India could be ‘ideal partner’ for American businesses: PM

Asserting that India’s strong economy is creating “new opportunities”, Prime Minister Narendra Modi today pitched for advancing the Indo-US economic relationship, saying India could be the “ideal partner” for American businesses.

“In every sector of India’s forward march, I see the US as an indispensable partner. Many of you also believe that a stronger and prosperous India is in America’s strategic interest. Let us work together to convert shared ideals into practical cooperation,” Modi said in his address to a joint sitting of the US Congress here.

Highlighting that India’s strong economy with a growth rate of 7.6 per cent per annum is creating “new opportunities for mutual prosperity”, Modi said transformative American technologies in India and growing investment by Indian companies in the US both have a positive impact on the lives of citizens of both countries.

“There can be no doubt that in advancing this relationship, both nations stand to gain in great measure. As the US businesses search for new areas of economic growth, markets for their goods, a pool of skilled resources, and global locations to produce and manufacture, India could be their ideal partner,” the Prime Minister said.

“Today, for their global research and development centres, India is the destination of choice for the US companies. Looking eastward from India, across the Pacific, the innovation strength of our two countries comes together in California,” Modi said.

He stated that the innovative genius of America and India’s intellectual creativity are working to shape new industries of the future.

Observing that the 21st century has brought with it great opportunities, Modi said it also comes with its own set of challenges.

“Inter-dependence is increasing. But, while some parts of the world are islands of growing economic prosperity; others are mired in conflicts. In Asia, the absence of an agreed security architecture creates uncertainty,” Modi said.

“Threats of terror are expanding, and new challenges are emerging in cyber and outer space. And, global institutions conceived in 20th century, seem unable to cope with new challenges or take on new responsibilities,” he said.

Modi asserted that in a world full of multiple transitions and economic opportunities, growing uncertainties and political complexities, existing threats and new challenges, Indo—US engagement can make a difference by promoting —— cooperation not dominance, connectivity not isolation, respect for global commons, inclusive not exclusive mechanisms and above all adherence to international rules and norms.

Observing that India—US “relationship is primed for a momentous future”, the Prime Minister said a strong partnership between the two countries can anchor peace, prosperity and stability from Asia to Africa and from Indian Ocean to the Pacific.

“It can also help ensure security of the sea lanes of commerce and freedom of navigation on seas,” he said, adding India is already assuming its responsibilities in securing the Indian Ocean region.

He used the occasion to pitch apparently for the UN reform as he said, “but the effectiveness of our cooperation would increase if international institutions, framed with the mindset of the 20th century, were to reflect the realities of today.”

Modi, who invoked Martin Luther King, Mahatma Gandhi, Swami Vivekananda and Atal Bihari Vajpayee in his speech, said India and the US, the world’s largest and oldest democracies, had learnt a lot from each other’s philosophies and practices, making them “natural allies“.

“As we deepen our partnership, there would be times when we would have differing perspectives. But, since our interests and concerns converge, the autonomy in decision—making and diversity in our perspectives can only add value to our partnership,” he said, adding “So, as we embark on a new journey, and seek new goals, let us focus not just on matters routine but transformational ideas.”

He said these ideas should focus “not just on creating wealth but also creating value for our societies; not just on immediate gains but also long term benefits; not just on sharing best practices but also shaping partnerships; and not just on building a bright future for our peoples, but in being a bridge to a more united, humane and prosperous world.

“And, important for the success of this journey would be a need to view it with new eyes and new sensitivities. When we do this, we will realise the full promise of this extraordinary relationship,” he added

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