Comments
The US has expressed its intention to share its expertise in infrastructure and manufacturing to build on the growing trade ties between both the countries.
Penny Pritzker, US Secretary of Commerce, said two-way trade between India and America has grown more than five-fold since 2000 to $96 billion, with American companies investing $28 billion in India while Indian investment in the US has touched $9 billion, supporting about 45,000 jobs.
Addressing an interactive session organised by the Confederation of Indian Industries, she said India is facing the pressing challenge of constructing 21st century infrastructure. In nearly every sector — roads, power, ports, rail, airports, water and sewage — the Indian Government has identified the need for modern infrastructure. It is estimated that India needs $1.7 trillion in infrastructure by 2020 just to keep pace with economic growth and urbanisation.
“This is an enormous figure and a daunting task and American businesses want to help. They have the solutions and expertise to share,” she said in Mumbai on Wednesday.
US has cutting-edge technology and equipment in the fields of energy transportation, ports and airports, freight corridors and urban development, IT and digital infrastructure. Securing the steady supply of energy for India’s villages would transform lives, thus planting the seeds of economic growth in every region, she said.
“Imagine if we helped deliver energy to the 400 million Indians currently off the grid. We have a vested interest in seeing India succeed, in seeing this nation reach its full economic potential and we want to be an essential partner in meeting your goals,” said Pritzker.
US can offer a model for progress in manufacturing by sharing the knowhow of its National Manufacturing Extension Partnership network where experts who work with smaller local manufacturers to update their business plans and expand their operations, integrate the latest technologies, adopt efficient business practices and help manufacturers address their potential in export markets.
“We are ready to share our best practices. Create a business climate in India that is more open for global investment,” said Pritzker.
The private sectors in both the countries have a vested interest in encouraging their governments to make progress in protecting intellectual property rights, promoting transparency and ensuring a predictable and consistent investment environment.
Creating a level playing field would help India attract even more investment in its communities, thereby, spurring more economic growth, she added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.