US firms geared up to be part of India’s vision of USD 30 trillion economy

India is embarked on a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity

PGurus Newsdesk

August 28, 2022

India is embarked on a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity

India is going to rise as one of the biggest economies in the world says USIBC head

The head of an India-centric American business group, Atul Keshap has underlined that the US companies are geared up to be part of the country’s ambitious vision to become a USD 30 trillion economy. He said, “India is embarked on a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity.”

Ahead of the India Ideas Summit in New Delhi on September 6 and 7, Keshap, who is headed to India along with top board members of the USIBC and leadership of the US Chambers of Commerce, said that he sees a very bright future for the US-India ties.

Atul Keshap is the president of the US India Business Council (USIBC). He said, “I think it’s clear that India is going to grow in every decade of the 21st century. It’s gonna rise to be one of the biggest economies in the world, if not the biggest economy in the world. I’ve heard Indian officials talk about India potentially becoming a USD30 trillion economy.”

A lot of American companies and members of the USIBC understand and appreciate that vision, Keshap said.

“India is embarked upon a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity. India used to occupy as much as 25 percent of the global GDP. I think that potential is there,” he said.

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

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

“Our engineers work together across time zones, they overcome geography to design the products and the services and the instruments that humanity is going to use to live a better and happier and healthier and more fulfilling life. So, what’s happening in American and Indian companies are increasingly part of a shared high trust ecosystem,” he said.

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

He added, “So, building that high trust ecosystem is really important. The business community wants to show its support for that vision, and wants to show its support for the idea of India as a developed country in 2047, as Prime Minister Narendra Modi said, in the Independence Day speech the other day at Red Force.”

India is already becoming a services superpower. There’s a huge digital economy trade between the United States and India. It’s over USD 100 billion a year but total trade between America and India is only about USD 150 billion a year, Keshap said.

“India is frankly going to have both having that life sciences component where our companies working together in collaboration for research and innovation is going to be really vital. Manufacturing, supply chain, and e-commerce are the areas where India is already growing and becoming very strong. Given 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.

“This is why I’ve talked about the ease of doing business, level playing field, very clear regulatory structures, tax regimes, etc, and speedy arbitration of any disputes that may come up,” he said.

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