystem,” he said.

“The business community wants to show their support for this vision and wants to show their support for the idea of ​​India as a developed country in 2047 as Prime Minister (Narendra Modi) said in the speech of the Independence Day the other day at Red Forcer,” he said.

India is already becoming a services superpower. There is a huge digital economy trade between the US and India. It’s worth more than $100 billion a year, but the total trade between America and India is only about $150 billion a year, Keshap said.

“I’ve said many times in public that we should be $500 billion a year, that India should be one of America’s biggest trading partners, and we should be America’s biggest trading partner. India,” he said.

“How are we going to do this?” He asked.

“One, we’re setting very good standards, high-quality standards for the digital economy, which is going to grow and grow and grow. Second, we’re working on things like life sciences and the well-being of a aging world and also a young world,” Keshap said.

“India is frankly going to have both with this life sciences component where our companies working together in collaboration for research and innovation are going to be really vital,” he said.

Manufacturing, supply chain and e-commerce are the areas where India is already growing and becoming very strong, Keshap said.

“Given the geostrategic necessities and concerns, I think India has a huge opportunity if it plays its cards right to attract a lot of manufacturing,” he said.

“That’s why I talked about the ease of doing business, a level playing field, very clear regulatory structures, tax regimes, etc., and prompt adjudication of any disputes that may arise,” did he declare.

“If India can work to create this investment software, I think you will see a lot of investment flowing into India. It will create a lot of high quality jobs, benefit the whole world and help India achieve its goals. It’s a very ambitious goal,” Keshap said.

India, he said, could be a true agricultural superpower if it works to create the right conditions for its producers and farmers.

“As we look at the $500 billion target, services are going to play a very important role. Manufacturing, supply chain, e-commerce are going to have to play a big role in pharma and life sciences. , defense and aerospace,” he said. .

“From my perspective, as president of a trade association, hundreds of leaders from our 200 member companies see the potential value in India,” Keshap said.

“This is where I think India has a shining moment to take advantage of global trends in the most beneficial way and what we offer is constructive feedback on regulations and ways India can position yourself and position yourself to capture the maximum benefit,” Keshap said.

With this in mind, the goal of this year’s India Ideas Summit is to “Maximize the next 75 years of prosperity between the United States and India” – reflecting the milestone of 75 years of relations. diplomatic relations between the United States and India and the continued growth of the bilateral partnership for global good.

During the two-day conference, participants will discuss the US-India partnership in the context of the Indo-Pacific and an increasingly dynamic and competitive strategic landscape.

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