The US-India Strategic Partnership Forum (USISPF) on Tuesday announced its association as a partner organisation with the Vibrant Gujarat Global Summit 2024 from January 10th to 12th, 2024, in Gandhinagar.

“USISPF is honoured to lead a delegation comprising over 35 Fortune American companies, including Salesforce, Abbott, Blackstone, HSBC, UPS, Micron, Cisco, SHRM, and others. These companies also have plans to increase their investments in Gujarat. The delegation will be led by Lal Karsanbhai, President and CEO of Emerson, and co-led by USISPF President & CEO Dr. Mukesh Aghi,” the USIPF stated in an official release.

At the summit, the focus areas will include leveraging India’s burgeoning momentum in the hi-tech manufacturing space, particularly in avenues of semiconductors and chip manufacturing, as well as critical areas of the energy transition, chemicals and industrial manufacturing, aerospace, and defence.

“The companies are also eagerly exploring opportunities to build on the flagship Gujarat International Finance Tec-Cit (GIFT) City’s economic landscape,” the release added.

As part of the engagement at the summit, USISPF will host two insightful panel discussions on January 11 on the themes of the US-India Innovation Handshake and US-India Partnership.

In the US-India Innovation Handshake, the USISPF will focus on accelerating the Start-Up Ecosystem in partnership with iCreate, this panel will explore avenues to catalyse innovation and foster collaboration in the vibrant start-up ecosystem of both countries.

Additionally, under the US-India Partnership theme, the USISPF will explore Opportunities for Manufacturing and Global Value Chains. This panel will delve into the vast opportunities for collaboration in manufacturing and global value chains, showcasing the potential for growth and mutual benefit.

The president and CEO of USISPF, Mukesh Aghi, said, “It’s wonderful to be back in Gujarat and an honour for us at USISPF to lead a delegation of American companies to invest and contribute to the development of Gujarat, a state with a strong entrepreneurial spirit. Vibrant Gujarat Summit is a flagship program of the Government of Gujarat, and an investor summit whose success was personally spearheaded by Prime Minister Modi during his Chief Ministerial days and it’s commendable how far the summit has come in little over two decades.”

“The tenth edition accentuates the development and socio-economic growth in the western Indian state that epitomizes India’s entrepreneurial spirit and can-do attitude. Today, India is the fifth-largest economy and the fastest-growing major economy in the world, as investors remain optimistic about India’s growth at a time of global headwinds and de-risking supply chains,” he added.

The president and CEO of Emerson, Lal Karsanbhai, said, “I am honored to lead this distinguished delegation from the United States to the Vibrant Gujarat summit. Gujarat has emerged as a beacon of economic growth and innovation, and it is a privilege to witness first-hand the collaborative opportunities that exist between our nations. As we engage in discussions and explore partnerships, we look forward to fostering stronger ties that will not only benefit our businesses but also contribute to the global economic landscape.”

The participation of American companies will strengthen economic cooperation with the state of Gujarat and further deepen the US-India strategic and bilateral partnership.

The US-India Strategic Partnership Forum (USISPF), formed in 2017, is an independent non-profit, non-governmental, and non-partisan organization headquartered in Washington, D.C., with offices across both countries. Through its network of 400+ global companies, USISPF bridges the gap between business and government and fosters closer public-private sector partnerships across all facets of the economy and society in the United States and India.

The Vibrant Gujarat Global Summit was started in 2003 when he was the state’s chief minister.

The tenth edition of the Vibrant Gujarat Global Summit will be held from January 10 to 12. The theme for this year’s event is ‘Gateway to the Future’. The summit will celebrate ’20 Years of Vibrant Gujarat as the Summit of Success’.

The event, this year, will feature 34 partner countries and 16 partner organisations. The Ministry of Development of the North-Eastern Region will also utilise the Vibrant Gujarat platform to showcase investment opportunities in the Northeast.

The summit will feature various events including seminars and conferences on globally relevant topics such as Industry 4.0, Technology and Innovation, Sustainable Manufacturing, Green Hydrogen, Electric Mobility and Renewable Energy and Transition towards Sustainability.

In the Vibrant Gujarat Global Trade Show, which kicked off in the state capital on Tuesday, a range of products equipped with world-class, state-of-the-art technology are being showcased. E-mobility, startups, MSMEs, Blue Economy, Green Energy and Smart Infrastructure are some of the focus sectors of the Trade Show.

Earlier, on December 1, PM Modi met the UAE President on the sidelines of the COP-28 Summit and invited him to the Vibrant Gujarat Summit.

Washington, Thursday, January 11, 2024:

A high-level delegation from the US-India Strategic Partnership Forum (USISPF), led by Dr. Mukesh Aghi, President and CEO, participated in a constructive roundtable meeting with the Honorable Chief Minister of Gujarat, Shri Bhupendra Patel, on the sidelines of the Vibrant Gujarat Global Summit 2024.

Comprising of 35 Fortune American companies, the delegation delved into meaningful discussions regarding investment opportunities within the Gujarat International Finance Tec-City (GIFT) and International Financial Services Centre (GIFT IFSC). Additionally, they explored avenues for collaborative ventures with key stakeholders in Gujarat’s major industrial, business, IT, and FinTech sectors.

Chief Minister of Gujarat Shri Bhupendra Patel expressed enthusiasm about the ongoing collaboration between USISPF and Vibrant Gujarat, emphasizing the consistent efforts since 2017 in leading high-level industry delegations to the summit. Highlighting the significance of the US-India relationship, he noted on X (formerly Twitter) that the USA remains Gujarat’s major export destination. The Chief Minister mentioned that more than 120 American companies have established their base in Gujarat currently. He stated, “Had a fruitful meeting with the delegation of USISPF. Showcased the potential of GIFT IFSCA and the investment opportunities in this smart city.”

Dr. Mukesh Aghi, President & CEO of USISPF, expressed, “It’s an honor for USISPF to lead a delegation of American companies to invest and contribute to the development of Gujarat, a state that epitomizes India’s entrepreneurial spirit and can-do attitude. Our engagement at the Vibrant Gujarat Global Summit reaffirms our commitment to fostering economic ties and exploring avenues for mutual growth and development between the United States and Gujarat.”

The meeting highlights USISPF’s ongoing dedication to boosting US-Gujarat economic ties and unlocking avenues for shared prosperity.

About the US-India Strategic Partnership Forum (USISPF): The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C., and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States.

For immediate release.

For media inquiries, please contact:

Ankit Jain

[email protected]

Akshobh Giridharadas

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The distinguished panelists explored the convergence of technology, investigating how the synergy of technological advancements and collaborations can serve as pivotal drivers for fostering innovation and constructing vibrant ecosystems.

Panellists:

1. Parvesh Mittal, Managing Director-India, Howden,
2. Anand Jayachandran, Director – Government Engagement, Mastercard,
3. Dr. Kiranmai Dutt Pendyala, Corporate Vice President – Human Resources, UPS India Technology Centre

Moderated by: NSN Murty, Partner & Leader, Government & Public Services, Deloitte

Special thanks to our panelists for their valuable insights that will shape the future of technology-driven economic growth.

We had the honour of hosting the USA country session at the Tamil Nadu Global Investors Meet 2024. Our focus was on exploring investment opportunities in Tamil Nadu. Tamil Nadu’s business-friendly environment has attracted investments from several U.S. companies. During the session, we highlighted the importance of continued collaboration and partnerships between U.S. companies, research institutions, and their counterparts in Tamil Nadu. This collaborative effort aims to significantly contribute to the growth of India’s economy and further strengthen the bilateral relationship. 

Panellists:

1. Christopher Hodges, U.S. Consul General, Chennai
2. Bhuvan Anandakrishnan, Vice-President, Caterpillar
3. Kuntal Kumar Verma, Chief Manufacturing Officer, First Solar
4. Kami Viswanathan, President – Middle East, Indian Subcontinentand Africa, FedEx

Moderator:
Nivedita Mehra, Managing Director, US-India Strategic Partnership
Forum (USISPF)

Thanks to our members and audience for joining the session!

John Chambers, chairman of the US-India Strategic Partnership Forum (USISPF), on Friday (December 22) expressed unwavering optimism about the transformative potential of artificial intelligence (AI) in the year 2024.

In an exclusive interview with CNBC-TV18’s Parikshit Luthra, Chambers believes that AI will be the most groundbreaking technology in history, akin to the combined impact of the internet and cloud computing.

He emphasised that a close collaboration between India and the United States can lead this global shift, benefiting businesses and citizens alike and setting a model for the rest of the world.

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The relationship between India and the US has moved in a positive direction ranging from trade to defence and the two nations have shown a sense of deep understating of each other’s differences, the head of a top India-centric business and strategic group has said. Mukesh Aghi, CEO of the US-India Strategic and Partnership Forum (USISPF) said that there is more alignment between the two countries when it is looked at from the geopolitical QUAD perspective.

“I think in every aspect we (India-US relationship) have moved in a positive direction. You look at trade, which has gone up. You look at the military exercises, we’re doing more and more of those. We also have signed a lot of agreements with the US, especially in defence and space. We have agreed to repair the ships in our ports,” Aghi said on Wednesday.

“When you look at it from the geopolitical QUAD perspective, there’s more alignment between the two countries,” Aghi told PTI in an interview.

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Mukesh Aghi, President & CEO of the US-India Strategic Partnership Forum (USISPF), has underscored the flourishing ties between the United States and India, shedding light on “bullish” sentiments of US investors on India. Speaking to our diplomatic correspondent Sidhant Sibal, Aghi stated, ” relationship has gone in a very positive direction, in a win-win fashion for both countries. you have to understand that the relationship is deep, much broader, and much more strategic between India and the United States”.

Highlighting the changing dynamics of global supply chains, Aghi noted, “US companies are looking at de-risking supply chain from China and India becomes a primary source from their perspective.” Highlighting the significant participation of US companies in Vibrant Gujarat in January, Aghi projected a continued growth in investments, highlighting, “You have US companies creating almost three and a half million jobs in India which are High Tech, High End paying jobs.”

He also spoke on President Biden not being able to attend India’s Republic Day, the Nikhil Gupta case etc.

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JUNE 21, 2023

Today, the U.S. Department of Defense (DoD) and the Indian Ministry of Defense (MoD) launched the IndiaU.S. Defense Acceleration Ecosystem (INDUS-X) to expand the strategic technology partnership and defense
industrial cooperation between our governments, businesses, and academic institutions. This initiative builds on a commitment by the U.S. and Indian National Security Advisors in January 2023 to launch an “Innovation
Bridge” to connect U.S. and Indian defense start-ups as part of the U.S.-India initiative on Critical and Emerging Technology (iCET). India’s Innovations for Defense Excellence (iDEX) and the Office of the Secretary of Defense (OSD) are leading INDUS-X activities for MoD and DoD, respectively.

With support from our governments, closer cooperation between our private sectors and research institutions will catalyze innovation within our defense industrial bases. Through INDUS-X, we will strengthen ties between our defense industrial ecosystems to make them more innovative, accessible, and resilient.

At the two-day catalyst event, hosted by the U.S.-India Business Council at the U.S. Chamber of Commerce, defense innovation stakeholders from across our governments, academic and research organizations, investors,
defense firms, technology incubators, industry associations, and other start-up enablers came together to develop ambitious initiatives to drive INDUS-X forward.

The below collaboration agenda outlines prospective actions for INDUS-X stakeholders to advance defense innovation between the United States and India. The agenda provides timelines and metrics to measure progress
in implementing collaboration initiatives envisioned under INDUS-X. INDUS-X stakeholders intend to advance this collaboration agenda through the following efforts:

Read More: FACT SHEET INDIA-U.S. DEFENSE ACCELERATION ECOSYSTEM (INDUS-X)

Exploring the trajectory of the relationship in four key sectors: defense, global order, business and technology, and climate change.

As Indian Prime Minister Narendra Modi prepares for his highly anticipated visit to Washington, the global stage is set for an important chapter in the India-U.S. relationship. As the United States deepens its Indo-Pacific engagement and India solidifies its regional prowess, the partnership between these democratic powerhouses has the potential to reshape the geopolitical chessboard. Against a backdrop of transformative changes, this pivotal moment prompts a question: What lies ahead for these two influential nations?

In this conversation-style piece, we bring together a group of accomplished experts, each illuminating a different facet of the complex tapestry that is India-U.S. relations. From shared concerns over global security to mutual interests in emerging technologies and sustainable development, our expert commentators dissect the intricate threads that bind these nations together – unraveling fresh prospects and critical challenges that await.

Elevating the Defense Partnership

–C. Raja Mohan

For nearly two decades and across many administrations, India and the United States have steadily expanded their bilateral strategic partnership. While much progress has been made in the last few years, Modi’s visit to Washington is expected to give the relationship “escape velocity,” in the words of a U.S. National Security Council official and Indo-Pacific coordinator. In boosting their bilateral cooperation amid a convergence of the two countries’ interests in Asia, the visit will focus on consolidating recent efforts to deepen ties in defense as well as the high-technology domain. 

The last few weeks have seen intense consultations between the two sides and a series of high-profile visits to finalize the outcomes of the talks between Modi and U.S. President Joe Biden on June 22. U.S. Defense Secretary Lloyd Austin and National Security Advisor Jake Sullivan visited New Delhi earlier in June. India’s National Security Advisor Ajit Doval and Foreign Secretary Vinay Kwatra were in Washington in January and June of this year, respectively. 

A framework for cooperation in advanced technologies, a road map for defense industrial cooperation, and an agreement for expanding strategic trade are now in place. Modi and Biden have been pressing their respective bureaucracies to overcome the many regulatory obstacles to more productive collaboration in these areas. Agreements to facilitate the manufacture of jet engines for Indian fighter aircraft by General Electric and to promote cooperation in critical and emerging technologies are expected to figure prominently among the deliverables from Modi’s state visit to Washington.

India, which could not access U.S. weapons during the Cold War, has bought $20 billion worth of arms over the last two decades. The armed forces in India and the United States engage in extensive bilateral military exercises and minilateral ones with the four partners in the Quad Forum – Australia, India, Japan, and the United States. The ambition is to look beyond arms purchases and facilitate the production of weapons in India through collaboration between defense firms in the two countries. 

The incentive for the United States is helping India reduce its historical dependence on Russia for its military supplies. For New Delhi, it is about fulfilling Modi’s goal to turn India from the world’s largest importer of weapons into a major producer of weapons. Such collaboration will also help India bridge the massive gap in military capabilities with China with strong support from the United States. Both New Delhi and Washington have a strong interest in stabilizing the Asian balance of power and coping with the geopolitical churn triggered by China’s rise and Beijing’s assertiveness in Asia.

Navigating the Global Order

–Manjari Chatterjee Miller

The India-U.S. partnership has been transformed from a tense relationship into one of expanding cooperation across sectors. Although many, particularly in the United States, had hoped for a close partnership for years, few would have predicted the extent of the transformation in the relationship. India and the United States now collaborate on security challenges, defense, intelligence consultations, military exercises, health, disaster preparedness, emerging technologies, and even education. Both countries have concerns about China’s rise, contributing to a shared sense of urgency about the global order if China were to become the next superpower.

However, important challenges to the relationship remain. The United States worries about India’s commitment to the norms of the current global order and its perceived reluctance to rock the geopolitical boat. India’s reliance on Russian military imports and oil (Russia has displaced Iraq as India’s top oil supplier), and its reluctance to unambiguously condemn Russia in the Ukraine war, remain thorns. India’s position in the event of an escalation or even conflict in the Taiwan Strait is also ambiguous. The idea of mutual defense, a key plank of many of the United States’ bilateral partnerships, is unthinkable for the Indian government.

The state of Indian democracy and reports of the Indian government violating the civil liberties of minorities and journalists are another cause for U.S. concern. While the Biden administration is unlikely to make any public criticism – as made evident in Modi’s upcoming state visit – members of Congress may not have such inhibitions. Modi is set to address a joint meeting of Congress on June 22.

From India’s perspective, the Indian government was anxious, if not publicly critical, about the U.S. withdrawal from Afghanistan and what seemed to be a pivot away from important issues, such as Pakistan-sponsored cross-border terrorism. India also worries about the divisions in U.S. politics and what next year’s presidential election could portend for the United States’ performance on the world stage and its commitment to its partners. U.S. immigration policy also poses a problem. Legal pathways of immigration for Indian citizens, a highly skilled source of labor for the United States, have run into myriad issues, including absurdly long wait times for visas. The India-U.S. trade relationship is also narrowly focused and hampered by Indian protectionism.

Overall, India sees itself as having a large stake in the success of the India-U.S. relationship – a drastic change from its past attitude – and the United States sees India as one of its most valuable partners today. This trajectory is unlikely to change in the near future.

Elevating Business and Technology Horizons 

–Mukesh Aghi 

Modi’s upcoming visit to Washington holds historical significance, as it marks the first state visit by an Indian prime minister to the United States in over a decade. The India-U.S. strategic partnership, which I believe is the most defining relationship of the 21st century, encompasses a wide range of shared concerns and priorities. These include deepening trade and commercial ties, strengthening defense and technology relations, joint clean energy efforts, and collaboration on health care in the wake of the COVID-19 pandemic.

In addition to these priorities, there is a growing focus on rebuilding and restoring disrupted supply chains in the aftermath of the pandemic. Many CEOs are now adopting a “China plus one” strategy, seeking to diversify their supply chains. This presents an opportunity for New Delhi to bolster its manufacturing economy through initiatives such as Make in India and the Production Linked Incentives (PLI) schemes. Recent instances of successful India-U.S. commercial cooperation include Air India’s purchase of over 200 Boeing aircraft, which carries significant implications for the commercial partnership and the American manufacturing sector.

Furthermore, Apple’s decision to establish its first retail store in India not only enhances the country’s attractiveness to other tech companies but also showcases its capability to produce cutting-edge technology and strengthen its manufacturing potential. This move is a crucial indication that companies are diversifying their supply chains away from China. Given the geopolitical dynamics surrounding semiconductors, New Delhi can also signal its readiness to become a hub for chip manufacturing and case manufacturing.

Modi’s government has made commendable efforts to improve the business environment and simplify tax laws in India, addressing previous constraints on American investors. Initiatives like the Goods and Services Tax (GST) and labor law reforms have helped foster a more investor-friendly climate. Earlier this year, the Washington-New Delhi strategic partnership was strengthened by the Initiative on Critical and Emerging Technology (iCET), which encompasses areas such as quantum computing, artificial intelligence, defense, innovation, space, advanced telecom, and semiconductors. An anticipated announcement during the visit includes a potential jet engine deal that would not only foster commercial success but also boost India’s defense capabilities.

The India-U.S. partnership has the potential to transform the lives of citizens and tackle critical challenges in climate, supply chains, healthcare, and technology in the 21st century. Modi’s upcoming state visit underscores the significance of this partnership.

Advancing Climate Action and Sustainability

–Farwa Aamer and Meera Gopal

In recent times, the imperative to combat climate change and foster sustainable development has thrust climate and energy issues to the forefront of the India-U.S. bilateral relationship. The convergence of interests, shared commitment to climate action, and complementarity in expertise and resources provide a solid foundation for robust collaboration between the two countries. 

Initiatives like the India-U.S. Partnership to Advance Clean Energy (PACE), launched in 2009, exemplify successful cooperation in research, technology transfer, and project implementation, fostering the growth of renewable energy deployment in India. Moreover, the 2021 Leaders Summit on Climate witnessed the launch of the India-U.S. Climate and Clean Energy Agenda 2030 Partnership, reaffirming the two nations’ dedication to the Paris Agreement and their long-standing willingness to work jointly to achieve their ambitious climate and clean energy targets. In the lead-up to the state visit, the promise of India-U.S. joint action has been publicly reiterated by both countries at various levels of engagements. 

This partnership presents multiple opportunities, including reducing methane emissions, advancing the green hydrogen agenda, supporting India’s planned emissions trading system, and collaborating on decarbonization solutions as needed. There are ample prospects to jointly advance capacity for strengthening climate resilience, including increased research and development, data availability, and tools to help national, state, and local officials in climate adaptation planning. 

Modi is likely to maintain the focus on promoting the Mission Lifestyle for Environment (LiFE) and securing financing for consumption reduction policies. Additionally, as the current president of the G-20, India has a unique opportunity to highlight its crucial role as the “voice” of the Global South for the West. 

However, challenges persist, such as the necessity for international financing to achieve net-zero targets as well as the concerns surrounding an agreement on a Just Energy Transition Partnership (JETP) deal. The United States can assist by facilitating access to funds for India’s ambitious goals and working toward an equitable national energy transition plan that considers the socioeconomic impact of the coal phase-out.

Modi’s state visit has the potential to strengthen joint climate strategies ahead of COP28 – which includes the first-ever Global Stocktake under the United Nations Framework Convention on Climate Change – in December 2023. By deepening the partnership on clean energy and climate action, both nations can achieve their global climate goals while fostering economic growth, job creation, and energy security. This collaboration will serve as a powerful model for innovation and sustainable development, setting the stage for the wider Global South to follow suit.

More information
https://thediplomat.com/2023/06/modi-comes-to-washington-prospects-and-challenges-for-india-us-relations/

Defense deals and tech ties underpin Modi’s visit to Washington.

“My dream is that in 2020, the two closest nations in the world will be India and the United States,” then-Sen. Joe Biden said on a visit to New Delhi in 2006. They may not be quite there yet, but Biden is doing everything to ensure they end up much closer—especially economically and militarily—after Indian Prime Minister Narendra Modi visits next week.

Washington is rolling out the red carpet for Modi, hosting him for a state dinner, the Biden administration’s third such visit after welcoming French President Emmanuel Macron and South Korean President Yoon Suk-yeol within the past year. Modi will also address a joint session of Congress, his second time doing so as Indian prime minister.

It’s not just pomp and symbolism, however. The United States wants to bring India deeper into its manufacturing and defense orbit, with the added benefit of helping wean New Delhi’s military off Russia and U.S. supply chains off China. Although both sides have been tight-lipped on planned announcements, a number of expected agreements on semiconductor chips and fighter jet engines have been in the works for months, bolstered by visits to New Delhi by Secretary of Defense Lloyd Austin and National Security Advisor Jake Sullivan in the weeks leading up to Modi’s trip. This week, the two sides reportedly sealed a deal for India to buy more than two dozen American drones.

“While I will not spill the beans, I can tell you that the ceremonial and substantive parts of the visit will fully complement each other and will be unparalleled,” Taranjit Singh Sandhu, India’s ambassador to Washington, said at a recent event.

The India-U.S. relationship hasn’t always been smooth sailing, and potential frictions remain, but the two countries have increasingly zeroed in on an arena where they can achieve symbiosis. “If you ask me what I would bet on the most, what is that one force multiplier for this relationship, it is tech,” Sandhu said. “It is the master key to unlock the real potential in the relationship.”

Officials from both sides have spent months laying the groundwork—and acronyms. An initiative on critical and emerging technology (iCET), launched in late January by Sullivan and his Indian counterpart, Ajit Doval, commits to cooperation in areas such as artificial intelligence, quantum computing, space exploration, semiconductors, and defense technology. There has been more movement on the last two in particular: U.S. Secretary of Commerce Gina Raimondo and Indian Commerce Minister Piyush Goyal inked a bilateral semiconductor supply chain partnership in New Delhi in March, while Austin’s visit to New Delhi earlier this month yielded INDUS-X, or the India-U.S. Defense Acceleration Ecosystem, described by the Pentagon as a “new initiative to advance cutting-edge technology cooperation” between the two militaries.

The most significant developments are likely to take place on the defense front, particularly if recent discussions on jointly producing jet engines, long-range artillery, and military vehicles come to fruition next week, product of a yearslong rapprochement on sharing defense technology with India. “This is not just manufacturing in India, this is genuine tech transfer,” said Rudra Chaudhuri, director of New Delhi-based think tank Carnegie India. “That’s a big deal.”

In some ways, it is an opportunity for a marriage of convenience. About half of India’s military equipment is Russian-made, and although New Delhi has spent years trying to diversify that supply, Russia’s protracted war in Ukraine has increased the urgency of finding new bedfellows. Washington sees an opening.

“The one relationship which the U.S. has traditionally been wary of in closer defense ties with India has been the India-Russia partnership,” said Aparna Pande, director of the India Initiative at the Hudson Institute. “This is one chance where if India can be weaned away because of a lack of supply parts, problematic equipment, or Russia getting closer to China, [you can] maybe convince India to purchase more from the United States and U.S. partners and allies.”

China is another major source of mutual concern pushing Washington and New Delhi closer together. India’s relationship with China deteriorated earlier and far more dramatically, with military clashes on their shared border leading to an Indian purge of Chinese technology (including, notably, a TikTok ban) nearly three years ago. Chinese naval expansion into the Indian Ocean has also spooked India and reinforced the importance of the so-called Quad group of countries. The United States and its allies, meanwhile, are urgently trying to reorient and “friendshore” global tech supply chains to reduce dependence on China, which has spent years establishing itself as the world’s factory floor.

India presents a ready replacement in many ways, much of it stemming from its new status as the world’s most populous country. That means a large (and youthful) labor force, millions of whom are skilled engineers, and relatively low manufacturing costs that the Modi government is further bolstering with tax incentives under its signature “Make in India” program. Like China, India’s sheer size also presents a huge potential domestic market for U.S. companies, an advantage over other alternatives such as Vietnam and Mexico. If for decades dollars and cents determined the landscape of global technology production, geopolitics have become supreme.

More information
https://foreignpolicy.com/2023/06/15/india-united-states-tech-ties-biden-modi-visit-washington/

New York, Jun 13 (PTI) India and the US are realising that an equitable bilateral partnership is a win-win for both countries and their people, USISPF President and CEO Mukesh Aghi said. He also underlined that India is providing de-risking for US companies from China to manufacture in the country and is a growing market for American goods.

Ahead of Prime Minister Narendra Modi’s State Visit to the US next week, the US-India Strategic Partnership Forum (USISPF) chief recalled that during his earlier address to a joint session of the Congress in 2016, the Indian leader had stressed for the two countries to overcome the hesitation of history.

“What we are seeing on both sides, we are basically burying the past — the 1998 nuclear sanction and other aspects. Both countries are realising that an equitable partnership is a win-win both for the people of India and the people of United States,” Aghi told PTI in an exclusive interview.

More information
https://www.ptinews.com/news/business/india-us-realising-equitable-bilateral-partnership-a-win-win-for-both-usispf-chief/588087.html

Ahead of Prime Minister Narendra Modi’s state visit to the USA, President & CEO of the US-India Strategic Partnership Forum Mukesh Aghi talked about how India has to deal with China and how technology can help India to have an upper hand in the diplomatic relationship.

More information
https://zeenews.india.com/video/news/india-has-to-deal-with-an-aggressive-china-says-president-of-us-india-strategic-partnership-forum-before-pm-modi-s-state-visit-to-us-2620915.html

India and the US are realizing that an equitable bilateral partnership is a win-win for both countries and their people, the US-India Strategic Partnership Forum (USISPF) President and CEO Mukesh Aghi said.

He also underlined that India is providing de-risking for US companies from China to manufacture in the country and is a growing market for American goods.

Ahead of Prime Minister Narendra Modi’s State Visit to the US next week, the US-India Strategic Partnership Forum (USISPF) chief recalled that during his earlier address to a joint session of the Congress in 2016, the Indian leader had stressed for the two countries to overcome the hesitation of history.

“What we are seeing on both sides, we are basically burying the past — the 1998 nuclear sanction and other aspects. Both countries are realising that an equitable partnership is a win-win both for the people of India and the people of the United States,” Aghi told PTI in an exclusive interview.

“But more than that, these are two democracies, which look at the international order and (are) trying to maintain that order itself. From a geopolitical perspective, economic perspective and from a technology perspective and people-to-people perspective, it is a partnership which is win-win for both sides,” he said.

Aghi described the current times as “exciting” for Indo-US relations, saying after 75 years of independence, India is on a development path.

“It is a win-win partnership where US companies are also one of the biggest investors in India,” he said, adding that American companies are now setting up research and development centres and moving into innovation centres in India

“What we’re seeing is the partnership is elevating. There is more and more trust happening. Yes, there’s maturity, we will have a disagreement,” he said, citing the example of India’s oil purchases from Russia.

“But both (sides) have accepted those issues and moved on looking at the bigger challenges and opportunities. The relationship is growing to bigger heights and you’ll see more success coming in as we move forward,” Aghi added.

Modi will be welcomed as a State Guest in Washington DC on June 22 by President Joe Biden and First Lady Jill Biden. He will address a joint session of the US Congress the same day — the first Indian Prime Minister to be accorded the honour twice. Modi first addressed a joint meeting of the US Congress in June 2016.

The President and the First Lady will host Modi at a State Dinner on June 22.

Modi will address corporate leaders at a special event hosted by USISPF on June 23 at the Kennedy Center in Washington DC that is expected to be attended by over 1,200 business leaders and the focus will be on India’s importance from an investment perspective, he said.

On the challenges and opportunities for the two countries, Aghi said, on the geopolitical aspect, India’s neighbour China “has taken a very aggressive and assertive posture towards India. It does not treat India as an equal partner”.

“India needs at least 20 years of economic growth moving forward and that means it needs (an) alignment to deal with the aggressive neighbour itself and that’s where the US comes in.

“From a US perspective, India’s one country which has stood up to China, eyeball-to-eyeball on its border, and has not blinked. It sends a strong message that India can stand up to Chinese aggression,” he said.

“What India is providing is a de-risking for US companies from China to manufacture in India and at the same time a growing market, which is going to procure American goods,” he said.

He noted that USISPF operates on two broad principles that the economic prosperity of India is good for the US and US companies. Secondly, a militarily-strong India is good for regional stability.

“That’s where Make in India becomes a very critical role in the defence sector and that’s where you’ll see the deliverables coming in from the US side,” Aghi added.

He referred to the expected announcement of the GE engine deal, India acquiring drones from the US and other aspects of defence procurement during Modi’s visit.

“Where the US used to be reluctant to provide some critical technologies to India, now they’re willing to transfer the technology, not just only sell, to India. To me that shows that the trust factor, the dependence factor has moved dramatically,” he said.

Terming trade as an opportunity between the two nations, Aghi stressed that India and the US should start thinking toward a goal of having a trillion-dollar trade between the two economies and added that it is “absolutely” doable.

“That’s where we both have to keep on working and you don’t need a trade deal. I think if you just open up the market and make the ease of doing business easier, you will see things moving much, much faster,” he said.

He noted that the challenge that the countries need to work on is immigration.

“You have 1.2 million Indians waiting for the green card. We need to find a solution so (that) they become local residents, pay local taxes and become part of the society,” Aghi said.

More information
https://www.financialexpress.com/business/defence-expecting-announcement-of-the-ge-engine-deal-during-pm-modis-visit-says-usispf-chief-3123870/

Mukesh Aghi says India is providing de-risking for US companies from China to manufacture in the country and is a growing market for American goods

India and the US are realising that an equitable bilateral partnership is a win-win for both countries and their people, US-India Strategic Partnership Forum (USISPF) President and CEO Mukesh Aghi said. He also underlined that India is providing de-risking for US companies from China to manufacture in the country and is a growing market for American goods.

Prior to Prime Minister Modi’s State Visit to the United States next week, the USISPF chief recalled that the Indian leader had stressed the need for the two countries to overcome the hesitancy of history during his earlier address to a joint session of Congress in 2016.

“What we are seeing on both sides, we are basically burying the past — the 1998 nuclear sanction and other aspects. Both countries are realising that an equitable partnership is a win-win both for the people of India and the people of the United States,” Aghi told PTI in an exclusive interview.

“But more than that, these are two democracies, which look at the international order and (are) trying to maintain that order itself. From a geopolitical perspective, economic perspective and from a technology perspective and people-to-people perspective, it is a partnership which is win-win for both sides,” he said.

Aghi described the current times as “exciting” for Indo-US relations, saying after 75 years of independence, India is on a development path.

“It is a win-win partnership where US companies are also one of the biggest investors in India,” he said, adding that American companies are now setting up research and development centres and moving into innovation centres in India.

“What we’re seeing is the partnership is elevating. There is more and more trust happening. Yes, there’s maturity, we will have disagreement,” he said, citing the example of India’s oil purchases from Russia.

“But both (sides) have accepted those issues and moved on looking at the bigger challenges and opportunities. The relationship is growing to bigger heights, and you’ll see more success coming in as we move forward,” Aghi added.

President Joe Biden and First Lady Jill Biden will welcome Modi as a State Guest in Washington DC on June 22. On the same day, he will address the joint session of the US Congress, becoming the first Indian prime minister to receive the honour twice. Modi first addressed a joint meeting of the US Congress in June 2016.

On June 23, Modi will address corporate leaders at USISPF’s annual conference at the Kennedy Center in Washington DC. Over 1,200 business leaders are expected to attend, and the discussion will focus on India’s investment potential.

On the challenges and opportunities for the two countries, Aghi said, on the geopolitical aspect, India’s neighbour China “has taken a very aggressive and assertive posture towards India. It does not treat India as an equal partner”.

“India needs at least 20 years of economic growth moving forward and that means it needs (an) alignment to deal with the aggressive neighbour itself and that’s where the US comes in.

“From a US perspective, India’s one country which has stood up to China, eyeball-to-eyeball on its border, and has not blinked. It sends a strong message that India can stand up to Chinese aggression,” he said.

India’s economy, which has a population of 1.4 billion and is growing at about 7 percent, is worth more than USD 3.75 trillion to US companies.

Aghi cited the example of Apple, saying that three years ago it did not manufacture anything in India. Next year, Apple is going to manufacture 20 million iPhone 14s in India and move into the iPad and Macbook space as well.

“What India is providing is a de-risking for US companies from China to manufacture in India and at the same time a growing market, which is going to procure American goods,” he said.

He noted that USISPF operates on two broad principles that economic prosperity of India is good for the US and US companies. Secondly, a militarily-strong India is good for regional stability.

“So, that means India has to become self-sufficient”, especially after the “debacle” of what is happening between Russia and Ukraine, he said.

“That’s where Make in India becomes a very critical role in the defence sector and that’s where you’ll see the deliverables coming in from the US side,” Aghi added.

He referred to the expected announcement of the GE engine deal, India acquiring drones from the US and other aspects of defence procurement during Modi’s visit.

“Where the US used to be reluctant of providing some critical technologies to India, now they’re willing to transfer the technology, not just only sell, to India. To me that shows that the trust factor, the dependence factor has moved dramatically,” he said.

“…we do expect something on GE engines where a deal will happen, where India can make GE jet engines in India. If this happens, India will be the fifth country in the world to make hot engines for planes” he added.

Terming trade as an opportunity between the two nations, Aghi stressed that India and the US should start thinking toward a goal of having a trillion-dollar trade between the two economies and added that it is “absolutely” doable.

“That’s where we both have to keep on working, and you don’t need a trade deal. I think if you just open up the market and make the ease of doing business easier, you will see things moving much, much faster,” he said.

He noted that the challenge that the countries need to work on is immigration.

“You have 1.2 million Indians waiting for the green card. We need to find a solution so (that) they become local residents, pay local taxes and become part of the society,” Aghi said.

He noted that Modi is the only global leader who has got along “very well” with three US presidents — Barack Obama, Donald Trump and Biden.

“That shows his character, that shows his leadership style,” Aghi said.

With Modi being invited to address a joint session of the US Congress for the second time, Aghi said addressing the US Congress is a “very, very important” event from a democracy perspective and from an international order perspective.

He said when Modi addressed the US Congress in 2016, it sent a message “but now it sends a very strong message” as, on one hand, “you have a Democratic president inviting him for a State Dinner and you have a Republican Speaker of the House inviting him to speak at the Congress. So, you have bipartisan support” for Modi.

Modi “will go down in history”, being able to position himself very strongly with the US Congress and the US administration, Aghi said.

More information
https://www.moneycontrol.com/news/business/india-us-realising-equitable-bilateral-partnership-a-win-win-for-both-usispf-chief-10790021.html

Washington [US], June 13 (ANI): Ahead of Prime Minister Narendra Modi’s visit to the US, Mukesh Aghi, President and Chief Executive Officer of the US-India Strategic Partnership Forum, on Monday (local time) said that India and the US are getting over the suspiciousness of each other. While speaking to ANI, Mukesh Aghi said that they are witnessing a much more “concrete, deeper and broader relationship” coming up between India and US.

Aghi said that India is taking an independent position at international forums. However, he noted that India also supports the US position. He also recalled PM Modi’s address to the joint session of the Congress.

In response to a question regarding the change in India-US ties over the years, he said, “Well, when Prime Minister spoke for the first time to a joint session of the Congress, he said we need to overcome the hesitation of history. And I think what we are seeing is both sides are coming, getting over the suspiciousness of each other.”

“We had in India 1998 sanctions and India couldn’t bring in a lot of those technologies. Now we’re seeing a lot of those technologies moving to India. We are seeing India stepping up in the international forum, taking an independent position, but it also supports the US position also. So, I think we are seeing a much more concrete, deeper and broader relationship coming up,” he added.

Mukesh Aghi said that India is looking for a transfer of technology and they do expect something on General Electric engines where a deal will happen. He said that the US is looking to create more jobs and they expect some orders on defence equipment from India.

Speaking to ANI regarding Prime Minister Narendra Modi’s visit to the US, Mukesh Aghi said, “Well, I think you can break this down with three broad categories. One is geopolitics. The second is on the economic side. And the third is on technology. So when you look at the concrete deliverables, obviously US is looking to create more jobs in the US. So we do expect some orders on defence equipment coming from the India side. So, it kind of helps US companies from a job creation perspective.”

He further said, “From a job creation perspective, India is looking for transfer of technology. So we do expect something on GE engines where a deal will happen, where India can make GE jet engines in India. So, if that happens, then India will be the fifth country in the world making hot engines for planes.”

Mukesh Aghi said that US and India are aligned to deal with China. Speaking to ANI, he said, “Then on the geopolitics side, I think it’s about messaging. The US-India are aligned to deal with the aggressive, assertive China. And I think that’s where you see as strong messaging coming in, both by President Biden and Prime Minister Modi right now.”

He said that India needs to have technology to deal with China. He said that they are witnessing the Biden administration agreeing to transfer some technology to India so that they can manufacture and it becomes self-reliant in the defence sector.

Responding about China being a common thread that is binding Republicans and Democrats, he said, “Well, you have to understand from an India perspective, it shares a 3000-kilometre-long border with China, which China doesn’t agree with the border itself. India has to deal with the aggressive China, basically a dominant China. We’ve had soldiers killed on both sides of the border itself.”

He further said, “So, India needs to have technology. It needs to have enough resources to deal with that assertive posture of China. India’s supply from Russia is drying out. So, it needs other sources and is focused on building most of those stuff in India. So, what we are seeing is the Biden administration agreeing to transfer some complex technology to India so you can manufacture, and India becomes a self-reliant defence area. So, yes, there is an alignment on the positioning posture of China and how to deal with China.”

Speaking about the Kennedy Center event set to be held on June 23, Mukesh Aghi said, “Well, one of the pillars of the relationship is economy. It is about de-risking US companies from China. It is about getting to a newer, larger market, which is India. So, what we’re seeing is most of the US companies are looking at how do you de-risk your supply chain and have a China plus one strategy and India plays a pivotal role in that area.”

“India also with the 1.4 billion people, is a large market. It’s going to grow as the spending power goes up in India. So I think those companies are looking at having India as a potential market. And a classic example is Apple. Apple three years ago didn’t produce anything in India, and the next day, it’s going to produce 20 million iPhone 14. But, it is also its fastest growing market in the world itself. So, there are market opportunity, their trade opportunity, their economic investment opportunity, and that’s a win-win for both countries.”

Mukesh Aghi said that Indian-Americans are the “most affluent minority group” from US President Joe Biden’s perspective. He said that Indian-Americans are the “most educated” and they participate in the civic society quite efficiently. Around 7000 Indian-American community will be welcoming PM Modi at the South Lawn.

Responding to a question regarding the importance given to Indian-Americans, he said, “Well, you have to look at from President Biden’s perspective, Indian Americans are the most affluent minority group. They are the most educated and they participate in civic society quite efficiently itself and from a Biden campaign perspective, if you can get contribution coming into a political campaign, it’s a winning factor. If you can get them voting in the swing state, it has an impact on the electoral college itself. So from that perspective, I think it is a strong motive from Biden to get almost 5 million Indian Americans on its cap side.”

He further said, “When you look at from Prime Minister Modi’s perspective, you have to understand there are 35 billion Indians who live outside India and if they look at their GDP, it’s almost 50 per cent of India’s GDP. So, they are a vital source of investment, technology and influence. So, I think Prime Minister Modi caters to that successfully. And what we have seen is every time he goes to a country, that country’s investment into India spikes up dramatically. So, it is a win-win for both President and the Prime Minister to cater to Indian Americans.”

Indian Americans are eagerly preparing to extend a warm welcome to PM Modi during his state visit to the US from June 21-24. Thousands of expatriate Indians will gather in Washington during the visit of PM Modi, who will arrive in the US at the invitation of US President Joe Biden and First Lady Jill Biden.

While a group of Indian Americans are planning to go to Andrews Air Force Base when the Prime Minister’s Air India One lands on June 21 afternoon from New York and over 600 community members are planning to gather at Freedom Plaza in front of the Willard Intercontinental in Washington located near the White House where the PM will be staying during his visit. 

More information
https://www.aninews.in/news/world/asia/we-see-much-more-concrete-relationship-us-india-strategic-partnership-forum-ceo20230613055432/

India and US ‘model’ strategic partnersNew York, Jun 11 (PTI) Prime Minister Narendra Modi’s state visit to the US is a “major milestone” for the bilateral ties, the chairman of a leading India-US advocacy group has said, underling that New Delhi and Washington will be the “model” for how two strategic partners can work together across sectors.

Prime Minister Modi is visiting the US from June 21-24 at the invitation of US President Biden and First Lady Jill Biden. “I think it’s a major milestone for the future. I’ve always been the biggest bull on India and the future of India and what economically can be accomplished by India’s leadership on the global stage,” US-India Strategic Partnership Forum (USISPF) Chairman John Chambers told PTI in an exclusive interview.

Chambers, the Chairman Emeritus at Cisco and founder of JC2 Ventures, underlined the potential of the US and India to be the “most strategic partnership” in the world.

More information
https://www.ptinews.com/news/international/india-and-us-model-for-how-two-strategic-partners-can-work-together-across-sectors-usispf-chairman-/587101.html4

Prime Minister Narendra Modi’s state visit to the US is a ‘major milestone’ for the bilateral ties, the chairman of a leading India-US advocacy group has said, underling that New Delhi and Washington will be the ‘model” for how two strategic partners can work together across sectors.

Prime Minister Modi is visiting the US from June 21-24 at the invitation of US President Biden and First Lady Jill Biden.

‘I think it’s a major milestone for the future. I’ve always been the biggest bull on India and the future of India and what economically can be accomplished by India’s leadership on the global stage,’ US-India Strategic Partnership Forum (USISPF) Chairman John Chambers told PTI in an exclusive interview.

Chambers, the Chairman Emeritus at Cisco and founder of JC2 Ventures, underlined the potential of the US and India to be the “most strategic partnership’ in the world.

This partnership will positively impact not only businesses between the two countries but jobs as well in each of the 28 states and union territories of India and 50 states in the US, he said.

Modi will be welcomed as a State Guest in Washington DC on June 22 and will address a joint session of the US Congress the same day, the first Indian prime minister to be accorded this honour twice.

He first addressed the joint meeting of the US Congress in June 2016. The US President and the First Lady will host Prime Minister Modi at a State dinner on June 22.

Chambers said ‘when you have the two biggest democracies who share a common vision of what technology can do for the future of our countries, for the future of standard of living, job creation and defence, it’s rare that that comes together at a point in time which is what we have now.’ Chambers added that there will be challenges in the relationship as well.

‘Nothing this complex, with this type of results, comes without challenges,” he said.

“But if I were betting on one country in Asia, it’s India. If I were betting on two, I’d bet on India twice. I think we will also be the model for how two strategic partners, not allies, partners, can work together on everything from economics to job creation to technology exchange to defence etc. So it’s a magical moment,’ he said.

Chambers said that in Modi, he has seen a ‘leader that is like almost no other that I’ve seen in 40 years.’ Chambers described Modi as a ‘charismatic leader who is able to outline a vision and to get people both excited about it but he has the ability to execute on it. That is rare in today’s world.’ He emphasised that the Indian leader gets along with both Democrats and Republican leaders in the US.

‘I think he is a uniting force in this world. And I think the most important partnership that will exist for the next two-three decades will be what the US and India can do across” a spectrum of areas.

‘What you really see is our two countries’are joined at the hip at every level,’ Chambers said.

He noted the several interactions and exchanges between top leaders from both countries ahead of the state visit including between External Affairs Minister S Jaishankar and Secretary of State Antony Blinken, Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen, Commerce Minister Piyush Goyal and United States Trade Representative Katherine Tai well as National Security Advisors from the two countries Ajit Doval and Jake Sullivan.

‘So what you see is a very broad building of relationships in many areas and each of them in and of themselves being important, but when you put them together into an architecture that it becomes game-changing. And so I think it’s important to realise this is a long-term play,’ he said.

Chambers described digitalisation in India as a ‘powerful’ vision. ‘What you see now is no longer an India that is a slow follower. You see an India that is an innovator, a mover and shaker that can really drive through it.’ Chambers also noted the cooperation between India and the US in multilateral fora such as the Quad that includes Australia and Japan and I2U2 – India, Israel, UAE and the US.

‘Now, where we’re going is a chance to redefine what is possible. So my view on this visit is you take it one more step,’ he said adding that “this is an ongoing process.’ Chambers said he ‘can’t wait to watch’ Modi’s address to the US Congress and said expectations are obviously high from the visit.

He added that going by how the foundation has been built, ‘I think it’s going to be a tremendous visit and tremendous results, not necessarily in the next week, but tremendous results over the next years. That really is what it’s all about.’

More information
https://www.republicworld.com/amp/world-news/rest-of-the-world-news/usispf-chairman-india-and-us-set-the-gold-standard-for-collaborative-partnership-articleshow.html

India-US partnership will positively impact not only businesses between the two countries but jobs as well in each of the 28 States and Union Territories of India and 50 States in the US: John Chambers.

Prime Minister Narendra Modi’s state visit to the US is a “major milestone” for the bilateral ties, the chairman of a leading India-US advocacy group has said, underling that New Delhi and Washington will be the “model” for how two strategic partners can work together across sectors.

Prime Minister Modi is visiting the US from June 21-24 at the invitation of US President Biden and First Lady Jill Biden.

“I think it’s a major milestone for the future. I’ve always been the biggest bull on India and the future of India and what economically can be accomplished by India’s leadership on the global stage,” US-India Strategic Partnership Forum (USISPF) Chairman John Chambers told PTI in an exclusive interview.

Chambers, the Chairman Emeritus at Cisco and founder of JC2 Ventures, underlined the potential of the US and India to be the “most strategic partnership” in the world.

This partnership will positively impact not only businesses between the two countries but jobs as well in each of the 28 States and Union Territories of India and 50 States in the US, he said.

Modi will be welcomed as a State Guest in Washington DC on June 22 and will address a joint session of the US Congress the same day, the first Indian prime minister to be accorded this honour twice.

He first addressed the joint meeting of the US Congress in June 2016. The US President and the First Lady will host Prime Minister Modi at a State dinner on June 22.

Chambers said “when you have the two biggest democracies who share a common vision of what technology can do for the future of our countries, for the future of standard of living, job creation and defence, it’s rare that that comes together at a point in time which is what we have now.” Chambers added that there will be challenges in the relationship as well.

“Nothing this complex, with this type of results, comes without challenges,” he said.

“But if I were betting on one country in Asia, it’s India. If I were betting on two, I’d bet on India twice. I think we will also be the model for how two strategic partners, not allies, partners, can work together on everything from economics to job creation to technology exchange to defence etc. So it’s a magical moment,” he said.

Chambers said that in Modi, he has seen a “leader that is like almost no other that I’ve seen in 40 years.” Chambers described Modi as a “charismatic leader who is able to outline a vision and to get people both excited about it but he has the ability to execute on it. That is rare in today’s world.” He emphasised that the Indian leader gets along with both Democrats and Republican leaders in the US.

“I think he is a uniting force in this world. And I think the most important partnership that will exist for the next two-three decades will be what the US and India can do across” a spectrum of areas.

“What you really see is our two countries…are joined at the hip at every level,” Chambers said.

He noted the several interactions and exchanges between top leaders from both countries ahead of the state visit including between External Affairs Minister S Jaishankar and Secretary of State Antony Blinken, Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen, Commerce Minister Piyush Goyal and United States Trade Representative Katherine Tai well as National Security Advisors from the two countries Ajit Doval and Jake Sullivan.

“So what you see is a very broad building of relationships in many areas and each of them in and of themselves being important, but when you put them together into an architecture that it becomes game-changing. And so I think it’s important to realise this is a long-term play,” he said.

Chambers described digitalisation in India as a “powerful” vision. “What you see now is no longer an India that is a slow follower. You see an India that is an innovator, a mover and shaker that can really drive through it.” Chambers also noted the cooperation between India and the US in multilateral fora such as the Quad that includes Australia and Japan and I2U2 – India, Israel, UAE and the US.

“Now, where we’re going is a chance to redefine what is possible. So my view on this visit is you take it one more step,” he said adding that “this is an ongoing process.” Chambers said he “can’t wait to watch” Modi’s address to the US Congress and said expectations are obviously high from the visit.

He added that going by how the foundation has been built, “I think it’s going to be a tremendous visit and tremendous results, not necessarily in the next week, but tremendous results over the next years. That really is what it’s all about.”

More information
https://www.thehindubusinessline.com/news/world/india-and-us-model-for-how-two-strategic-partners-can-work-together-across-sectors-usispf-chairman/article66956823.ece/amp/

Prime Minister Narendra Modi’s state visit to the US is a “major milestone” for the bilateral ties, the chairman of a leading India-US advocacy group has said, underling that New Delhi and Washington will be the “model” for how two strategic partners can work together across sectors.

Prime Minister Modi is visiting the US from June 21-24 at the invitation of US President Biden and First Lady Jill Biden.  

“I think it’s a major milestone for the future. I’ve always been the biggest bull on India and the future of India and what economically can be accomplished by India’s leadership on the global stage,” US-India Strategic Partnership Forum (USISPF) Chairman John Chambers told PTI in an exclusive interview.

Chambers, the Chairman Emeritus at Cisco and founder of JC2 Ventures, underlined the potential of the US and India to be the “most strategic partnership” in the world.

This partnership will positively impact not only businesses between the two countries but jobs as well in each of the 28 states and union territories of India and 50 states in the US, he said.

Modi will be welcomed as a State Guest in Washington DC on June 22 and will address a joint session of the US Congress the same day, the first Indian prime minister to be accorded this honour twice. 

He first addressed the joint meeting of the US Congress in June 2016. The US President and the First Lady will host Prime Minister Modi at a State dinner on June 22. 

Chambers said “when you have the two biggest democracies who share a common vision of what technology can do for the future of our countries, for the future of standard of living, job creation and defence, it’s rare that that comes together at a point in time which is what we have now.”

Chambers added that there will be challenges in the relationship as well. 

 “Nothing this complex, with this type of results, comes without challenges,” he said.

“But if I were betting on one country in Asia, it’s India. If I were betting on two, I’d bet on India twice. I think we will also be the model for how two strategic partners, not allies, partners, can work together on everything from economics to job creation to technology exchange to defence etc. So it’s a magical moment,” he said.

Chambers said that in Modi, he has seen a “leader that is like almost no other that I’ve seen in 40 years.”

 Chambers described Modi as a “charismatic leader who is able to outline a vision and to get people both excited about it but he has the ability to execute on it. That is rare in today’s world.” He emphasised that the Indian leader gets along with both Democrats and Republican leaders in the US. 

 “I think he is a uniting force in this world. And I think the most important partnership that will exist for the next two-three decades will be what the US and India can do across” a spectrum of areas.

“What you really see is our two countries…are joined at the hip at every level,” Chambers said. 

He noted the several interactions and exchanges between top leaders from both countries ahead of the state visit including between External Affairs Minister S Jaishankar and Secretary of State Antony Blinken, Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen, Commerce Minister Piyush Goyal and United States Trade Representative Katherine Tai well as National Security Advisors from the two countries Ajit Doval and Jake Sullivan.

 “So what you see is a very broad building of relationships in many areas and each of them in and of themselves being important, but when you put them together into an architecture that it becomes game-changing. And so I think it’s important to realise this is a long-term play,” he said.

 Chambers described digitalisation in India as a “powerful” vision. “What you see now is no longer an India that is a slow follower. You see an India that is an innovator, a mover and shaker that can really drive through it.”

Chambers also noted the cooperation between India and the US in multilateral fora such as the Quad that includes Australia and Japan and I2U2 – India, Israel, UAE and the US.

 “Now, where we’re going is a chance to redefine what is possible. So my view on this visit is you take it one more step,” he said adding that “this is an ongoing process.”

Chambers said he “can’t wait to watch” Modi’s address to the US Congress and said expectations are obviously high from the visit.

 He added that going by how the foundation has been built, “I think it’s going to be a tremendous visit and tremendous results, not necessarily in the next week, but tremendous results over the next years. That really is what it’s all about.”

More information
https://www.outlookindia.com/international/india-and-us-model-for-how-two-strategic-partners-can-work-together-across-sectors-usispf-chairman-news-293766/amp

PM Modi’s state visit to the US is a major milestone for the bilateral ties, the chairman of a leading India-US advocacy group has said

Prime Minister Narendra Modi’s state visit to the US is a major milestone for the bilateral ties, the chairman of a leading India-US advocacy group has said, underling that New Delhi and Washington will be the model” for how two strategic partners can work together across sectors.

Prime Minister Modi is visiting the US from June 21-24 at the invitation of US President Biden and First Lady Jill Biden.

I think it’s a major milestone for the future. I’ve always been the biggest bull on India and the future of India and what economically can be accomplished by India’s leadership on the global stage, US-India Strategic Partnership Forum (USISPF) Chairman John Chambers told PTI in an exclusive interview.

Chambers, the Chairman Emeritus at Cisco and founder of JC2 Ventures, underlined the potential of the US and India to be the “most strategic partnership in the world.

This partnership will positively impact not only businesses between the two countries but jobs as well in each of the 28 states and union territories of India and 50 states in the US, he said.

Modi will be welcomed as a State Guest in Washington DC on June 22 and will address a joint session of the US Congress the same day, the first Indian prime minister to be accorded this honour twice.

He first addressed the joint meeting of the US Congress in June 2016. The US President and the First Lady will host Prime Minister Modi at a State dinner on June 22.

Chambers said when you have the two biggest democracies who share a common vision of what technology can do for the future of our countries, for the future of standard of living, job creation and defence, it’s rare that that comes together at a point in time which is what we have now.

Chambers added that there will be challenges in the relationship as well.

Nothing this complex, with this type of results, comes without challenges,” he said.

“But if I were betting on one country in Asia, it’s India. If I were betting on two, I’d bet on India twice. I think we will also be the model for how two strategic partners, not allies, partners, can work together on everything from economics to job creation to technology exchange to defence etc. So it’s a magical moment, he said.

Chambers said that in Modi, he has seen a leader that is like almost no other that I’ve seen in 40 years.

Chambers described Modi as a charismatic leader who is able to outline a vision and to get people both excited about it but he has the ability to execute on it. That is rare in today’s world. He emphasised that the Indian leader gets along with both Democrats and Republican leaders in the US.

I think he is a uniting force in this world. And I think the most important partnership that will exist for the next two-three decades will be what the US and India can do across” a spectrum of areas.

What you really see is our two countriesare joined at the hip at every level, Chambers said.

He noted the several interactions and exchanges between top leaders from both countries ahead of the state visit including between External Affairs Minister S Jaishankar and Secretary of State Antony Blinken, Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen, Commerce Minister Piyush Goyal and United States Trade Representative Katherine Tai well as National Security Advisors from the two countries Ajit Doval and Jake Sullivan.

So what you see is a very broad building of relationships in many areas and each of them in and of themselves being important, but when you put them together into an architecture that it becomes game-changing. And so I think it’s important to realise this is a long-term play, he said.

Chambers described digitalisation in India as a powerful vision. What you see now is no longer an India that is a slow follower. You see an India that is an innovator, a mover and shaker that can really drive through it.

Chambers also noted the cooperation between India and the US in multilateral fora such as the Quad that includes Australia and Japan and I2U2 – India, Israel, UAE and the US.

Now, where we’re going is a chance to redefine what is possible. So my view on this visit is you take it one more step, he said adding that “this is an ongoing process.

Chambers said he can’t wait to watch Modi’s address to the US Congress and said expectations are obviously high from the visit.

He added that going by how the foundation has been built, I think it’s going to be a tremendous visit and tremendous results, not necessarily in the next week, but tremendous results over the next years. That really is what it’s all about.

More information
https://www.business-standard.com/amp/world-news/india-us-model-for-strategic-partners-to-work-together-usispf-chairman-123061100097_1.html

WASHINGTON, DC – With the aim of raising policy issues that affect the community, and engaging in discussions with more than 75 Congressional representatives and their staff, Indian American delegates of the Foundation of India and Indian Diaspora Studies (FIIDS) on April 27, gathered here on Capitol Hill.

“On our advocacy day, we focused on three critical issues: immigration, US-India relations, and religious phobia,” said Khanderao Kand, Founding Director of FIIDS. He said the group “strongly advocated” for the abolition of country-wise limits on employment-based permanent residency; accelerating the Initiative of Critical and Emerging Technology, to counter China, and the expansion of QUAD to include regional countries, addressing security concerns about Taiwan, and the Indo-Pacific region. On “religious phobia faced by faiths of Indian origin,” he said measures had been proposed including a congressional resolution on the matter.

House representatives and their staff were actively engaged, asked questions, and shared comments, a press release said. It singled out Congressman Josh Harder for discussing the significance of an Indo-US alliance and delegates lauding Congressman Raja Krishnamoorthi, for his work on immigration matters.

The day concluded with a celebration reception, which brought together house members, their staff, diplomats, think tank experts, officials, and delegates. This event was supported by the American Jewish Community, Congressman Andy Barr, and Dr. Suvas Desai.

Among the speakers was Nancy Izzo Jackson, Deputy Assistant Secretary in the Bureau of South and Central Asian Affairs who emphasized the consequential nature of the US-India relationship, including QUAD and various projects, such as food security and climate change through green technology advancements.

Jason Isaacson, Chief Policy & Political Affairs Officer of AJC, India’s ambassador to the US Taranjit Singh Sandhu, Nadav Zysblat, Minister-Counselor (Political) from the Embassy of Israel, Dr. Rahul Gupta, Director of the National Drug Control Policy, Mukesh Aghi, CEO and President of the US India Strategic Partnership Forum, were among those who spoke on various aspects of India-US relations Elected officials who spoke were Reps Raja Krishnamoorthi, Carolyn Maloney, Glenn Grothman, Dan Mauser, Mike Collins, Dr. Rich McCormick, David Schweikert, Shri Thanedar and Ro Khanna.

More information
https://indiawest.com/fiids-holds-advocacy-day-on-capitol-hill/

Washington, Jan 27 (PTI) A top India-centric American business advocacy group, in collaboration with various US government agencies and a prestigious university, has announced an alliance to increase the number of women in STEM education and the workforce in India.

The launch of the US-India Alliance for Women’s Economic Empowerment STEM Collaborative was announced by Mukesh Aghi, president and CEO of the US-India Strategic and Partnership Forum during the US-India Alliance Shatter Summit.

“India and the US tech synergy is well evinced in India being an IT powerhouse and the US having the most robust tech economy. However, there is still a lacuna in the number of male and female STEM graduates,” Aghi said.

More information
https://www.ptinews.com/news/international/alliance-launched-to-increase-number-of-women-in-stem-education-workforce-in-india/501950.html

A top India-centric American business advocacy group, in collaboration with various US government agencies and a prestigious university, has announced an alliance to increase the number of women in STEM education and the workforce in India.

The launch of the US-India Alliance for Women’s Economic Empowerment STEM Collaborative was announced by Mukesh Aghi, president and CEO of the US-India Strategic and Partnership Forum during the US-India Alliance Shatter Summit.

India and the US tech synergy is well evinced in India being an IT powerhouse and the US having the most robust tech economy. However, there is still a lacuna in the number of male and female STEM graduates, Aghi said.

For India to unleash its full potential, there needs to be a concerted effort to get more young girls and women in STEM (science, technology, engineering and maths), he said.

The US-India Alliance for Women’s Economic Empowerment is a public-private partnership between the State Department, USAID, USISPF, and George Washington University designed to catalyse transformational commitments to foster women’s economic advancement and inclusion in India, he said.

Under this Alliance, one of the key priorities has been to accelerate women in STEM education and the workforce, the USISPF said, adding that the new catalytic US-India Alliance for Women’s Economic Empowerment STEM Collaborative aims to identify barriers and create opportunities for advancing women and girls in STEM in India.

Radhika Shah, co-president of Stanford Angels and Entrepreneurs and Collaborative Founder and Co-Chair, in her remarks, said as a product of both the Indian and American STEM education systems and having grown up in Ahmedabad under the influence of a Gandhian grandfather, it is her honour to co-found and co-chair the catalytic collaborative.

We live in a moment of unprecedented opportunity as we race into the digital age an opportunity to ensure every girl and woman benefits from the digital revolution, including access to early STEM education, well-paying STEM jobs, and leadership at the very helm, she said.

The Collaborative intends to work with leaders across the public and private sectors in both countries’ tapping resources and expertise in government, civil society, and the private sector in order to foster dialogue and catalyse collaboration, resources, innovative solutions, and knowledge sharing, according to USISPF.

Temina Madon, Co-Founder of The Agency Fund and Collaborative Founder Co-Chair said, “To achieve our ambitious goals, we think it will be important to learn from Indian civil society organisations that have been supporting and empowering women for generations.

We also need to incorporate insights from economics and psychology, including how to cultivate a sense of belonging for women in technical work. Science and technology can uplift our countries and our diverse communities. But only if women are equal participants, she said.

Leaders in technology and those driving social change will be successful in increasing women’s participation in AI-related fields only if more girls are given the opportunity to pursue STEM, said Deepali Khanna, vice president and managing director, Asia Office, The Rockefeller Foundation, Collaborative Champion.

Michelle Nunn, CEO of CARE USA, Collaborative Champion said she is thrilled to see the launch of the bold collaborative.

CARE’s programmes around the world, including in India, focus on STEM activities as a key strategy to teach and train skills to help women and girls succeed and to transform communities and nations, she said.

Increased participation by Indian women in STEM is crucial for India to grow a healthy, diverse scientific ecosystem, helping to address a number of pressing societal concerns in public health, climate change, said Rajesh Gopakumar, director International Center for Theoretical Sciences, Collaborative Champion.

According to Cole Wilbur, president emeritus, The David and Lucile Packard Foundation, Collaborative Champion the philanthropy sector can play a key role in collaboration with the private sector and governments in bringing about this transition.

It has never been more important now to accelerate women and girls’ leadership in STEM, Wilbur said.

More information
https://www.business-standard.com/article/international/alliance-launched-to-boost-number-of-women-in-stem-workforce-in-india-123012700069_1.html

Washington, Jan 27 (PTI) A top India-centric American business advocacy group, in collaboration with various US government agencies and a prestigious university, has announced an alliance to increase the number of women in STEM education and the workforce in India.

The launch of the US-India Alliance for Women’s Economic Empowerment STEM Collaborative was announced by Mukesh Aghi, president and CEO of the US-India Strategic and Partnership Forum during the US-India Alliance Shatter Summit.

“India and the US tech synergy is well evinced in India being an IT powerhouse and the US having the most robust tech economy. However, there is still a lacuna in the number of male and female STEM graduates,” Aghi said.

“For India to unleash its full potential, there needs to be a concerted effort to get more young girls and women in STEM (science, technology, engineering and maths),” he said.

The US-India Alliance for Women’s Economic Empowerment is a public-private partnership between the State Department, USAID, USISPF, and George Washington University designed to catalyse transformational commitments to foster women’s economic advancement and inclusion in India, he said.

Under this Alliance, one of the key priorities has been to accelerate women in STEM education and the workforce, the USISPF said, adding that the new catalytic US-India Alliance for Women’s Economic Empowerment STEM Collaborative aims to identify barriers and create opportunities for advancing women and girls in STEM in India.

Radhika Shah, co-president of Stanford Angels and Entrepreneurs and Collaborative Founder and Co-Chair, in her remarks, said as a product of both the Indian and American STEM education systems and having grown up in Ahmedabad under the influence of a Gandhian grandfather, it is her honour to co-found and co-chair the catalytic collaborative.

“We live in a moment of unprecedented opportunity as we race into the digital age an opportunity to ensure every girl and woman benefits from the digital revolution, including access to early STEM education, well-paying STEM jobs, and leadership at the very helm,” she said.

The Collaborative intends to work with leaders across the public and private sectors in both countries’ tapping resources and expertise in government, civil society, and the private sector in order to foster dialogue and catalyse collaboration, resources, innovative solutions, and knowledge sharing, according to USISPF.

Temina Madon, Co-Founder of The Agency Fund and Collaborative Founder Co-Chair said, “To achieve our ambitious goals, we think it will be important to learn from Indian civil society organisations that have been supporting and empowering women for generations.”

“We also need to incorporate insights from economics and psychology, including how to cultivate a sense of belonging for women in technical work. Science and technology can uplift our countries and our diverse communities. But only if women are equal participants,” she said.

“Leaders in technology and those driving social change will be successful in increasing women’s participation in AI-related fields only if more girls are given the opportunity to pursue STEM,” said Deepali Khanna, vice president and managing director, Asia Office, The Rockefeller Foundation, Collaborative Champion.

Michelle Nunn, CEO of CARE USA, Collaborative Champion said she is thrilled to see the launch of the ‘bold’ collaborative.

“CARE’s programmes around the world, including in India, focus on STEM activities as a key strategy to teach and train skills to help women and girls succeed and to transform communities and nations,” she said.

“Increased participation by Indian women in STEM is crucial for India to grow a healthy, diverse scientific ecosystem, helping to address a number of pressing societal concerns in public health, climate change,” said Rajesh Gopakumar, director International Center for Theoretical Sciences, Collaborative Champion.

According to Cole Wilbur, president emeritus, The David and Lucile Packard Foundation, Collaborative Champion the philanthropy sector can play a key role in collaboration with the private sector and governments in bringing about this transition.

It has never been more important now to accelerate women and girls’ leadership in STEM, Wilbur said.

More information
https://www.moneycontrol.com/news/business/alliance-launched-to-increase-number-of-women-in-stem-education-workforce-in-india-9944731.html

Washington, Jan 27 (PTI) A top India-centric American business advocacy group, in collaboration with various US government agencies and a prestigious university, has announced an alliance to increase the number of women in STEM education and the workforce in India.

The launch of the US-India Alliance for Women’s Economic Empowerment STEM Collaborative was announced by Mukesh Aghi, president and CEO of the US-India Strategic and Partnership Forum during the US-India Alliance Shatter Summit.

“India and the US tech synergy is well evinced in India being an IT powerhouse and the US having the most robust tech economy. However, there is still a lacuna in the number of male and female STEM graduates,” Aghi said.

“For India to unleash its full potential, there needs to be a concerted effort to get more young girls and women in STEM (science, technology, engineering and maths),” he said.

The US-India Alliance for Women’s Economic Empowerment is a public-private partnership between the State Department, USAID, USISPF, and George Washington University designed to catalyse transformational commitments to foster women’s economic advancement and inclusion in India, he said.

Under this Alliance, one of the key priorities has been to accelerate women in STEM education and the workforce, the USISPF said, adding that the new catalytic US-India Alliance for Women’s Economic Empowerment STEM Collaborative aims to identify barriers and create opportunities for advancing women and girls in STEM in India.

Radhika Shah, co-president of Stanford Angels and Entrepreneurs and Collaborative Founder and Co-Chair, in her remarks, said as a product of both the Indian and American STEM education systems and having grown up in Ahmedabad under the influence of a Gandhian grandfather, it is her honour to co-found and co-chair the catalytic collaborative.

“We live in a moment of unprecedented opportunity as we race into the digital age – an opportunity to ensure every girl and woman benefits from the digital revolution, including access to early STEM education, well-paying STEM jobs, and leadership at the very helm,” she said.

The Collaborative intends to work with leaders across the public and private sectors in both countries’ tapping resources and expertise in government, civil society, and the private sector in order to foster dialogue and catalyse collaboration, resources, innovative solutions, and knowledge sharing, according to USISPF.

Temina Madon, Co-Founder of The Agency Fund and Collaborative Founder Co-Chair said, “To achieve our ambitious goals, we think it will be important to learn from Indian civil society organisations that have been supporting and empowering women for generations.” “We also need to incorporate insights from economics and psychology, including how to cultivate a sense of belonging for women in technical work. Science and technology can uplift our countries and our diverse communities. But only if women are equal participants,” she said.

“Leaders in technology and those driving social change will be successful in increasing women’s participation in AI-related fields only if more girls are given the opportunity to pursue STEM,” said Deepali Khanna, vice president and managing director, Asia Office, The Rockefeller Foundation, Collaborative Champion.

Michelle Nunn, CEO of CARE USA, Collaborative Champion said she is thrilled to see the launch of the “bold” collaborative.

“CARE’s programmes around the world, including in India, focus on STEM activities as a key strategy to teach and train skills to help women and girls succeed and to transform communities and nations,” she said.

“Increased participation by Indian women in STEM is crucial for India to grow a healthy, diverse scientific ecosystem, helping to address a number of pressing societal concerns in public health, climate change,” said Rajesh Gopakumar, director International Center for Theoretical Sciences, Collaborative Champion.

According to Cole Wilbur, president emeritus, The David and Lucile Packard Foundation, Collaborative Champion the philanthropy sector can play a key role in collaboration with the private sector and governments in bringing about this transition.

It has never been more important now to accelerate women and girls’ leadership in STEM, Wilbur said.

More information
https://theprint.in/world/alliance-launched-to-increase-number-of-women-in-stem-education-workforce-in-india/1337535/

The US industry has urged FM to rationalize and simplify direct and indirect taxes in India.

A top US strategic and business advocacy group has urged Finance Minister Nirmala Sitharaman to simplify and rationalize India’s direct and indirect taxation system. The group believes that this move would increase the confidence of global investors and lead to greater foreign direct investment.

In its submission to the Finance Ministry ahead of the annual budget presentation, US-India Strategic and Partnership Forum (USISPF) has urged the ministry to rationalize corporate tax rates for foreign companies and harmonize holding periods and rates for different instruments for capital gain tax reforms.

It also urged the Finance Minister to extend the concessional tax regime to Foreign Portfolio Investment (FPI) from investing in securities while requesting her to reiterate India’s commitment towards the global tax deal. 

The top recommendations of the US-based forum include advocating for a stable and predictable tax environment, improving the ease of doing business environment, rationalizing the cost of doing business, and rationalizing tax rates and tariffs. It has also sought tax incentives for specific sectors like renewable energy and R&D investment in the health sector. 

On the topic of indirect taxes, USISPF has recommended reducing the customs duty rates for x-ray machines from 10 percent to 7.5 percent and provision of customs duty exemption on all items imported by specified research and development units while seeking clarification on the customs duty exemptions provided to oil and natural gas companies.

Additionally, USISPF urged the finance minister to reverse the increase in customs duty on nutritional products, recognizing the importance of the product and encouraging the availability of scientifically designed nutritional food in India. 

In terms of customs tariffs and duties, the group advocated for addressing ambiguities in the customs tariff act on telecom products, extending concessional customs duty to advanced biofuel projects, and strengthening the process on the ground with regard to trade facilitation schemes such as CAROTAR and Faceless Assessment.

In an interview with CNBC-TV18, USISPF President Mukesh Aghi emphasized that India has the potential to target $100 Billion in FDI while stating that the upcoming budget has to be micro-focused on capex and infrastructure spending to fulfill this goal.

More information
https://www.livemint.com/news/india/budget-2023-top-us-body-urges-fm-to-simplify-direct-indirect-taxes-in-india-11674879952146.html

Ahead of the annual budget presentation, an India-centric top US strategic and business advocacy group has urged Union Finance Minister Nirmala Sitharaman to simplify and rationalise direct and indirect taxation system in India, a move it believes would increase the confidence of global investors and yield greater foreign direct investment.

Direct taxes can be in the form of income tax, capital gains tax or securities transaction tax, while indirect taxes such as GST, Customs Duty or VAT are levied on all end-consumers to buy any goods or services.

“Rationalise corporate tax rates for foreign companies,” said the US-India Strategic and Partnership Forum (USISPF) in its submission to the finance ministry ahead of the annual budget presentations on February 1. It said that the rate for foreign companies, including banks be reduced to bring parity and sought to rationalise tax for new manufacturing companies.

Urging India to simplify capital gain tax reforms, USISPF sought harmonising holding periods and rates of different instruments.

“Reiterate India’s commitment to the global tax deal,” it said and urged the Union Finance Minister to extend the concessional tax regime to Foreign Portfolio Investment (FPI) from investment in securities. USISPF has also suggested tax incentives to specific sectors like renewable energy and R&D investment in the health sector.

Among the Forum’s recommendations include advocating for a stable and predictable tax environment, improving the ease of doing business environment, rationalisation of the cost of doing business, and rationalisation of tax rates and tariffs.

On indirect taxes, the USISPF sought clarification on customs duty exemptions provided to oil and natural gas companies, reduction in customs duty rates for x-ray machines from 10 per cent to 7.5 per cent and providing customs duty exemption on all items imported by specified research and development units.

USISPF urged the finance minister to roll back the customs duty increase on nutritional products considering the importance and significance of the product and encourage the availability of scientifically designed nutritional food in India.

More information
https://www.dailypioneer.com/2023/business/us-industry-urges-fm-to-rationalise–simplify-direct-and-indirect-taxes-in-india-us-industry-urges-fm-to-rationalise–simplify-direct-and-indirect-taxes-in-india.html

By Parikshit Luthra

Budget 2023 is around the corner and the US-India Strategic Partnership Forum (USISPF) has some key asks from Finance Minister Nirmala Sitharaman and these include — promoting digital payments, reforms in healthcare and insurance segments and lastly simplifying foreign investments.

The Center for Strategic and International Studies (CSIS) recommends expediting settlement of contractual disputes, reducing import tariffs and improving infrastructure for MSMEs for ease of doing business with India.

The government has been taking steps to attract foreign companies to set up manufacturing plants in India — the government has also taken steps to simplify regulations for foreign investors.

Mukesh Aghi, President & CEO of USISPF, believes that India has a significant opportunity to attract foreign investment in the coming years. He notes that the country has the potential to target $100 billion in FDI by 2023 but emphasises the importance of a budget that is “micro-focused” on capex and infrastructure spending in order to achieve this goal.

“India is the chair of the G20, India is the fastest growing economy in the world today and there is a global disruption in supply chain. So that means it is an opportunity for India to target at least $100 billion FDI in this year itself. So that means we need to have a budget which is much more focused on capital investment and infrastructure investment. So what we are looking for is a budget which is lot more focused on growth for the next 10 years,” Aghi said.

Arvind Panagariya, the former Vice Chairman of NITI Aayog, notes that India has a great opportunity to capitalise on the “China +1” trend but emphasises the need for more liberalisation in order to make the most of this opportunity.

“China +1 is really a great opportunity for India to capitalise on the changed environment in which virtually all multi-nationals are seeking at least one more destination for their supply chains. So from that perspective, India has to continue to generally open up the economy and so the progress on the free trade agreements is extremely important. So free trade agreements and in general trade liberalisation are key,” Panagariya said.

Anit Mukherjee, an Adjunct Fellow at Wadhwani and the Chair of US-India Policy Studies at CSIS, also sees India as a beacon of stability in a difficult world. However, he cautions that a populist budget in 2023 could undermine this stability and notes that the budget should focus on enabling infrastructure, while providing foreign investors with stability in the taxation and investment regime.

Aghi also emphasised on the need for India to make dispute resolution faster and smoother, as well as making the ease of doing business much easier to match on a global basis.

Overall, these experts agree that India has a significant opportunity to attract foreign investment and become a hub for alternative supply chains in the coming years. However, they also stress the importance of liberalisation and a focus on infrastructure and ease of doing business in order to achieve this goal.

More information
https://www.cnbctv18.com/economy/budget-2023-capex-infrastructure-spending-usispf-nirmala-sitharaman-15787551.htm

Washington, DC: As we bid adieu to 2022, we reflect on the milestones that New Delhi has achieved, none as important as celebrating 75 years of Independence, a landmark in the country’s journey from its humble beginnings as a newly independent country to now a robust economy, the fifth largest global economic powerhouse.
The clock moves forward to 2023, and earlier on 1 December 2022, India assumed the Presidency for the G-20 summit from Indonesia. The outlook for next year has global economic headwinds as the Russia-Ukraine conflict will continue to dominate global affairs. As a result of which, we are witnessing inflationary trends, rising interest rates, and signs of recession, followed by escalating energy prices and worries about food shortage.

As I previously note, India’s G-20 Presidency propels New Delhi’s role as an emerging leader in the global scenario. India has long espoused a multilateral world order over a previously bipolar or unipolar world. New Delhi has stated that key stakeholders need to reflect on the evolution of the global economy over the past 70 years. The G-20 agenda for 2023 focuses on numerous ideas and issues including climate financing, energy security, international development cooperation as well as inclusive, equitable, and sustainable growth

India’s leadership will give a stronger voice to the challenges the developing world faces. New Delhi’s priorities include climate action, critical and emerging technologies, resilient supply chains, and vaccines, as we are witnessing a rise in Covid cases with a new variant that has emerged in China. India’s goal will be to build an inclusive ecosystem with holistic mechanisms to address critical global issues for the private sector.

Rebuilding supply chains is a major priority since the pandemic has disrupted the global flow of goods and services. What’s evinced in the boardroom is that companies are increasingly looking for a China-plus-one strategy. Strict Covid protocols in Beijing and followed by the outbreak of a new variant have worried global investors. Furthermore, there is a conscious need to diversify global supply chains to mitigate the proverbial all eggs in one manufacturing basket scenario.

India is a fantastic prospect for global corporations looking for alternate manufacturing destinations. Having interacted with state delegations in Uttar Pradesh, Assam, Gujarat, Tamil Nadu, and Karnataka, there is a conscious effort by state leadership to present their respective states as robust manufacturing destinations.

Global tech giant and innovation leader, Apple is looking to make the iPhone 14 in India. This is courtesy of how the Central government focus on manufacturing in form of PLI schemes and the Make in India strategy is succeeding in wooing top American tech companies. States too, in addition to the Centre’s scheme have interesting initiatives for high-end manufacturers. As India strives to make manufacturing a robust part of its economy through schemes such as Production Linked Incentive (PLI) and Make in India, the G-20 will seek to link global economies closer, and showcase India’s ability as a viable global manufacturing destination.

Apart from manufacturing, climate action, vaccines and supply chains, New Delhi will focus on critical and emerging technologies, space cooperation, AI for good as India continues to spurt unicorns in the new engine of economic growth that it has become.

Prime Minister Narendra Modi’s credo has been a good governance model. New Delhi, now at the helm of G-20, has an important chance to present a clarion call for emerging economies to adopt strong governance and collaborative model on global economic issues.

The G-20 forum is an august platform to discuss global economic issues and not fraught geopolitical ones. However, New Delhi has always espoused diplomatic dialogue and has called for all sides to de-escalate the conflict. Furthermore, Brazil, the next President in 2024, and India are both part of BRICS, along with Russia. India can use its unique position between the West and Moscow and its Presidency to urge for cessation of hostilities and prioritize larger and immediate concerns in health, climate, and supply chains, all of which impact the emerging market world greatly.

Prime Minister Modi has touched on digital transformation and data for good, as India continues to build on its digital economy, one that its Presidency will advocate as key to inclusive growth for the emerging market world. India’s goals for 2023, during its G-20 Presidency, will be to jointly work with its G-20 partners towards this objective. Digital solutions will not just help in innovation for the emerging market world but will be critical in the fight against climate change and mitigate the economic gap between the haves and the have-nots, with the rise in EdTech and MedTech.

India has strong comparative advantages as an investment destination over other economies, and none more so than its demographic dividend, with a large population under 35, New Delhi will project its role as a young, thriving, robust democracy and economic powerhouse at the G-20 summit in 2023.

Mukesh Aghi is the President & Chief Executive Officer of the US- India Strategic Partnership Forum.

Mukesh Aghi, president & CEO of the US- India Strategic Partnership Forum, said on the occasion of Indian minister Piyush Goyal’s visit to the US that, the trade policy meeting will look into the impediments and how to get rid of them.

Goyal is in the US to participate the 13th Trade Policy Forum (TPF).

“I do not think we will talk about GSP here,” Aghi told indica over the phone.

However, a few experts believe GSP will benefit India, though it’s hard to achieve, now that it’s in the hands of the US Congress.

Aghi feels that instead of the Generalized System of Preferences (GSP), the two countries ought to talk about bigger issues. “We are not just about trade,” he said. “It’s also about geo-politics, security, education, and immigration. Are we basically bringing in more secure supply chains to a country like India from China?”

He said that the US is focused “more on semi-conductor partnership, digital partnership, secure supply chains especially in generic drugs, and on defense manufacturing between two countries. We are also looking at food.”

He said GSP is not an impediment in the discussion at the moment.

He said that India’s hands are full at the moment with free trade agreements (FTAs) signed with the UAE, Australia, Israel and UK. He is not sure of an FTA between the US and India at the moment.

Official data suggests that bilateral trade between the US and India increased to $119.5 billion in 2021-22 from $80.5 billion in 2020-21. India received $55.61 billion in foreign direct investment from the US between April 2000 and June 2022.

The TPF is chaired by commerce and industry minister from the Indian side and United States Trade Representative (USTR) from the US side.

The TPF is designed to resolve trade and investment issues between the two countries, and consists of five focus groups: Agriculture, Investment, Innovation and Creativity (intellectual Property Rights), Services, and Tariff and Non-Tariff Barriers.

Dinsha Mistree, a research fellow at the Hoover Institution, at Stanford University, where he manages the Program on Strengthening US-Indian Relations said about Goyal’s visit that GSP would be good for India and should be part of any US- India trade discussion. “US and India should be doing a lot more to improve trade and investment, GSP is perhaps the most politically tractable policy to revisit. But GSP requires congressional reauthorization and only then can India be classified,” Mistree said.

Mistree added, “It is mostly in Congress’s hands and it’s still too early to say if it gets politicized. GSP is mostly out of India’s hands. Doing things to attract supply chains are much more doable in theory, but India has always been really bad at industrial policy.”

Mistree also pointed to tariffs says the Indian government has increased tariffs in a number of areas, including input goods. Infrastructure is a factor as well. “India also needs to become much more friendly to foreign business operations,” Mistree said. “Why do you think Ford and Citibank exited from India last year?”

He added, “They were smart enough not to blame government and said they were streamlining operations, but it’s no secret that both companies have had difficulties operating in India. Citi had been there for quite a while, like almost a century as well. It’s a challenging business environment.”

He said, “It’s the overall environment, but tax rationalization could help.”

Mark Linscott, senior fellow with the Atlantic Council’s South Asia Center, stated on the council website: “The first and fifth largest economies in the world have compelling national interests in solidifying and expanding their strategic partnership, yet the trade relationship is stuck with prospects for improvements dim. Two possibilities for 2023 could substantially alter the dynamics and put the trade relationship on a better, healthier course for the future. The first would be reauthorization of the US Generalized System of Preferences (GSP) program by Congress so that the two sides could come back to the table in the TPF with enticements to offer for concluding a wide-ranging trade agreement. If the United States could offer the reinstatement of India’s GSP benefits, the prospects are strong that the two sides could reach an agreement on a series of issues, covering agriculture, health-sector products, digital services, and new trade issues (e.g., environmental sustainability and more equitable distribution of the benefits of trade).”

He added, “The second would be a reversal of the Biden administration’s allergy to negotiating free trade agreements (FTAs), which has handicapped the United States in competing in global markets as their trading partners negotiate preferential trade terms among themselves (India concluded an FTA with the United Arab Emirates (UAE) and an interim FTA with Australia in 2022 and is actively negotiating with the United Kingdom, European Union, and Canada). The playing field has become less level for US export interests as a result, and a more captive US domestic market is neither realistic nor more beneficial. While it is unlikely that India would be at the top of the list for early negotiation of an FTA if the Biden administration changes course (the United Kingdom and Kenya are more likely candidates), even the start of an exploratory process for a US-India FTA would kick-start the expansion of the trade relationship.”

If neither of these possibilities emerge over the next year, it is likely that the TPF will continue to fall short of expectations. Both governments should consider the consequences of a trade relationship that has been going nowhere for too long.

Another senior fellow at the Atlantic Council, Atman Trivedi says in his statement on the council website, “Those searching for a silver-lining can hope the ministerial will inject new momentum into bilateral trade discussions for when the GSP is back in play. Ambassador and US Trade Representative Katherine Tai and Indian Minister of Commerce and Industry Piyush Goyal are thought to enjoy a good rapport. A positive and constructive session would be welcome in advance of India hosting the next round of Indo-Pacific Economic Framework negotiations on February 8-11. Those discussions will center on supply chains, clean economy, and fair economy, but not market access. India opted not to join IPEF’s trade pillar last September but signed-up for the other trade-adjacent topics.”

More Information

https://indicanews.com/will-gsp-help-in-us-india-trade-mukesh-aghi-says-no-other-experts-differ/

New Delhi, Delhi, India: Quad+, a journal dedicated to the intersection of geopolitics and technology, has been launched by the US-India Strategic Partnership Forum (USISPF). The journal will have a special focus on understanding and analyzing the implications of the Quad, the new strategic coalition between the United States, India, Australia, and Japan.

From its origins as a humanitarian response to the Asian tsunami, the Quad has come to represent a new model of a plurilateral organization. While informal and non-binding, it is now defining the strategic landscape of supply chains and critical technologies across half the world. While it has no doctrine, it is anchoring the emerging Indo-Pacific strategic environment. Quad+ will seek to monitor and explain the organization’s evolution in the coming years and how it reflects the rise of critical technology in contemporary geopolitics.

The first edition will lead with an interview by Dr. S Jaishankar, the Indian Minister of External Affairs, about the centrality of technology to world events today. It also includes four articles by strategic thinkers from the four Quad member-states on the relevance of the organization to their respective countries. There is also an article by Anirudh Suri, author of the book The Great Tech Game, on how and why technology has become the defining element of world affairs.

Commenting on the launch, Mukesh Aghi, President, and CEOof USISPF stated, “Washington and New Delhi have strengthened their bilateral partnership through the Quad. Hence with Quad+, our focus has been to seek contributions in the form of timely, thought-provoking, riveting articles and analyses that highlight issues across the realm of geopolitics, business, trade, tech, climate, and healthcare pertaining to the four partners. The Quad+ will be housed under the USISPF banner but will remain editorially independent and non-partisan.”

Pramit Pal Chaudhuri, a New Delhi-based journalist of almost 35 years of experience, has been appointed the editor for the Quad+. He will be assisted by USISPF teams across the US and India.

The Quad+ will be a quarterly journal, targeting four publications for the year. Each quarterly will have a unique theme set by the editor.

About the U.S.-India Strategic Partnership Forum (USISPF)

The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C., and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States.

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He spoke about the deepening of India-US trade engagement and the tremendous opportunities that lie ahead for both nations.

At the 13th Trade Policy Forum (TPF) ministerial talks held in Washington DC, Union ministerPiyush Goyal and US trade representative Katherine Tai hailed the fact that bilateral trade in goods and services had reached $160 billion in 2021, but also recognised that the full potential of the trade relationship remained “unfulfilled”.

Washington: Committing themselves to expanding their already growing trade relationship, India and the United States (US) have decided to build on the environment of trust to create resilient supply chains, resolve their existing trade disputes at World Trade Organisation (WTO) through bilateral mechanisms, work on expanding market access for each other’s products, and intensify their engagement through meetings of specific trade-related working groups on a quarterly basis.

At the 13th Trade Policy Forum (TPF) ministerial talks held in Washington DC on Wednesday, union minister for commerce and industry Piyush Goyal and US Trade Representative Katherine Tai hailed the fact that bilateral trade in goods and services had reached $160 billion in 2021, but also recognised that the full potential of the trade relationship remained “unfulfilled”, according to a joint statement released at the end of the talks.

Goyal told reporters that the TPF, since its relaunch in November 2021, had evolved into a “robust and outcome-oriented discussion” and was helping create a “smoother, more friendly and trusted environment for businesses to expand their trade and investment between the two countries”.

“The TPF is truly one platform where we have free and frank discussions, some which are predefined and some which emerge from the discussions.” These include issues of mutual interest as well as issues on which there are concerns on either side, the minister said.

US welcomes draft data law

Goyal said that the US has welcomed, prime facie, India’s draft Digital Personal Data Protection Bill that was released for public consultations at the end of November and appreciated American suggestions in the regard.

Both the US administration and tech industry had been concerned about India’s data localisation requirements, but the new proposed legislation states, “The Central Government may, after an assessment of such factors as it may consider necessary, notify such countries or territories outside India to which a Data Fiduciary may transfer personal data, in accordance with such terms and conditions as may be specified.” This is seen as opening the doors for cross-border data flows to trusted partners and geographies, of which the US is viewed as a key candidate.

Goyal said, “I must place on record our deep appreciation for the many guidance notes or suggestions we have received from the US from time to time on our digital laws and data protection and privacy laws so that we can align them with the needs of the world and help Indian businesses with their outreach with digital technologies.”

Pointing out that India is one of the largest suppliers on the information technology services side to the US, and that there is a “shared interest on both sides” to have a greater flow of data, Goyal said, “The new law placed for public consultations by ministry of electronics and information technology (Meity) was very very much appreciated by the US side and they do see that our effort to align the needs of industry, while maintaining the highest standards of data protection and privacy, has been brought out beautifully in the new law. The US side has expressed their prima facie satisfaction with the new law and will continue to engage with Meity.”

The joint statement said that both sides affirmed the importance of a conducive ecosystem for digital trade and agreed to enhance their engagement on the issue. In addition, the statement said that Goyal highlighted India’s interest in the potential of digital health, “particularly telemedicine services as an element of continuity of care during health emergencies.”

Trade convergences and divergences

Building on the achievements of the 2021 TPF, which enabled pork exports from US and mango exports from India among other steps, Wednesday’s talks opened up the prospect of the export of wild caught shrimps from India to the US.

The joint statement said that both sides had welcomed the finalisation of the turtle excluder device (TED) design, whose trials will help minimise the impact of fishing on sea-turtle populations. Goyal explained that wild caught shrimp exports had been banned by the US because of the concerns of the impact on turtles. “We hope that these trials in India will complete in the coming few months so that wild caught shrimps can be exported to the US. It was a product of good acceptance in the US market, good taste and has good potential for trade between the two countries.”

India and the US have also agreed to create a new working group on resilient trade.

The group, according to the joint statement, will focus on trade facilitation “which is particularly relevant to the construction of durable and resilient supply chains”; sustainable and inclusive growth “including cooperative engagement to promote labour rights and workforce development”; expanding dialogue on “good regulatory practices”; and the role of trade in contributing to environmental protection, including issues related to “mobilisation of sustainable finance and scaling up of clean technologies”, circular economy, and sustainable lifestyle choices.

India also highlighted, according to the joint statement, its interest in restoration of its beneficiary status under the US Generalized System of Preferences (GSP), which was revoked by the Donald Trump administration. But Goyal said that while he had placed the demand on record, it was not an issue that ranked high up on Indian priorities.

“I have not heard any significant clamour from Indian industry to focus our energies on the GSP issue. I have raised it. It is an issue that the Congress will have to take a call on. But it is not an issue that is high on our priority list or something on which we spend a lot of time. It was discussed, but more in passing. I can assure you that trade continues to expand very rapidly and I don’t think GSP withdrawal has been to the detriment of our growing trade ties.”

The two sides also discussed the contentious issue of intellectual property (IP), with the US, according to the joint statement, welcoming India’s ongoing domestic consultations regarding the “administration of its IP regime, including on the treatment of business confidential information related to working of patents, procedures for patent application oppositions, and streamlining of trademark infringement investigations”.

The two ministers also acknowledged that there remained work to be done to finalise access for certain agricultural products of interest to both sides and expressed their intent to increase dialogue on food and agricultural trade issues in 2023.

Among other issues, the ministers spoke about India’s draft Drugs, Medical Devices and Cosmetics Act; the streamlining of regulations under the Mandatory Testing and Certification of Telecommunication Equipment and Compulsory Registration Order; enhancing trade in professional services between the two countries; and cooperation in the fin tech sector.

Mobility and totalisation pact

The minister said that India found resonance vis a vis its request that business visa processing times need to be expedited so that trade, investment and business doesn’t suffer.

“India has made the request to the US that it may speed up issuance of regular business visas where people come for short trips. We are delighted that the movement of professional and skilled workers, students, investors, business travellers are expanding between the two countries. We are grateful that the US was able to process student visas on an expedited visas so that our students were able to come in the post-Covid context in the fall of 2022.”

On the long-pending issue of the totalisation pact — which deals with the issue of social security deposits of Indian professionals during their residency in the US and is a key Indian concern — the joint statement said that the ministers had acknowledged recent discussions on the issue, and “upon the receipt of additional information” from India, encouraged further engagement to arrive at an early outcome.

Industry responses

Commenting on the TPF, Mukesh Aghi, president and chief executive officer of the US India Strategic Partnership Forum, said that trade was a core pillar of the India-US strategic partnership – and since TPF’s relaunch, both sides had come together to resolve outstanding issues, find new areas of cooperation, and explore new areas of mutual interest.

“Despite the pandemic, the trade relationship is growing leaps and bounds. Numbers show that the US has overtaken China to be India’s largest trading partner,” Aghi said, adding that the creation of the working group on resilient trade was a milestone.

Ambassador (retired) Atul Keshap, the president of the US-India Business Council, said that the forum was an important step in sustaining the effort to strengthen bilateral commercial ties. “We are especially encouraged by both sides’ expressed intent to reconvene the TPF on a quarterly basis and the statement’s clear recognition that the potential of the bilateral relationship remains unfulfilled.” Keshap said that the creation of the working group on resilient trade reflected the urgent demand for a “high-standard, high-trust, and highly dependable trading ecosystem from industry and civil society”.

Experts offered a mixed assessment of the talks and Goyal’s visit. Richard M Rossow, the Wadhwani Chair in US India Policy Studies at The Center for Strategic and International Studies in Washington DC and an authority on the bilateral economic relationship, said that the minister’s visit was probably more notable for its engagements with business leaders than the formal talks with his counterpart. “As companies further look to diversify regional manufacturing out of China, India is under consideration—and Minister Goyal is a very good spokesperson and shepherd.”

Rossow said that the TPF itself lacked quantifiable outcomes that will alter trade. “But such summits can accelerate action behind the scenes. And some of the points outlined in the Joint Statement like the possible resumption of GSP and continuing talks over a Social Security totalisation agreement will have a stimulative effect on commercial ties if they are ultimately concluded.”

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Washington [US], December 1 (ANI): After the Indian government extended Ambassador Taranjit Singh Sandhu’s tenure, a US-based business advocacy group, US-India Strategic Partnership Forum (USISPF) welcomed the decision and said that this would help in shepherding the relationship to new heights.

Mukesh Aghi, President and CEO of USISPF, said, “I congratulate Ambassador Sandhu on his extension till 2024. Apart from being a veteran of US-India relations, I am proud to say Ambassador Sandhu has also been a dear friend of USISPF and an exceptional asset to the US-India partnership, shepherding this relationship to new heights.”

“He has seen the evolution of the strategic partnership through his multiple years of experience in the US, from his earlier years in the foreign service in the late 90s to his stint as DCM and now as Ambassador in Washington. Ambassador Sandhu brings unparalleled expertise and experience in his interactions with both the legislature and executive branches of the US government. His extension will help consolidate US-India relations and take it to new heights,” he added.

Earlier, in November, a notification reads that Ambassador Taranjit Singh Sandhu is reemployed for a period of one year with effect from 01.02.2023 to 31.01.2024 or until further orders.

Earlier, in 2020, Taranjit Singh Sandhu took charge as the new Indian Ambassador to the United States from his predecessor Harsh Vardhan Shringla, who is now G20 chief coordinator.

Sandhu was, earlier, the High Commissioner of India to Sri Lanka. He previously served as the Deputy Chief of Mission at the Embassy of India in Washington DC from 2013 to 2017. The Ambassador had also previously served in the Indian mission in DC between 1997 to 2000 and is generally believed to be a familiar face in the Washington DC circle.

Official sources also told ANI that Sandhu’s appointment will be announced ‘soon’ in light of the possibility that US President Donald Trump is likely to visit India on a standalone visit towards the end of February.

The official also said that the procedures of the new appointee are also underway in Washington DC. 

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By Mukesh Aghi

India has long espoused a multilateral world order where the key stakeholders need to reflect the evolution of the global economy over the past 70 years. The G20 agenda for 2023 focuses on numerous ideas and issues including climate financing, energy security, international development cooperation as well as inclusive, equitable, and sustainable growth.

Today, December 1, 2022, India formally takes over from Indonesia as G20 President. 

Prime Minister Modi’s message ahead of the next G20 Summit has been that India’s Presidency will be based on the importance of equitable growth and a shared future for all. 

The messaging was clear that “India’s G20 presidency is coming at a time of crisis and chaos in the world”, from the pandemic and conflicts and therefore, lotus,  the national flower of the country, is its symbol projecting peace and “Vasudhaiva Kutumbhakam” or “One Earth One Family One Future”. 

Certainly, the G20 bloc represents the 20 most powerful economies that contribute to around 80 percent of global GDP and over 75 percent of global trade. It started in 1999 with the aim of discussing policies in order to achieve international financial stability. But it wasn’t until the financial crisis of 2008 that the forum gained ground as a vehicle to address the global financial crisis. Since then, the G20 had its greatest significance in strengthening the global financial system, promoting economic cooperation, and preventing new global financial crises. Each year the host nation brings a unique perspective and touches on key policy issues.

India should use this august platform, to state its priorities for the region and the emerging market world. New Delhi has already outlined priorities pertaining to climate action, critical and emerging technologies, resilient supply chains, and vaccines, which still remain a priority until COVID-19 has been eradicated.

As the US Treasury Secretary Janet Yellen pointed out in her recent visit to India, India’s G20 Presidency in the upcoming year provides an extensive opportunity to further advance the bilateral partnership and to fulfill broader goals, as Washington throws its weight behind India, in its G20 Presidency. “Friendshoring” was the key term that the Secretary stated in the latest effort toward rebuilding supply chain resilience. 

India has long espoused a multilateral world order where the key stakeholders need to reflect the evolution of the global economy over the past 70 years. The G20 agenda for 2023 focuses on numerous ideas and issues including climate financing, energy security, international development cooperation as well as inclusive, equitable, and sustainable growth. New Delhi can strive towards building an inclusive ecosystem with holistic mechanisms to address key global issues for the private sector.

One of the key issues being digital transformation, as Prime Minister Modi echoed as the “most remarkable change” of this era, has been digitization- a key priority, where a digital economy is the key to inclusive growth and one that can uplift millions out of the morass of poverty. 

Prime Minister Modi stated “India will work jointly with G20 partners towards this objective”, referring to digitization. The principle of ‘data for development’ will be an integral part of the overall theme of our Presidency ‘One Earth, One Family, One Future”. Furthermore, digital solutions will also be helpful in the fight against climate change, as India, like the rest of the world, turned to remote-working and paperless green offices during the pandemic. 

Furthermore, this led to an uptick in digital sectors such as EdTech and MedTech. India will use the G20 platform to address joint research and development in climate finance and clean energy technologies, as India recently reiterated at COP 27 in Egypt.

As COP27 ended in Egypt, India reiterated that developing countries need independence in their choice of energy mix, to achieve sustainable development goals (SDG). India has maintained that developed countries need to take the lead in climate action.

Countries couldn’t agree to “phase down” all fossil fuels (not just coal), as India and most of the EU nations reiterated this to be included in the final decision to keep the 1.5-degree Celsius goal alive to limit global warming.

Under the wider theme of sustainability, the US and India can fulfil their bilateral goals and shared agenda under the auspices of the global G20 platform. With the present global order in a state of flux and the changing dynamics of the contemporary international system, India’s presidency assumes greater relevance, at a time when global economies are sluggish, and India is punching above its weight with nearly 7 percent economic growth.

Collective-action initiatives like the Mission LiFE movement (Lifestyle for the Environment) launched by Prime Minister Narendra Modi lead the way towards substantial opportunities for increasing global engagement, especially for countries in the Global South.

India’s G20 Presidency propels its role as an emerging leader in the global scenario, where New Delhi will focus on steering global engagement, growth, and development, environmental concerns, digital economy, and infrastructure in the emerging market. The leadership also gives a stronger voice to the challenges faced by the developing world as it leads the way with its increasingly growing economy. 

—Mukesh Aghi is the CEO & President of US- India Strategic Partnership Forum)

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Since India’s economic reforms of 1991, the country has emerged as an economic behemoth, a South Asian tiger and this has helped forge a close economic partnership with US.

The U.S.-India relationship has been dubbed as the most important strategic partnership of the 21st century. India’s economic reforms of 1991 and its emergence as South Asian tiger has helped forge closer economic partnership between our two countries.

By Mukesh Aghi

75 years is a milestone, a monumental one indeed.

This August, we celebrate India’s 75 years of independence, but simultaneously celebrate 75 years of relations between the United States and India.

The US-India relationship has been dubbed as the most important strategic partnership of the 21^st century. I have witnessed how the relationship has moved beyond symbolic platitudes between the world’s oldest and largest democracy to robust engagements across trade, defence, climate and technology.

Our political relations may be long, but our economic synergy has been comparatively a shorter story. Since India’s economic reforms of 1991, the country has emerged as an economic behemoth, a South Asian tiger and this has helped forge a close economic partnership between our two countries. From my years in the private sector, particularly the technology sector, I have witnessed how American enterprises have leveraged India’s skilled workforce and burgeoning economic growth and tapped into the Indian market.

In a short period, the bilateral trade between India and the U.S. has crossed the $100 billion mark in 2021. According to official figures, the overall US-India bilateral trade in goods and services reached a record $157 billion, a drastic increase from the 2020 trade figures.

The economic importance of this relationship is well evinced. Washington’s trade with its top 15 partners has increased over the past year; the single biggest jump was with New Delhi in 2021, making India the eighth largest trading partner for the US. The Honorable Commerce and Industry Minister, Piyush Goyal at our Annual Leadership Summit has spoken about a milestone target of a trillion dollars in bilateral trade by the year 2030. For India, to achieve its target of a $ 5 trillion economy, the lion’s share of Foreign Direct Investments (FDI) will need to come from the world’s largest economy.

Our shared objectives, values, and vision lie in securing a free, open, and prosperous Indo-Pacific, adhering to a rules-based international order, and maintaining international security while upholding freedom of navigation. Furthermore, our joint-military engagement along with our Quad partners demonstrates the comprehensive strategic partnership, as we seek to align the Quad to work towards helping regions in the Indo-Pacific address the pernicious threat of climate change, vaccine delivery, and work to secure critical and emerging technologies.

In the Middle East, our mini-lateral cooperation in I2U2, along with Israel and the United Arab Emirates has prioritized our regional interests in the region in cyberspace, food, and energy security, as the conflict in Europe has highlighted the near-term shortcomings.

As we look towards a post-pandemic recovery, we are cognizant of how the pandemic has cost lives and wreaked economic havoc in our two countries. And yet in the new era of social distancing, our two countries have come closer in our vaccine cooperation as we seek to leverage India’s pharmaceutical manufacturing prowess and American logistics to ensure the delivery of safe and cost-affordable vaccines to countries in need.

Our goal is forward-looking and for posterity’s sake, the Quad fellowship seeks to nurture the next generation of scientists as we prioritize education through shared values. The relationship has had its ebbs and flows through the first fifty years to the now robust edifice of strong diplomatic ties that it now rests on.

This relationship is much bigger than government-to-government relations. Its strength lies in the partnership between two kindred spirits. What makes this partnership truly special is an unwavering commitment to democratic values and a mutual affinity that the people share for each other. The story is one of the shared democratic values, codified in both constitutions but above all the power of the populace and hence we believe that the real catalyst to this strategic partnership is the story of the Diaspora, who have helped fructify this colossal partnership of 75 years.

While we look back and celebrate the past 75 years, I am excited about what the future holds for our two economies as we work together to build stronger bonds, strengthen commercial ties, and tackle challenges such as the COVID-19 pandemic and climate change.

So, this August, on behalf of everyone at the US-India Strategic Partnership Forum (USISPF), I wish all my fellow Indian citizens and the diaspora across the world, a very Happy Independence Day.

The author is the CEO  & President of US- India Strategic Partnership Forum

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By Dr Mukesh Aghi and Colonel Baljinder Singh (retd)

The conflict in Ukraine is well into its fourth month, the Russian ground and aerial and ground assault continues to bombard Ukrainian cities. The ripple effects have been pervasive beyond just Ukraine and European security.

At stake, is a supply chain crisis that has barely recovered since the COVID-19 pandemic. The implications for India are substantial and extend to how Indian leaders should manage the defense and national security enterprise.

After UkraineWar: A World of Change

India, with its large consumer demand has just started to see a COVID recovery with a demand uptick. Russia’s increased aggression on its western neighbour has catastrophically escalated oil prices to an energy crisis and critical shortages in food, grain, fertilizer, and chemicals.

Russia and Ukraine are both significant players in global energy, food grains and the fertilizer markets. Russia is the world’s third largest producer and exporter of oil; the second largest producer and the largest exporter of natural gas; and the third largest exporter of coal. Russia is also the world’s single largest exporter of wheat and the second largest exporter of sunflower oil and largest exporter of fertilizers overall.

Ukraine is also significant to global food markets, as the largest exporter of sunflower oil, the fourth largest exporter of maize and the fifth largest exporter of wheat.

Ukraine also provides about one-half of the world’s supplies of neon gas, – required for high-precision laser equipment used to manufacture microchips. Furthermore, Russia provided a large share of U.S. supplies of palladium, used in semiconductors and catalytic converters. U.S. sanctions on Russia, combined with continued war and deliberate sabotage of critical assets by warring forces, have resulted in immediate and significant disruption to supply chains and the movement of goods from the Black Sea and Sea of Azov to the world.

Impact on India’s Economy and Security

The ripple effects like a tsunami have hit Indian shores. The country’s soaring inflation rate led the Reserve Bank of India (RBI) to increase the repo rate for the first time since the COVID-19 pandemic with the most recent 50-basis point increase earlier in June. The Indian government has raised the prices of fuel, with the RBI estimating a growth forecast of nearly 7% (6.9%,)likely to become lower if global disruptions continue.

India is a net commodity importer and has witnessed an incremental increase in the cost of edible oils, combined with rising costs of importing crude oil. Prices of commodities like sunflower oil, a staple for Indians, have spiralled. The surge in fuel prices has impacted the price of food items, especially perishable items, exacerbated by increased logistic costs. Shipping costs are crushing small and medium enterprises in particular.

In the defence sector, pending equipment purchases and maintenance, repair, and operation of equipment (MRO) are of critical concern. More than 70 percent of the equipment used by the Indian armed forces is of erstwhile Soviet origin and India is heavily dependent on Russia for the supply of spare parts and components to keep the fleet functional. Plans for upgrading 86 Sukhoi fighters for $47 billion had to be shelved due to unavailability of semiconductors and other parts. The Ministry of Defence is also concerned about disruptions in supply of spares from both Ukraine and Russia, particularly for several tanks and missile systems currently being used by the Indian Army and for gas turbine engines used by several Indian Navy warships.

Another major effect is the delay in rolling out the S-400 Air Defence Missile System, which India had procured from Russia. The delivery of the system had begun in December 2021. India needs these weapon systems as it continues to face a military challenge from China along its disputed Line of Actual Control (LAC). The Indian government is concerned about the possibility of Chinese encroachment and the fraught geopolitical situation triggered by the conflict in Ukraine. Hence New Delhi is stepping up its infrastructure and militarization of the disputed areas.

Russia has come under a wave of sanctions, namely ousted from the international banking system, SWIFT, and hence this will affect impending payments for the S-400. The joint project to manufacture AK 203 rifles in India will likely be delayed, despite bureaucratic formalities completed.

First the pandemic and now Putin’s consequentes have halted global recovery. The longer the war, the more pronounced the effects. Though the Indian economy is resilient and recovering, it isn’t immune, and the importance of diversification, including continuing investment in self-reliance through Atma-NirbharBharat and indigenization of the defense industry.

As far as defence is concerned, India must diversify weapon purchases from global suppliers with terms that include technology transfer and domestic manufacturing through joint ventures. India should also work with partners to rapidly indigenize spares and sub-systems for Russian-origin equipment, taking over the MRO of these systems and reducing reliance on Russia which will be a more unreliable source due to its own needs to recapitalize and the complications of global sanctions. Over the next few years, India may be able to provide MRO for Russian-origin systems to nations, such as Vietnam, who also possess large inventories of Russian material.

Prime Minister Modi has made clear that Atma-Nirbhar Bharat does not mean India alone and now is the time to think out of the box about how Indian self-reliance can contribute to global resilience.

Partners like the United States, European Union (EU), Israel, Japan and Australia can coalesce in this effort as long as we structure major defence procurements that attract international investment and simultaneously build India’s defense and technology ecosystem.

(Dr Mukesh Aghi is the CEO & President and Colonel Baljinder Singh is Director Aerospace and Defence at US- India Strategic Partnership Forum. Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited).

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(Eds: Disclaimer: The following press release comes to you under an arrangement with Business Wire India. PTI takes no editorial responsibility for the same.)
New Delhi, Delhi, India & Washington, D.C., United States – Business Wire India

The US-India Strategic Partnership Forum (USISPF) announced the dates for its 2022 Annual Leadership Summit, “Celebrating 75 Years of U.S.-India Partnership”. The program will convene in a hybrid format the week of July 18, 2022.

This year, USISPF will recognize Chip Kaye, the CEO of Warburg Pincus, and Sumant Sinha, the Founder, Chairman and CEO of ReNew Power with the Global Leadership Award 2022 for their exceptional leadership in global financial investments and renewable energy projects in India.

Congratulating the awardees, John Chambers, Chairman of the USISPF Board, said, “This year, we honor two USISPF Board Members for their contributions to strengthening business ties between the U.S. and India. Chip and Sumant have been tireless advocates for a more vital U.S.-India economic partnership and we are grateful for their leadership on our Board.”

Mukesh Aghi, President and CEO of USISPF said, “It was Chip who led Warburg Pincus’s investment in Bharti Airtel over two decades back that paved the way through for global private equity firms to start looking at India, and Sumant has emerged as a leader in the new and renewable energy industry. ReNew has already done a lot of work for a sustainable future. Sumant built Renew as an entrepreneur, instilled world-class governance, and providing leading U.S. investors in the first opportunity to invest in Indian renewables and educating global stakeholders in the India opportunity along the way. We are honored to present these two leaders with the 2022 USISPF Global Leadership Awards.”

Chip Kaye has led Warburg Pincus for the past two decades, including during the firm’s expansion into Asia. Under Chip Kaye’s leadership, Warburg Pincus opened their first Asia office in 1994, paving the way for other global private equity firms to enter the region.

Accepting this award, he said, “I share my gratitude for this meaningful recognition with my Warburg Pincus India colleagues who, for more than 25 years, have played a growth catalyst role by partnering with innovative companies in the region. We appreciate our long-standing relationships with Indian entrepreneurs and look forward to continuing to partner with talented management teams to build valuable, sustainable companies.”

Sumant Sinha founded ReNew Power in 2011 and has grown it to become India’s largest renewable energy company. ReNew now generates almost 2% of India’s total electricity annually, and in doing so helps mitigate half a per cent of India’s carbon emissions in a year.

Acknowledging the award, Sumant said, “I am deeply honored and humbled to accept the USISPF 2022 Leadership Award. This recognition is made more meaningful as it comes at a time when businesses in both the U.S. and India are increasing collaboration across sectors; with a focus on innovation, the clean energy transition, fighting climate change, sustainability, and green supply chains. Both countries share similar democratic values and foster a culture of collaboration, inclusion, diversity, innovation and of not accepting the status quo. I am proud that, as chairman of ReNew Power, I have had the opportunity and privilege to contribute to deepening business and economic ties between both nations.”

This year, USISPF for the first time will also give the Distinguished Services Award for contributions to strengthening defense ties between the U.S. and India. The honorees will be General James Mattis, U.S. Marine Corps (Ret.), Former U.S. Secretary of Defense, Davies Family Distinguished Fellow, Hoover Institution, and General Manoj Mukund Naravane, Former Chief of Army Staff, Indian Army. During his time as Secretary of Defense, General Mattis took India to new heights as a strategic partner with the United States and emphasized a commitment to shared values of a safe and secure, prosperous, and free Indo-Pacific. During his time as Chief of Staff of the Indian Army, General Naravane helped to modernize the Indian army, along with improving defense partnerships and growing interoperability between the U.S. and India. USISPF is honored to celebrate these two individuals for their significant contributions to the U.S.-India defense relationship.

The awards ceremony will be part of a hybrid event taking place in Washington D.C. on July 21. The ceremony will be followed by a panel discussion with the honorees.

About the U.S.-India Strategic Partnership Forum (USISPF)

The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C. and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States.

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Washington, D.C., United States & New Delhi, Delhi, India: 

The US-India Strategic Partnership Forum (USISPF) announced the dates for its 2022 Annual Leadership Summit, “Celebrating 75 Years of U.S.-India Partnership”. The program will convene in a hybrid format the week of July 18, 2022.

This year, USISPF will recognize Chip Kaye, the CEO of Warburg Pincus, and Sumant Sinha, the Founder, Chairman and CEO of ReNew Power with the Global Leadership Award 2022 for their exceptional leadership in global financial investments and renewable energy projects in India.

Congratulating the awardees, John Chambers, Chairman of the USISPF Board, said, “This year, we honor two USISPF Board Members for their contributions to strengthening business ties between the U.S. and India. Chip and Sumant have been tireless advocates for a more vital U.S.-India economic partnership and we are grateful for their leadership on our Board.”

Mukesh Aghi, President and CEO of USISPF said, “It was Chip who led Warburg Pincus’s investment in Bharti Airtel over two decades back that paved the way through for global private equity firms to start looking at India, and Sumant has emerged as a leader in the new and renewable energy industry. ReNew has already done a lot of work for a sustainable future. Sumant built Renew as an entrepreneur, instilled world-class governance, and providing leading U.S. investors in the first opportunity to invest in Indian renewables and educating global stakeholders in the India opportunity along the way. We are honored to present these two leaders with the 2022 USISPF Global Leadership Awards.”

Chip Kaye has led Warburg Pincus for the past two decades, including during the firm’s expansion into Asia. Under Chip Kaye’s leadership, Warburg Pincus opened their first Asia office in 1994, paving the way for other global private equity firms to enter the region. 

Accepting this award, he said, “I share my gratitude for this meaningful recognition with my Warburg Pincus India colleagues who, for more than 25 years, have played a growth catalyst role by partnering with innovative companies in the region. We appreciate our long-standing relationships with Indian entrepreneurs and look forward to continuing to partner with talented management teams to build valuable, sustainable companies.”

Sumant Sinha founded ReNew Power in 2011 and has grown it to become India’s largest renewable energy company. ReNew now generates almost 2% of India’s total electricity annually, and in doing so helps mitigate half a per cent of India’s carbon emissions in a year. 

Acknowledging the award, Sumant said, “I am deeply honored and humbled to accept the USISPF 2022 Leadership Award. This recognition is made more meaningful as it comes at a time when businesses in both the U.S. and India are increasing collaboration across sectors; with a focus on innovation, the clean energy transition, fighting climate change, sustainability, and green supply chains. Both countries share similar democratic values and foster a culture of collaboration, inclusion, diversity, innovation and of not accepting the status quo. I am proud that, as chairman of ReNew Power, I have had the opportunity and privilege to contribute to deepening business and economic ties between both nations.”

This year, USISPF for the first time will also give the Distinguished Services Award for contributions to strengthening defense ties between the U.S. and India. The honorees will be General James Mattis, U.S. Marine Corps (Ret.), Former U.S. Secretary of Defense, Davies Family Distinguished Fellow, Hoover Institution, and General Manoj Mukund Naravane, Former Chief of Army Staff, Indian Army. During his time as Secretary of Defense, General Mattis took India to new heights as a strategic partner with the United States and emphasized a commitment to shared values of a safe and secure, prosperous, and free Indo-Pacific. During his time as Chief of Staff of the Indian Army, General Naravane helped to modernize the Indian army, along with improving defense partnerships and growing interoperability between the U.S. and India. USISPF is honored to celebrate these two individuals for their significant contributions to the U.S.-India defense relationship. 

The awards ceremony will be part of a hybrid event taking place in Washington D.C. on July 21. The ceremony will be followed by a panel discussion with the honorees. 

About the U.S.-India Strategic Partnership Forum (USISPF)

The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C. and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States. 

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India must adopt an “aggressive approach” to attract multinational corporations to set up and expand their bases in the country, a top Indian-American business advocacy group has said, observing the ongoing Russia-Ukraine war is leading to a tectonic shift in global trade.

“I think India has to play a much more aggressive approach to these corporations. Having a direct dialogue with these corporations and tells them: ‘what do you need’, ‘what can be done for you to come invest in India?’” Mukesh Aghi, president, US-India Strategic and Partnership Forum (USISPF) told PTI in an interview.

Every corporation has a unique requirement, he said.

“Yes, you can’t change the law. But you can define a broad-based policy, which makes it attractive for a lot of these companies to come into India. That’s where India has to reach out to these companies, understand the requirements and then put in place a set of policies which become uniform,” he said.

Aghi said there have been some efforts but those are more of a transactional effort rather than a uniform or a cohesive approach on this.

Aghi said at some point of time India will need to think about its relationship with Russia.

He pointed out when US President Joe Biden was meeting Prime Minister Narendra Modi in Tokyo as part of the Quad summit this week, the Russian and Chinese governments were flying long-range bombers over the Sea of Japan.

“The message was very clear from Russia, that its partner, and his allegiance lies with China and the Indo-Pacific region, rather than India. And to me, it was very stark, that while the Prime Minister of India is there, you have Russian bombers threatening or taking a threatening posture along with the Chinese. To me that’s a very clear message that India has to start thinking about its position with Russia,” he said.

In response to the over two-month-long Russia-Ukraine war, India has called for respect of territorial integrity of nations and the United Nations Charter.

However, New Delhi has not condemned Russia directly.

“The question really becomes: at what stage India will come out and condemn it. I think India as an emerging power has to start taking some positions, which may upset other nations, but that’s the nature of the beast when you are becoming a leading power,” Aghi said.

One thing that has come out clearly from the Ukraine war is that Russian equipment has not performed well, he said.

“Russian Defense Forces and the equipment have been destroyed substantially. Russia’s economic embargo means chips and semiconductors are not moving into Russia. So, Russia will have difficulty providing spare parts not only for his own armed forces, but for countries like India, he said.

“So India has to seriously start thinking what are the alternatives. At the end of the day, India’s biggest challenge is China, not Russia. And we’ve had in the last two years, physical invasion and killing by Chinese and Indian soldiers. That’s where the bigger enemy lies. India has to look at its supply side; this defense strategy from that perspective – as Russia gets weaker both from a supply chain perspective and also as a military problem? Aghi said.

According to Aghi, the Russian invasion of Ukraine has changed in some way the global order, especially the balance of power. We are seeing tectonic shifts taking place, he said.

“Corporate America got weaponised by having to pull out of Russia overnight, and that was not a diktat from the US government. It was a consumer sentiment which drove that decision making. There’s a tremendous amount of empathy for Ukraine and that influences boardroom thinking about being or not to be within Russia and the majority of the companies have pulled out of Russia, he said.

Now the question you have is among the boardroom discussion taking place is what happens if China invades Taiwan then what happens to our investments in China? More important is what is our backup strategy? Yes, you can bring back a lot of stuff manufacturing to the United States, but a lot of them won’t come in because of lack of resources, lack of manpower, he said.

And that’s where India becomes a critical player, both from a market perspective and also from a manufacturing perspective. I think that’s where you need to leverage all of India’s attractive market for these companies to come in and start having a China response strategy as things move forward, Aghi said.

More information
https://www.business-standard.com/article/current-affairs/india-needs-to-adopt-aggressive-approach-to-attract-businesses-usispf-122052700060_1.html

From peace and stability to global health security, read the joint statement by the leaders of India, Australia, Japan and the US at the Quad Summit 2022. The Quad leaders emphasised the need to address climate change and make robust arrangements for cybersecurity while harnessing critical and emerging technologies to ensure prosperity. Another key focus area was the peaceful resolution of disputes and the freedom of navigation in the East and South China Seas. In what may be considered an act of aggression, Chinese H-6K bombers and Russian Tu-95MS bombers conducted joint sorties above the Sea of Japan even while the Quad leaders were in Tokyo. We break down the key takeaways from the crucial summit and decode the ‘dragon’ in the room on the India Development Debate with Ambassador Leela K Ponappa, former career diplomat & former Dy NSA, Nalin Surie, former High Commissioner To UK and Mukesh Aghi, CEO & President, USISPF.

More information
https://www.timesnownews.com/videos/et-now/shows/quad-decoding-the-dragon-in-the-room-india-development-debate-et-now-video-91773382

Keith Krach (left) and John Chambers discuss the critical role trusted technology plays in advancing freedom at the US-India Strategic Partnership Forum West Coast Summit.

MENLO PARK, Calif.–(BUSINESS WIRE)–Keith Krach, Chairman of the Krach Institute for Tech Diplomacy at Purdue, and John Chambers, Chairman Emeritus of Cisco, discussed the critical role trusted technology plays in advancing freedom at the US-India Strategic Partnership Forum (USISPF) West Coast Summit. As the only independent institution dedicated to strengthening the U.S.-India partnership in Washington, DC, MENLO PARK, Calif.–(BUSINESS WIRE)–Keith Krach, Chairman of the Krach Institute for Tech Diplomacy at Purdue, and John Chambers, Chairman Emeritus of Cisco, discussed the critical role trusted technology plays in advancing freedom at the US-India Strategic Partnership Forum (USISPF) West Coast Summit. As the only independent institution dedicated to strengthening the U.S.-India partnership in Washington, DC, and New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, diaspora, and the governments of India and the United States.

“I have worked for Keith Krach at Ariba and now with John Chambers at USISPF,” said the organization’s President and CEO Mukesh Aghi. “They are both true champions of a strong U.S.-India relationship and have done much in their careers to strengthen ties between our two nations.”

“As I think about the influences that have been most important to me over the years, my friend and mentor John Chambers stands out,” observed Keith Krach. “His visionary leadership of one of the world’s most important companies, Cisco, has changed the technology industry, and, in his role as the USISPF Chairman, John’s focus on promoting entrepreneurship, gender equality, and new business creation will continue to improve the lives of people in the U.S., India, and around the world.”

“Keith is one of this generation’s premier multi-sector transformational leaders, as he has proven repeatedly in business, philanthropy, tech, education, and government,” said John Chambers before the USISPF gathering of government and business leaders. “The common thread through all these transformational achievements is Keith’s emphasis on trust. As the Under Secretary of State, Keith was able to accomplish things that have not been done before by deploying his underlying “Trust Principle” doctrine and creating Tech Statecraft, for which he has been recognized with a 2022 Nobel Peace Prize nomination.”

Krach explained that the “Trust Principle” is based on democratic values, such as respect for the rule of law, sovereignty of nations, human rights, labor practices, press freedom, and the environment, as a peaceful alternative to authoritarian regimes’ “Power Principle” doctrine, rooted in brute force, coercion, and intimidation.

Krach described how, as the world was struggling through the worst pandemic in a century, his hybrid public servant-private sector executive team at the State Department put the “Trust Principle” to the test by taking on the Chinese Communist Party’s masterplan to control 5G. The concept resonated globally, as indicated by the success of the Clean Network, which attracted 60 countries, representing two-thirds of the world’s GDP, and more than 200 telecommunications companies rallying around the “Trust Principle.” It also put the Chinese government on notice that its “Power Principle” would no longer go unchallenged.

During their dialogue, Chambers also pointed to Krach as a champion of the U.S. high tech industry, citing his team’s lead role in the onshoring of Taiwan Semiconductor Manufacturing Company (TSMC), which has led to $300 billion investment in the U.S.-based chip manufacturing, and the design of the $250 billion bipartisan U.S. Innovation and Competition Act (USICA), which will fund research in top national security technologies in order to secure America’s high tech leadership for the next generation.

Shifting to the lessons of the war in Ukraine, Chambers brought up Krach’s Fortune article, Present your China contingency plan at the next board meeting, which highlighted the fact that many of the most respected board members in corporate America are demanding a China contingency plan from their CEOs. “​​What if Xi pulls a Putin?” Krach asked the USISPF attendees. “​​With Xi’s recent crackdown on private industry and the real probability of an attack on Taiwan, boards increasingly understand doing business with, in, or for China represents tremendous risk. Board members have a fiduciary duty to the shareholders to mitigate significant risks.”

The USISPF discussion concluded with the focus on deepening partnerships between the United States and India as an important aspect of the Krach Institute for Tech Diplomacy. “Democracy is under attack like never before and our two nations’ are the world’s largest democracies. Preserving freedom and peace through trust must be at the heart of our relationship” Krach said, “As one of America’s closest friends, a technological superpower, and a member of the Quad and the Clean Network Alliance of Democracies, India is not only a bulwark against techno-authoritarianism, but also crucial to advancing our shared democratic values through trusted technology.”

About the Krach Institute for Tech Diplomacy at Purdue:

The nonpartisan Krach Institute for Tech Diplomacy at Purdue is the world’s preeminent institution focused on Tech Statecraft, a new model of diplomacy that bridges the high-tech sector with the foreign policy and national security sectors to ensure trusted technology is used to advance freedom.​ The Krach Institute for Tech Diplomacy is a 501(c)(3) that leverages Purdue’s strength in innovation, deep expertise in technology, and global prowess in educating transformational leaders. It focuses on rallying our allies, leveraging the innovation of the private sector, and amplifying democratic values based on trust.

More information
https://www.businesswire.com/news/home/20220512006044/en/Keith-Krach-and-John-Chambers-Advance-US-India-Ties-Through-Trusted-Technology

“The 2+2 Ministerial Dialogue outlined the path forward to continue building on the ambitious course in the US-India partnership and touched on the secret sauce of this relationship – the importance of people-to-people ties,” Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF) said.

President Biden and Prime Minister Modi will now look forward to continuing the conversation in May at the next Quad Principal’s meeting in Tokyo, Japan, he said a day after the first virtual bilateral meeting between the two leaders along with the fourth India-US 2+2 dialogue.

The talks reiterated and reaffirmed the strength and robustness of the bilateral partnership.

Washington has made abundantly clear that New Delhi is a key partner in helping secure a “free, open and prosperous Indo-Pacific” as both President Biden and Prime Minister Modi discussed the important aspects of bilateral and global significance, he said.

“Most importantly, both leaders touched on the worrying humanitarian situation with the conflict in Ukraine, as Prime Minister Modi reiterated that diplomacy and dialogue between Ukraine and Russia was essential to ending this conflict,” Aghi said.

External Affairs Minister, S Jaishankar, Defence Minister Rajnath Singh and their counterparts, Secretary of State, Antony Blinken and Secretary of Defense, Lloyd Austin reiterated their respective leaders’ commitment and efforts in the global fight against the COVID-19 pandemic, the urgency of climate action, strengthening resilient supply chains disrupted by the pandemic and the Indo-Pacific Economic Framework and infrastructure, he said.

According to Aghi, this 2+2, like the past editions, touched on key science and technology partnership initiatives and new domains of cooperation in space and cyber and emerging technologies.

The foreign and defense principles outlined the importance of counterterrorism, operationalising the Major Defense Partnership and multilateral co-operation under the Quad umbrella, he noted.

Aghi said the dialogues epitomised the burgeoning military to military cooperation and joint-exercises between the armed forces of both nations as both sides reaffirmed their common strategic interests and an abiding commitment to the rules-based international order, touching on the Indian Ocean region to East and Southeast Asia and Europe.

“Both President Biden and Prime Minister Modi outlined their concern on the food supply shortages arising from the conflict and agreed to maintain close consultations on the ongoing crisis in Ukraine, including on humanitarian assistance efforts, and condemned the loss of civilian life,” he said.

More information
https://m.economictimes.com/news/india/22-ministerial-dialogue-outlined-path-forward-to-continue-building-on-the-ambitious-course-in-india-us-partnership-usispf/amp_articleshow/90806157.cms

“The 2+2 Ministerial Dialogue outlined the path forward to continue building on the ambitious course in the US-India partnership and touched on the secret sauce of this relationship – the importance of people-to-people ties,” Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF) said.

President Biden and Prime Minister Modi will now look forward to continuing the conversation in May at the next Quad Principal’s meeting in Tokyo, Japan, he said a day after the first virtual bilateral meeting between the two leaders along with the fourth India-US 2+2 dialogue.

The talks reiterated and reaffirmed the strength and robustness of the bilateral partnership.

Washington has made abundantly clear that New Delhi is a key partner in helping secure a “free, open and prosperous Indo-Pacific” as both President Biden and Prime Minister Modi discussed the important aspects of bilateral and global significance, he said.

“Most importantly, both leaders touched on the worrying humanitarian situation with the conflict in Ukraine, as Prime Minister Modi reiterated that diplomacy and dialogue between Ukraine and Russia was essential to ending this conflict,” Aghi said.

External Affairs Minister, S Jaishankar, Defence Minister Rajnath Singh and their counterparts, Secretary of State, Antony Blinken and Secretary of Defense, Lloyd Austin reiterated their respective leaders’ commitment and efforts in the global fight against the COVID-19 pandemic, the urgency of climate action, strengthening resilient supply chains disrupted by the pandemic and the Indo-Pacific Economic Framework and infrastructure, he said.

According to Aghi, this 2+2, like the past editions, touched on key science and technology partnership initiatives and new domains of cooperation in space and cyber and emerging technologies.

The foreign and defense principles outlined the importance of counterterrorism, operationalising the Major Defense Partnership and multilateral co-operation under the Quad umbrella, he noted.

Aghi said the dialogues epitomised the burgeoning military to military cooperation and joint-exercises between the armed forces of both nations as both sides reaffirmed their common strategic interests and an abiding commitment to the rules-based international order, touching on the Indian Ocean region to East and Southeast Asia and Europe.

“Both President Biden and Prime Minister Modi outlined their concern on the food supply shortages arising from the conflict and agreed to maintain close consultations on the ongoing crisis in Ukraine, including on humanitarian assistance efforts, and condemned the loss of civilian life,” he said.

More information
https://timesofindia.indiatimes.com/india/22-ministerial-dialogue-outlined-path-forward-to-continue-building-on-the-ambitious-course-in-india-us-partnership-usispf/articleshow/90806311.cms

“The 2+2 Ministerial Dialogue outlined the path forward to continue building on the ambitious course in the US-India partnership and touched on the secret sauce of this relationship – the importance of people-to-people ties,” Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF) said.

President Biden and Prime Minister Modi will now look forward to continuing the conversation in May at the next Quad Principal’s meeting in Tokyo, Japan, he said a day after the first virtual bilateral meeting between the two leaders along with the fourth India-US 2+2 dialogue.

The talks reiterated and reaffirmed the strength and robustness of the bilateral partnership.

Washington has made abundantly clear that New Delhi is a key partner in helping secure a “free, open and prosperous Indo-Pacific” as both President Biden and Prime Minister Modi discussed the important aspects of bilateral and global significance, he said.

“Most importantly, both leaders touched on the worrying humanitarian situation with the conflict in Ukraine, as Prime Minister Modi reiterated that diplomacy and dialogue between Ukraine and Russia was essential to ending this conflict,” Aghi said.

External Affairs Minister, S Jaishankar, Defence Minister Rajnath Singh and their counterparts, Secretary of State, Antony Blinken and Secretary of Defense, Lloyd Austin reiterated their respective leaders’ commitment and efforts in the global fight against the COVID-19 pandemic, the urgency of climate action, strengthening resilient supply chains disrupted by the pandemic and the Indo-Pacific Economic Framework and infrastructure, he said.

According to Aghi, this 2+2, like the past editions, touched on key science and technology partnership initiatives and new domains of cooperation in space and cyber and emerging technologies.

The foreign and defense principles outlined the importance of counterterrorism, operationalising the Major Defense Partnership and multilateral co-operation under the Quad umbrella, he noted.

Aghi said the dialogues epitomised the burgeoning military to military cooperation and joint-exercises between the armed forces of both nations as both sides reaffirmed their common strategic interests and an abiding commitment to the rules-based international order, touching on the Indian Ocean region to East and Southeast Asia and Europe.

“Both President Biden and Prime Minister Modi outlined their concern on the food supply shortages arising from the conflict and agreed to maintain close consultations on the ongoing crisis in Ukraine, including on humanitarian assistance efforts, and condemned the loss of civilian life,” he said.

More information
https://www.devdiscourse.com/article/law-order/2001074-22-ministerial-dialogue-outlined-path-forward-to-continue-building-on-the-ambitious-course-in-india-us-partnership-usispf

Today, the U.S.-India Strategic Partnership Forum (USISPF), the U.S. Department of State, the U.S. Agency for International Development (USAID), and George Washington University launched the U.S.-India Alliance for Women’s Economic Empowerment (Alliance) in New Delhi, India. The Alliance is a public-private partnership between the State Department, USAID, USISPF, and George Washington University aimed at advancing women’s leadership, economic participation, and entrepreneurship in India in order to gain better access to finance, technical skills, networking opportunities, and other tools to grow their businesses and succeed in the workforce.

The Alliance was first announced in October, 2021 in Washington, D.C. by USAID Administrator Samantha Power. Smriti Irani, the Honourable Minister for Women and Child Development, Government of India, delivered keynote remarks at the launch today in New Delhi. The launch also featured Patricia Lacina, Chargé d’affaires, U.S. Embassy New Delhi, Katrina Fotovat, Senior Official of the, Secretary’s Office of Global Women’s Issues, U.S. Department of State, and Sanjay Gupta, Country Head and Vice-President, Google, Inc.

Senior Official Katrina Fotovat emphasized the longstanding U.S. commitment to advancing women’s economic security, “When women’s voices, expertise, and contributions are recognized in the boardroom, marketplace, household, and community, businesses grow, partnerships are formed, and innovative solutions are created, allowing economies [to] thrive and women to prosper.”

At the event today, Sanjay Gupta announced a “Google pledge to support 1 million women in their entrepreneurship journeys with WomenWill and towards the cause of the India Million Women Mentors Initiative of the Alliance. Since 2015 in India, Google began the journey to bring more women online with the Internet Saathi program, which trained approximately 30 million rural women across 300,000 villages in basic digital literacy.” Led by Alliance member Pod, the India Million Women Mentors Initiative aims to connect one million women and girls in India with mentors over the next five years.

Smriti Irani, Hon’ble Minister for Women and Child Development, Government of India, re-iterated the Honourable Prime Minister’s commitment to lead “women centric initiatives that have supported the growth trajectory of many women in India”. On the occasion of this launch, she emphasized that, “women for long have been consumers of technology. It is time to move the needle to see women as owners and leaders of technology.”

Mukesh Aghi, President, and CEO of the US-India Strategic Partnership Forum, commended the launch of the Alliance, saying, “We are glad to see the momentum of the Alliance since it first launched in October.”

GWU is the Alliance’s academic partner and will provide insights and leadership around the acceleration of gender lens investment in India through data and evidence. Amita N. Vyas, Director of the GW Maternal and Child Health Centre at Milken Institute School of Public Health at GW serves on the Alliance’s Executive Committee alongside senior leaders from the U.S. Department of State, USAID, and the U.S. India Strategic Partnership Forum. “The Alliance will provide new and innovative ways to create stronger partnerships and investments, and we know that investing in adolescent girls and women is catalytic because it not only changes the lives of individual women, but ensures that their families, communities, and the country thrives,” Vyas said. 

About the U.S.-India Alliance for Women’s Economic Empowerment  

The U.S.-India Alliance for Women’s Economic Empowerment is a public-private partnership between the State Department, USAID, USISPF, and George Washington University designed to catalyse transformational commitments to foster women’s economic advancement and inclusion in India. We focus on three areas of action: accelerating women’s entrepreneurship, fostering leadership in the workforce and providing access to career enhancing education and skills building opportunities. The Alliance works with cooperating members in the private sector, civil society, and academia in both countries to advance its mission.

About the U.S.-India Strategic Partnership Forum

The U.S.-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C. and in New Delhi. USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States. 

More information
https://www.theweek.in/wire-updates/business/2022/04/01/pwr22-us-india-strategic-partnership-forum.html

By Mukesh Aghi

U.S. President Joe Biden completed a year in office in January. After four years of the Trump administration, the Biden administration has reset U.S. foreign priorities to more global engagement with a sense of multilateral diplomacy, as evinced with Build Back Better World (B3W) initiatives at G7, a focus on strengthening transatlantic ties, prioritization of the climate action initiatives by rejoining the Paris climate Accords and reprioritizing the Joint Comprehensive Plan of Action (JCPOA), to get Iran back to the negotiating table.

Furthermore, the elephant in the room has been trade, as Biden’s predecessor preferred a more transactional approach to trade, whereas Biden prefers a more collaborative multilateral approach to trade.

Trade:

Though trade between India and the United States has not quite reached the level of a Free-Trade Agreement, the needle has been moved more closely towards an early harvest deal. As Minister for Trade and Commerce Piyush Goyal spoke about at USISPF’s Fourth Annual Leadership Summit, he is eyeing an ambitious bilateral trade target of a trillion dollars between India and the United States by 2030. Currently, that number is $150 billion.

In the first year, we’ve already seen some successes, such as the maiden visit to New Delhi by U.S. Trade Representative (USTR) Katherine Tai and Deputy U.S. Trade Representative Sarah Bianchi, who met with Minister Goyal to re-launch the Trade Policy Forum (TPF) after a hiatus of four years.

The devil may be in the details, and there are still several outstanding market issues to sort through, but soon following the TPF, The U.S. Food and Drug Administration (U.S.FDA) approved the import of mangoes and pomegranates from India and secured New Delhi’s approval to supply of cherries, alfalfa hay, pork, and pork products to India.

With the U.S. as India’s largest trade partner, we strongly believe there is potential for increased trade resulting from continued dialogue, in-person meetings and additional trade agreements.

Bilateral Discussions

Though mobility in the era of the pandemic has been limited to a virtual world with the constant threat of new variants, both representatives from Washington to New Delhi have continued to have in-person bilateral discussions emphasizing the commitment.

The inaugural Quad summit presented the chance of a first meeting between President Biden and Prime Minister Modi in Washington. Both Secretary of StateTonyBlinkenand his counterpart Foreign Minister S. Jaishankar have met each other repeatedly to discuss challenges pertaining from mitigating the spread of Covid to managing the fallout resulting from the U.S. withdrawal from Afghanistan and the regional security challenges it continues to present.

Few threats are larger than the threat of Climate Change, and India and United States continued to engage to face this challenge as President Biden appointed a Washingtonian veteran in former Secretary of State, John Kerry to be the climate czar.Special Presidential Envoy for Climate, Kerry, visited India and along with Minister Bhupendra Yadav launched the U.S.-India Climate Action and Finance Mobilization Dialogue.Washington and New Delhi also coalesced on pressing Climate Action agenda at COP26.

The conventional security front has seen Defense Secretary Lloyd Austin meet his counterpart Defence Minister Rajnath Singh early in 2021, and the two will meet shortly for the 2+2 dialogue in Washington. Just a few months before his untimely passing, even the late Chief of Defence Staff, General Bipin Rawat, made a trip to Washington to discuss bilateral defense cooperation with his counterpart, Chairman of the Joint Chiefs of Staff Army Gen. Mark A. Milley. 

A focus on the Indo-Pacific and Quad

Since Biden’s inauguration, we’ve observed an increased focus on the Indo-Pacific and specifically a commitment to increased cooperation under the Quad, driving a shared vision of a free and open and inclusive Indo-Pacific region. This week, Secretary of State Antony Blinken will participate in yet another Quad meeting during Biden’s presidency— this time in Melbourne, Australia—along with his counterparts, the foreign ministers from Australia, Japan, and India. The meeting will focus on synergy on vaccines, climate, new resilient supply chains and emerging technologies, while working to preclude assertive forces in the region.

I am confident that President Biden will honor India with an exemption from the Countering American Adversaries Through Sanctions Act (CAATSA), as the strategic relationship between the two is far too important, and sanctions would never have the intended consequences and instead be a reset of the relationship, a price too high to pay, given the focus on the Indo-Pacific.

Since Biden took office, the Quad countries have participated in a joint naval exercise last year, a foreign ministers’ meeting, a virtual meeting, an ambassadorial meet, an in-person Quad summit, in addition to the upcoming meeting next week.

The Quad countries have formed working groups on Covid-19 vaccination development to ensure developing countries have access to the vaccines, increased cooperation on technology and clean energy, all with the intention of promoting a free and open Indo-Pacific. After a virtual meeting in March 2021 and the first in person Quad Leaders’ Summit hosted by President Biden with the respective heads of state in September 2021.Looking ahead there will be a foreign minister’s meeting and an in-person heads of state summit expected later this year, in Japan, with new Prime Minister Fumio Kishida playing host, it’s clear that the Biden Administration is committed to ensuring that the Quad partnership is taken seriously in order to produce the cooperation necessary to build a stronger Indo-Pacific region.

Overall, the partnership has deepened during President Biden’s first year in office. We saw immediate support from the U.S. during India’s devastating second wave of Covid-19 in March 2021, and India has been quick to collaborate with the U.S. on vaccine production and medical supplies. The Quad has been reinvigorated, and bilateral trade has increased. Defense and security collaboration remains strong. With continued attention and investment of time and resources into this relationship, we believe it will only continue growing strong, having the potential to reach a new chapter of enduring success.

More information
https://www.financialexpress.com/world-news/bidens-one-year-presents-increased-engagement-with-india-in-trade-and-in-the-indo-pacific/2430461/

By Mukesh Aghi

Russia’s build up on the border with Ukraine, has had the administration in Washington worried. The chatter became louder last week when India abstained from the UN Security Council to discuss the escalating tensions on the Russia-Ukraine border.

Russia and China (permanent veto members) voted against the meeting. At the same time, India abstained along with the African nations of Gabon and Kenya. The other council members (Norway, France, the US, the UK, Ireland, Brazil, and Mexico) voted for the meeting.

As President and CEO of the US-India Strategic Partnership Forum (USISPF), an independent not-for-profit headquartered in Washington DC, with the mission to strengthen the partnership between the two democracies, I find the need to put some thoughts on the table.

At the outset, I would like to record that we at USISPF welcomed Ned Price’s comments, the State Department spokesperson when he articulated that “relationship with India that stands on its own merits” and won’t be impacted due to the tension with Russia over the Ukraine crisis.

The Biden administration understands that India’s position on Ukraine in the United Nations Security Council is a matter of India’s own foreign policy priorities. Hence, Price added, “I will leave it to our Indian partners to discuss their stance in the UN Security on this particular issue.

Why would India Abstain?

India’s Abstention is more significant than not wanting to get involved in a conflict many miles away. It will likely be seen as synonymous with India’s diplomatic posture on the world stage, primarily driven by a sense of strategic autonomy emanating from its non-aligned posture during the Cold War era. New Delhi’s strategic autonomy is a sense of its independent long-term foreign policy based on a multipolar world. Even though ties between Washington and New Delhi have grown on defense, trade, and diaspora relations, India still maintains a legacy era special friendship with Moscow.

Even since the dissolution of the Soviet Union, India’s trade with Russia, especially in defense, has only decreased and now stands at nearly 50 percent and as high as 56 per cent of India’s total arms imports between 2015 and 2019. But still, Russia continues to be India’s foremost defense supplier, followed by France, Israel, and the United States.

Moscow is pivotal to India’s supply of the S-400s missile defense system, which India needs to counter an expansionist China, with aspirations to spread its sphere of influence in Asia and with whom India shares a near-3500 km of undefined border, some of it known as the Line of Actual Control (LAC). It is important to note that Washington DC never offered New Delhi the Patriot missiles, which are closest to the S-400 missile system. Furthermore, unlike Turkey, whose name comes up every time we talk about S-400, India isn’t a NATO signatory and doesn’t have the same obligations as Ankara.

Though India isn’t in any formal alliance with either the U.S. or Russia, it has been clear about maintaining its strategic engagement with Moscow and Washington. We saw this in the recently concluded first 2+2 Foreign and Defense Ministers meeting between New Delhi and Moscow, a trend of successful summits India has successfully followed with the US.

It is vital that the larger framework of the US-India strategic partnership is not viewed when either partner exercises its strategic autonomy to choose the path best for its interest. The sacrosanctity in the US-India partnership allows each partner to exercise their strategic independence and for the other to respect that independent foreign policy, as manifested in Afghanistan, with the US withdrawal from its longest conflict.   

Both the United States and India have shared strategic interests in Indo-Pacific and are concerned about Beijing’s sphere of influence. President Bush signed the Civil-Nuclear deal recognizing India’s importance as a strategic partner. President Obama pivoted to Asia, President Trump’s administration used the term Indo-Pacific to describe the region, and President Biden put the Quad into motion.

Since President Biden took office, we have seen concrete steps to operationalize the Quad through collaboration in shared priorities in vaccine diplomacy, resilient supply chains, critical and emerging technologies, STEM-based education, and climate action. The initial success of this framework has also paved the way for the “Middle East Quad” between US, India, UAE, and Israel. The introduction of an AUKUS trilateral accentuates a direct security component in the region, though India is not a part of it.

Next week, the Quad Foreign Ministers meeting takes place between February 9-12 in Melbourne, Australia. While neither Russia nor Ukraine is part of the Indo-Pacific, their presence will be felt in the room and will distract the United States.

Hence the strategic imperative of staying focused is critical. The focus on the Indo-Pacific must not wane. The clarion call is simple, the theatre of convergence of shared interests with the fastest-growing markets remaining in the Indo-Pacific and the importance of the US-India partnership in maintaining prosperity and stability in the region.

More information
https://www.financialexpress.com/defence/the-us-india-strategic-partnership-is-larger-than-indias-stance-on-russia-ukraine-tensions/2427560/lite/

Indian Finance Minister Nirmala Sitharaman will unveil the FY22-23 Union Budget on February 1, 2022. As we enter into the third – and hopefully final – year of COVID disruption, we expect India’s upcoming Budget will seek to balance short-term fiscal needs with structural reforms to support medium-term growth.

The Budget prospects going into the next fiscal year are relatively sunny. The past year has seen a strong recovery driven by private consumption and the release of pent-up demand. India’s nominal GDP grew significantly faster than expected, generating greater tax revenues to offset revenue losses elsewhere. Public investment, particularly on capital expenditures, also provided critical demand support as COVID-related uncertainty dragged down private investment.

However, the strong results over the past year were also partly the result of base effects and the recovery itself is still fragile, particularly as consumption reverts to normal levels and households look to rebuild their balance sheets. The omicron variant has also renewed economic uncertainty. Even without another full-scale lockdown substantial fiscal support will be required to keep the recovery on track. Charting the path forward is a challenge.

Given that backdrop, we expect the FY22-23 Budget to incorporate measures to boost welfare and generate growth in the short, medium, and long-terms.

First, we expect significant welfare spending to be the budget priority in the short-term. In light of the recent farmer protests, and statewide elections commencing in February, the government can take advantage of its strong revenue performance to continue important social supports. Subsidies for food and fertilizer have been a lifeline for vulnerable populations hit hardest by the pandemic and job guarantee schemes have played an important role in supporting domestic demand. These programs should continue as a necessary – albeit temporary –expenditure.

In addition, public spending on physical infrastructure to service secondary and tertiary care, integrating digital for primary and follow-up care and COVID-related medical interventions will rightly remain a top priority for the foreseeable future. Best practices have been built during COVID-19, particularly disease surveillance to enable early predictions and vaccine literacy to protect at-risk groups from various vaccine preventable diseases should be mainstreamed.

Second, we expect the finance minister will seek measures to boost the economy’s medium-term growth potential. Ideally, new measures will focus on promoting exports and domestic investment, to take advantage of structural changes in the global economy as real wages in other parts of Asia rise and trade and investment patterns shift. The Production Linked Incentives(PLIs) announced in the last budget were a positive step in this direction and should be expanded as much as possible in the coming year. The goal should be to unite “Make in India” with the demands of a shifting global supply chain and create the global manufacturing hub for labor-intensive, high value-added sectors that will deliver much needed employment.

Finally, to achieve sustainable long-term growth, the FY22-23 Budget must balance the competing needs of fiscal consolidation and large increases in capital spending. Finance Minister Sitharaman clearly recognizes macroeconomic stability is a prerequisite for long-term public investment, which in turn is necessary to crowd in the private and foreign investment needed to close India’s large infrastructure gap. The FY22-23 Budget is therefore likely to chart a path to fiscal deficits under 6 percent in the next two years, through a combination of expenditure discipline (for instance, no more fund for public bank recapitalization) and revenue enhancements (e.g. divestments and monetization of public assets).

The Budget will likely include an ambitious target for divestment revenues, possibly as high as Rs 1.5 trillion, or nearly three times the pre-pandemic targets. Though past experience in this area is not encouraging (actual divestments fell nearly Rs 2.5 trillion ($34 billion) short of the target over the past two years and the results of this year to date are no better), meeting an ambitious target in 2022 will be especially important. The economic benefit of a strong divestment program is indisputable, and the revenue generated is needed to pay for crucial social spending. The Budget is an opportunity to reaffirm the government’s commitment to divestment and outline a clear plan to sell at least 25 public sector units, including completing the huge IPO of Life Insurance Corporation (LIC) without delay.

Likewise, a strong focus on capital spending will raise the country’s growth potential and create jobs for millions of new employees every year. Research from the RBI shows that capital expenditures boost GDP growth more than any other category of public spending. The 25 percent increase in the capital spending budget last year was a great first step that should be matched by a similar increase this year.

Finally, we expect the forthcoming Budget will build upon recent efforts to strengthen India’s financial sector, the lifeblood of its economy. We look forward to new measures to broaden and deepen local capital markets and make it easier for investors to hedge the local currency.

A number of administrative reforms, such as easing restrictions on overseas listing of Indian start-ups and reducing regulatory burdens on Qualified Foreign Institutional Investors, would help Indian firms tap into global pools of capital. Other measures, such as reducing dominant role of government in banking and insurance markets though divestment and governance reforms, will make crucial financial services safer, cheaper, and more accessible to the vast majority of Indian citizens.

The FY22-23 Budget can also provide guidelines for eventual regulation of the fast-evolving crypto and digital asset space, a priority Minister Sitharaman touched on during her visit to the United States in late 2021. These measures will ensure consumer protection and financial stability without sacrificing innovation and growth.

With a focus on macroeconomic stability, fiscal discipline, revenue growth, and a shift from short term relief and medium-term recovery, the FY22-23 budget will chart India’s path back to sustainable growth and the pave the way towards a $5 trillion economy of its potential.

More Information
https://www.cnbctv18.com/finance/whats-in-store-for-budget-2022-short-term-relief-medium-term-growth-12296482.htm

Days ahead of the annual budget, a top American business advocacy group, in a set of recommendations to the India’s Union Finance Minister, has recommended urgent action to address the distortions and inefficiencies arising out of regulatory mandates in the banking sector. Finance Minister Nirmala Sitharaman is scheduled to present her annual budget on February 1.

Washington DC-based US-India Strategic Partnership Forum (USISPF), which represents leading Fortune 500 companies, in a set of recommendations argued that to improve the ease of doing business for institutional investors, the process to register as Qualified Foreign Institutional Investor (QFII) should be streamlined, and the ability to adopt a single window clearance will enable smoother setting up of companies in India.

“Foreign investors can provide the billions in additional insurance equity capital needed to meet higher goals for insurance penetration, but existing restrictions discourage new foreign investment and undermine the 2021 reforms,” it said.

Should the 74 per cent cap on FDI remain, the GOI should address other complications like the three-party joint venture necessitated by the 20 per cent limit of bank ownership in insurers, it added. Having high expectations from the annual budget, USISPF said it should try to bring in tax stability and continuity, crucial factors in attracting investors.

A commitment to global tax norm will keep multinationals assured of tax certainty as they setup shop in India. Functional bottlenecks, ever-increasing TDS/TCS compliances, and a lack of clarity on overseas listings also impact ease of doing business, the forum noted.

Urging full transparency in the upcoming sale of shares in Life Insurance Corporation of India (LIC), USISPF said that reforms in the insurance sector should include eliminating the cap on foreign direct investment, permitting commercial credit cards for settlement of cashless claims to healthcare service providers and allowing insurance companies to set the commissions they pay to agents.

Budget 2022 should take specific steps to make it easier for customers and merchants to use digital solutions, including developing inter-operable QR codes, digitizing business to business (B2B) payments, ensuring the National Common Mobility Card (NCMC) is interoperable with global EMV standards, and expanding the digital payments backbone to underserved areas of the country, USISPF said.

More information
https://www.financialexpress.com/budget/budget-2022-usispf-recommends-urgent-action-to-address-distortions-and-inefficiencies-in-the-banking-sector/2417980/

Mukesh Aghi, US-India Strategic Partnership Forum President and CEO on Friday said that the State Department’s decision to waive several in-person interview requirements at embassies and consulates for non-immigrant visas, particularly H-1B visas is a welcome move.

Speaking to ANI, the trade body chief said that the State Department recognizes the immense impact of temporary work visas on America’s economy, as H-1B visas serve as the vital link connecting India’s tech talent for America’s tech economy.

“The State Department’s decision to waive several in-person interview requirements at embassies and consulates for non-immigrant visas, particularly H-1B visas is a welcome move,” he told ANI.

“The pandemic has precluded mobility and several Indian nationals in the United States haven’t been able to travel back for stamping. At the same time, several folks in India were unable to get appointments at the local missions due to COVID protocols and delayed wait times. The State Department recognizes the immense impact of temporary work visas (particularly H-1B) to the US economy, as H-1Bs visas serve as the vital link connecting India’s tech talent for America’s tech economy. Hence, this is a win-win situation for both countries,” the USISPF President added.

Amid growing concerns of COVID-19 surge, the US on Thursday (local time) is temporarily dropping an in-person interview requirement for some work-visa categories: H-1B, L-1 and O-1.

Applicants for H-1B, L-1 and O-1 visas applying from abroad won’t be required to do an in-person interview at a US consulate, typically the final step before a visa is issued. Those categories represent the most common visa types companies use to attract high-skilled talent from abroad.

The consular officers are now temporarily authorized, through December 31, 2022, to waive in-person interviews for certain individual petition-based non-immigrant work visas and their qualifying derivatives in the following categories: Persons in Specialty Occupations (H-1B visas), Trainee or Special Education Visitors (H-3 visas), Intracompany Transferees (L visas), Individuals with Extraordinary Ability or Achievement (O visas), Athletes, Artists, and Entertainers (P visas), and Participants in International Cultural Exchange Programs (Q visas), read a US State Department release.

However, embassies and consulates may still require an in-person interview on a case-by-case basis and dependent upon local conditions.

“We encourage applicants to check embassy and consulate websites for more detailed information about this development, as well as current operating status and services,” added the release.

More information
https://indicanews.com/us-decision-to-waive-in-person-interview-for-h-1b-visas-a-welcome-move-trade-body-chief/

With a Russian-made S-400 long range Surface to Air (SAM) missile system set to arrive in India by the end of this year, there remains speculation as to whether India will be sanctioned by the United States under the Countering America’s Adversaries Through Sanctions Act (CAATSA). Under this act, the U.S. government has the authority to sanction countries that engage in “significant transactions” with North Korea, Iran, or Russia through the purchase of military equipment. The Indian government has yet to publicly comment, as New Delhi only recognizes United Nations sanctions, and not country specific sanctions, such as CAATSA. However, New Delhi is eligible for a waiver, a provision that was included in CAATSA.

Until now, the only item that has qualified as a “significant transaction” is the purchase of the S-400 SAM system, which has so far been purchased by China, Turkey, and India, out of which China and Turkey have been sanctioned under CAATSA. To understand the dynamics behind CAATSA, and to assess New Delhi’s chances at a waiver, we will further examine bilateral relations between the U.S. and each of these countries and the effect of CAATSA sanctions on China and Turkey.

China

China is an aspiring superpower. In its expansionist aspirations, it is flouting international maritime law in an attempt to acquire contested islands in the South China Sea, threatening Taiwan with provocative military drills, and has disputed land boundaries with India and Bhutan. It has violated human rights on multiple fronts, from clamping down on pro-democracy activists in Hong Kong to the repression of the Tibetans as well as the ethnic Uyghur population in the Xinjiang region of western China. Beijing has violated intellectual property rights violations and stolen technology over the decades in order to bolster its capacity to manufacture cheap products that it sells globally. Both Beijing’s outlook and its pugnacious behavior are in contravention to Washington’s professed values.

China acquired the S-400 in order to fortify its superpower aspirations and was hit with sanctions under CAATSA in 2018. The sanctions, which were supposed to deter China from military purchases from Russia, have been futile. This is evident from the country’s recent purchase of Mi 171Sh combat helicopters from Russia, and the continued technological collaboration in defense between the two countries.

Turkey

Turkey is a NATO member and, with the help of the U.S., has built a robust aerospace industry over the past half-century. Turkey owns over 270 F-16 fighters and has an assembly line that can manufacture and upgrade the aircraft. Thanks to its robust aerospace industry, Turkey is in the process of building its own fifth generation fighter, the TFX, which is scheduled to make its first flight in 2025. Turkish President Recep Tayyip Erdogan had a unique reason for purchasing the S-400 system: to defend himself from his own air force.

Turkey received the first consignment of S-400s in 2018, and immediately the U.S. cancelled a sale of F-35 fighters to Turkey. After a considerable delay, Trump imposed CAATSA sanctions on Turkey in December 2020, indicating that there is a degree of discretion in the government’s imposition of CAATSA sanctions. Despite CAATSA, Turkey is contemplating buying additional S-400 systems from Russia. Turkish Defense Minister Hulusi Akar earlier this year threatened that his country needs 200 fighters and if can’t get them from U.S., it will get them from Russia. As a result, Washington is now in talks with Ankara to sell additional F-16 fighters to Turkey.ADVERTISEMENT

India

India felt the need for a long-range SAM to counter the S-400 system acquired by China, and eventually settled on the purchase of a S-400 SAM system of its own. India has been in negotiations with Russia over the purchase since 2015, well before CAATSA came into law in 2017. On top of that, India had acquired weapons from the erstwhile Soviet Union for over half a century. Even today, over half the inventory of the Indian Army, Air Force, and Navy is Russian and therefore Indian forces rely on Moscow for spares and upgrades. New Delhi has repeatedly leased a nuclear submarine from Moscow since 1988, and Russia has helped India develop a nuclear submarine program. The main offensive weapon for all new Indian naval ships is the Brahmos supersonic missile, a joint venture with Russia. Discussions for building Russian helicopters, small arms, and ships in India are underway. However, since the end of the Cold War and increased rapprochement with the United States, India has been looking westwards, and has expressed an interest in purchasing deck-based fighters, submarines, fighters, tanks, etc., from countries other than Russia.

As compared to India’s long-time defense relationship with Russia, the India-U.S. relationship in defense is relatively nascent. While there has been extensive strategic engagement, including exercises, foundational agreements, designation of India as a Major Defense Partner, etc., the relationship in military hardware is yet to go beyond trade. India’s desire for the formation of joint ventures with and transfer of technology (ToT) from U.S. companies has so far borne little fruit. However, there are avenues of promise, such as the Defense Trade and Technology Initiative, under which co-development and co-production of future technologies are being worked out, and ToT subsequent to the signing of the Industrial Security Agreement, the nuances of which are being finalized.

Neither Washington nor New Delhi had envisioned a robust bilateral relationship in defense, and the current partnership has been nurtured through bipartisan support from both sides. The U.S. recognizes the importance of India, as a key strategic partner and a potential military force that can help provide stability and peace in the Indo-Pacific. Both nations share and espouse the idea of democracy and rule-based order as necessary to bolster security and prosperity in the Indo-Pacific, and both nations are undaunted by coercion. At this juncture, sanctioning India under CAATSA would prove catastrophic for this relationship.

Back in 2017, both Defense Secretary Jim Mattis and Secretary of State Rex Tillerson had predicted that the application of CAATSA sanctions would not achieve the intended purpose of deterring Russian arms sales. This has been proven true in the case of both China and Turkey. The same will happen if U.S. imposes CAATSA on India. It is therefore important for the U.S. to rethink the effectiveness of CAATSA, before it causes further damage to India-U.S. relations and benefits Russia, not just in terms of arms sales, but also in the realm of bilateral relations.

More information
https://thediplomat.com/2021/12/the-problem-with-caatsa/

The annual India-Russia summit in New Delhi on December 6 culminated in new defence deals and more than two dozen pacts in diverse areas. On the sidelines, Russian Foreign Minister Sergei Lavrov hailed the S-400 air defence missile systems deal with India, and openly accused the United States of undermining the India-Russia cooperation and “to make India obey the American orders.” The Delhi-Moscow bonhomie was closely watched in Washington, with a distinct sense of unease about the impact the S-400 deal may have on the India-US relations. In this wide-ranging interview with Manish Chand, Founder-CEO and Editor-in-Chief, India Writes Network and India and The World, Dr Mukesh Aghi, President & Chief Executive Officer of the US-India Strategic Partnership Forum, says that the US won’t impose sanctions on India under CAATSA for the S-400 deal as such a step can set India-US partnership by decades and will only benefit the US’ key adversaries, US and Russia. Mr Aghi also spoke about the likely agenda for the 2+2 dialogue between the foreign and defence partners of India and US and the future trajectory of the India-US economic partnership.  

(Excerpts from the interview)

Q) From the India-US economic perspective, there is some good news. The meeting between Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai resulted in the revival of the India-US Trade Policy Forum. To what extent do you think this revival will help reboot the larger economic relationship?

A)  Now we have a platform, a platform where you can put up the issues and have a candid discussion. There’s a process now. If you have lawyers and bureaucrats who focus on commas and semi colons in an agreement, then you will not get a trade deal. We’ve been talking between the US and India for the last 20 plus years, and the same issues continue to persist. And we keep on adding more issues like GSP withdrawal. We have to think out of the box to move the India-US economic partnership to a higher plateau.

Q) What about prospects of more American FDI coming into India? Do you think now American businesses are responding better to India’s investment climate?

A) There are three factors at play here. First, China has become a risk factor. Companies are saying – where is my China plus one strategy? Second, India has made a lot of effort in improving the ease of doing business, making India a better investment destination itself. Schemes like Production-linked Incentive (PLI) are encouraging US companies to look at India afresh. Third, there is abundance of capital in the US. The capital cost is almost zero now in the US. The combination of all three things is driving more FDI into India. If you talk to investors in America, the interest in India is extremely high. The Indian economy is growing. They want to be part of this resurgent economy.

Q) What’s the status of India-US FTA negotiations? Do you think that is moving forward?

A) We have started the process. But the question is, do we want to try to boil the ocean? Or do we want to say – let’s take small bites, and leave them chewable and go to the next bite and next bite. To me, that could be a better approach than trying to boil the ocean.

Q) India and the US were planning to have 2+2 dialogue between their foreign and defence ministers. It seems it’s now postponed to January next year. What will be key issues on the agenda?

A) The 2+2 will focus more on geopolitical issues. It’s going to be strategic. The two sides will definitely talk about China, Afghanistan, terrorism, cybersecurity and defense cooperation between two countries.

Q) Do you have a wish list for the 2+2 dialogue?

A) Our wish list is we should look at the Quad more. Let’s look at how we basically drive an economic agenda under the Quad umbrella. If you look at the combined GDP of the four Quad countries, it’s over 32 trillion dollars. India needs at least one-and-a-half trillion-dollar worth of infrastructure investment. There is a lot of synergy between the two countries. Japan has the funding and the knowhow. Australia has high-tech environment. If the Quad focuses on its economic agenda, it will bring enormous benefits to the world.

Q) The Omicron variant has revived fears of a return of the coronavirus pandemic. India and the US have been collaborating in the post-pandemic recovery and in mitigating the pandemic. Going forward, how do you see the India-US counter-pandemic collaboration?

A) Whatever early information we have about the variant is that it is much more transmissive, but it is less pathogenic. So that means you can get it just like a common cold. You don’t have to be necessarily hospitalized. We don’t need to panic about it. Yes, governments have reacted – Israel closed its borders, Japan closed its borders, and every country is putting restrictions on travelers coming in. Yes, we have to control it. But this omicron is not as lethal as the Delta variant has been.

One has to understand that economies flourish because consumers have confidence. And if you take away that confidence, and create the uncertainties, then economies suffer. It’s, therefore, important for the government, India and the US to bring in the sense of confidence that we have enough wherewithal to manage this if it becomes another pandemic. I will say that we shouldn’t be too concerned, but there should be more collaboration. The bigger area of collaboration in this area would be on vaccines. India has the capacity and the capability to make vaccine in volume and at a cheap price. That’s where the US has to leverage India because unless you vaccinate the world, this virus is not going to go away.

Q) Prime Minister Modi has been talking about vaccine equity. And there is such a gap between the vaccinated and unvaccinated. Africa, for example, does not even have 10% of its people vaccinated. Do you think India and US can collaborate in pandemic mitigation and vaccines in third countries?

A) That’s where the Quad comes in. In the Quad, you have the Japanese who are willing to fund, we have Indians who can manufacture and the Americans who can provide the IP , and the Australians who can help in the supply chain. You can see Quad stepping up collaboration in the field of vaccines. But going beyond that, why not Africa? Why not other parts of the world? We will see better collaboration taking place; the world now realizes that unless you vaccinate everybody, this will keep on recurring.

Q) You are here in India at a time when we just had the India-Russia annual summit where India and Russia concluded quite a few defense deals, including one $700 million deal for jointly making assault rifles. Russian foreign minister Sergei Lavrov took a dig at the US and accused it of undermining the S-400 deal. Do you see S-400 deal attracting the US sanctions under CAATSA?

A) I think it’s in the interest of Russia that the Countering America’s Adversaries Through Sanctions Act (CAATSA) is imposed on India. It is in the interest of China that CAATSA is imposed on India. For (Russian Foreign Minister Sergei) Lavrov to proactively poke at the United States in a summit with India was undiplomatic. The relation between India and the US is not at the cost of relations between Russia and India as long as it is not at the cost of USA.

It’s important to understand that India maintains its strategic independence here. Now, if CAATSA is imposed, my position is that India is a sovereign nation. It has the right to decide what equipment it buys and from whom. And at the same time, if we look at S-400 pointed more toward China than anybody else, then it only serves interest of the US. From this perspective, I don’t think the Biden administration will impose CAATSA sanction on India for S-400 purchase. If at all sanctions are applied, it will set the US-India relationship by a few decades.

Q) So, it’s in the larger interest of the US and given the broad bipartisan consensus on sustaining the momentum in relations, it is extremely unlikely that they would contemplate such a move.

A) Absolutely.

Q) Ten months hence, how do you look at the quality of the India-US relationship under President Biden. In Donald Trump, we had a mercurial politician who was prone to all kinds of theatrics. Do you think now there is more stability in the partnership?

A: There is more maturity in the India-US relationship; there is more predictability and there is a sense of a consultative process between the two countries. Above all, there is an acceptance that the two sides may have different viewpoints in some areas, and there is respect for that. Now, we don’t have transactional issues like Harley Davidson coming in the way.

Broadly speaking, the Biden administration is taking a much more structured approach to dealing with India than the Trump administration, which was very transactional. So now, they are putting all the bricks together in areas ranging from healthcare to technology. I am very optimistic and see the India-US relationship going further, higher and deeper in every aspect.

(Manish Chand is Founder-CEO of India Writes Network, India and the World magazine and Centre for Global India Insights, a think tank focused on global affairs.)

More information

https://www.indiawrites.org/india-and-the-world/imposing-caatsa-sanctions-will-only-benefit-china-russia-mukesh-aghi/

Today, the US-India Strategic Partnership Forum (USISPF) announced two new reports focused on identifying strategies for India to succeed at becoming a reliable manufacturing hub. The two reports are titled, “Enhancing India’s Global Value Chain Competitiveness” and “Shifting Global Value Chains to India”, outlining ways that Indian can enhance its competitiveness in Global Value Chains, along with addressing current challenges related to the country’s Ease of Doing Business (EODB).

The first report, “Enhancing India’s GVC Competitiveness,” highlights that, in the post-pandemic world, global firms’ interest to diversify can fulfill India’s need to make its manufacturing sector more competitive under the “Aatmanirbhar” (Self-Reliance) Initiative while creating numerous high-paying jobs. Through its participation in Global Value Chains (GVCs), India can become a reliable manufacturing hub, but must first enhance its competitiveness. This report offers an analysis of India’s competitiveness in comparison with Thailand and Vietnam in Ease of Doing Business (EODB), Cost of Doing Business, and Labor Markets. It also identifies specific areas of improvement and provides recommendations for Indian policymakers.

The first report makes specific recommendations for:

• Enhancing Ease of Doing Business
• Improving Labor Productivity
• Cutting Cost of Doing Business

The second report, “Shifting GVCs to India,” focuses on the reasons and areas where current gaps are, and how these gaps can be bridged through policy intervention, thereby improving India’s competitiveness. The report provides a comparative analysis and evaluation of the Ease of Doing Business (EODB) in India viz-a-viz Vietnam and Thailand specifically for moving goods across borders in the supply chain. The report focuses on the current regulatory compliance landscape in India around conformity of standards and associated challenges, description of international best practices, recommendations to address the gaps and the expected impact of recommendations on India’s competitiveness as a GVC partner.

Some recommendations in the second report pertain to:

• Conformity Assessment of Product Standards
• Ensuring Policy Stability
• Improving Custom Procedures
• Improving Logistics

The two reports assert that addressing these gaps through adoption of global best practices in standards and customs and ensuring a reliable policy environment while enhancing and streamlining logistics, can boost India’s global share of exports, attract investments, and develop its manufacturing sector.

Dr. Mukesh Aghi, President and CEO of USISPF, said “Since coming to power in 2014, Prime Minister Modi has made it a priority to enhance India’s ranking in the Ease of Doing Business Index. Furthermore, the pandemic era has disrupted supply chains, encouraging countries to focus on rebuilding resilient supply chains and economies. These two reports touch on how India has enhanced its fundamentals to improve the business environment and supply chain connectivity. We are confident of the progress made and look forward to working on future reforms with our colleagues in the government and private sector.” While the studies were on the way, the GoI announced certain policy decisions, such as elimination of regulatory provisions of retroactive taxes, roll-out of single-window system and recognition of conformity assessment from foreign labs. USISPF lauds these measures and expects that their full implementation will enhance ease of doing business in India.

The reports were released at a virtual event, which included special remarks by Manmeet Nanda, Joint Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry; Gaurav Masaldan, Joint Secretary (Customs), Department of Revenue, Ministry of Finance and Saurabh Gaur, Joint Secretary, Ministry of Electronics and Information Technology. An interactive industry discussion was moderated by Atul Dhawan, Chairperson of Deloitte India.

About the U.S.-India Strategic Partnership Forum (USISPF)

The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C. and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States.

More information

https://www.theweek.in/wire-updates/business/2021/12/08/pwr28-us-india-strategic-partnership-forum.html

Web 3.0 or Web3 could add $1.1 trillion to India’s economic growth over the next 11 years, but only with the right policies and regulatory framework, said new research from the US India Strategic Partnership Forum (USISPF) and digital currency exchange CrossTower.

Web3 is supposed to be a more decentralised web that challenges the dominance of the tech giants by concentrating the power and data in the hands of the users, instead of the big tech corporations. This means that data is distributed across networks and no single entity owns the information.

Fuelled by Web3, Non Fungible tokens (NFTs) are also projected to emerge into a market of $1 trillion or more, the report noted.

NFTs enable users to own rare digital artifacts through the blockchain network that backs cryptocurrencies. All forms of art, tweets, music, GIFs, and more such digital assets can be owned through NFTs.

According to the report, the digital asset economy’s value to India’s GDP will grow at a 43.1 per cent compounded annual growth rate (CAGR) from $5.1 billion in 2021 to $261.8 billion over an 11-year period, resulting in a $1.1 trillion contribution to the country’s economy, adding that digital asset market capitalization was about $1.5 billion in 2013 and the market capitalisation is at nearly $3.0 trillion today.

Part of the reason why CrossTower believes there will be a significant uptick in crypto within India is that, globally, the adoption of crypto has accelerated past that of the Internet in its short lifespan.

“It took the internet approximately 7.5 years to go from around 100 million users to 1 billion users, whereas Visualize Bitcoin expects adoption from 100 million to 1 billion users operating accounts at cryptocurrency exchanges to take roughly 4 years,” the company wrote in its report.

“Data shows that the citizens of India tend to be natural visionaries and with Web 3.0, India has the opportunity to harness its core resources—its technologically savvy youth—to be a global leader in digital assets and Web 3.0. With the right policies and regulatory framework, India’s regulators can bring safety, combined with hope and prosperity to India,” added Kapil Rathi, co-founder and chief executive officer of CrossTower.

More information

https://indianexpress.com/article/technology/crypto/web3-nfts-can-drive-indias-economy-to-1-1-trillion-crosstower-research-7662483/

Web 3.0, the idea that the next iteration of the Internet which will be built on concepts of decentralisation, openness, and greater user utility, can help India contribute an additional $1.1 trillion of economic growth to its GDP over the next 11 years, new research from the US India Strategic Partnership Forum (USISPF) and digital currency exchange CrossTower has said.

Digital assets like Bitcoin, Ether, Solana, Algorand, stablecoins and other blockchains are the fuel of the future financial ecosystem and Web 3.0, the report said.

In the first phase of its evolution, the Internet was driven by users consuming information. In the second phase, which is ongoing, users also became contributors with the advent of social media.

In Web 2.0, people’s data is owned by large organisations such as Facebook, Google, and Amazon. In Web 3.0, the data is envisaged to be owned by consumers and resides on blockchain networks, as opposed to centralised organizations.

“Web 3.0 is turning the world on another way, where instead of that data residing in these centralised databases, it is going to reside on the blockchain technology which is not controlled by one organisation. And with that, my data becomes my choice, (and) which advertiser I want to give it to, and if advertiser is paying Facebook, I should get a piece of that,” said Kapil Rathi, CEO and co-founder of CrossTower.

To provide some perspective, in 2013, the market capitalization of the digital asset market was approximately $1.5 billion, and today, the market capitalization is at nearly $3.0 trillion.

Comparing the success of the US in the Internet industry, evident in the fact that 17 US firms are among the top 25 major public tech companies by market capitalisation worldwide, the report said India can take a leap in Web 3.0 if it adopts the right kind of policies.

“The US became a hotbed for tech firms in the early days of the internet largely due to the numerous frameworks that policymakers implemented early on, creating a structure for massive innovative projects. India should consider substantively similar structures, such as private/public partnerships, grants and frameworks for education at every level, sandboxes for regulatory clarity, venture capital programs and incentives for foreign investment, and other strong and clear policies. This will thrust India into a world leadership role in digital assets and Web 3.0,” the report noted.

The Ministry of Electronics and Information Technology on Friday released a “National strategy on blockchain”, which identifies 44 potential areas of using the technology and lays out the broad contours of how it can be leveraged across different sectors.

However, India’s stand on cryptocurrencies, the most well known application of blockchain, remains less than favourable.

“I think it goes back to the fundamental understanding of how blockchain technology works, to get to harness the full potential of this technology (blockchain), which is a distributed ledger. The word distributed means that there are multiple computers. We have this database(s) which are participating in the validation of transactional database. This validation process makes this database fully secure and immutable. You can only add to the data. To promote or incentivize the participants on a blockchain, you need some sort of economic benefit. And that economic benefit is provided by the use of digital assets or cryptocurrencies,” said Rathi.

Talking about concerns of money laundering through cryptocurrencies, Rathi said research has shown that the total number of money normally laundering cases in a traditional banking system were about 3 per cent, whereas a study of all blockchain money laundering scenarios showed that those cases are somewhere between 0.25-0.5 per cent.

“The digital asset industry could see growth that is far more explosive, given how revolutionary it is. Just like the internet, digital assets stand to impact most, if not all, industries. In fact, we believe the potential impact of digital assets is much larger than that of the internet. To seize the prosperity that digital assets can bring, India must take appropriate actions now,” the report concluded.

More information
https://www.business-standard.com/article/economy-policy/web-3-0-a-1-1-trn-growth-opportunity-for-india-usispf-crosstower-research-121120601207_1.html

Digital asset market capitalization was about $1.5 billion in 2013 and the market capitalization is at nearly $3.0 trillion today, according to a report by crypto exchange, CrossTower.

Digital asset economy’s value to India’s GDP will grow at 43.1% compounded annual growth rate (CAGR) from $5.1 billion in 2021 to $261.8 billion over an 11-year period, resulting in a $1.1 trillion contribution to the country’s economy, according to a report by crypto exchange, CrossTower, and US-India Strategic Partnership Forum (USISPF).

As per the report, digital asset market capitalization was about $1.5 billion in 2013 and the market capitalization is at nearly $3.0 trillion today.

The report, titled “India’s $1.1 trillion Digital Asset Opportunity”, also highlighted that the adoption rate of digital assets—as reflected by accounts opened on centralized cryptocurrency exchanges—is growing nearly twice as fast as that of the Internet. It took the Internet approximately 7.5 years to go from around 100 million users to one billion users. The same growth at cryptocurrency exchanges will take about four years, the report added showed.

Dr Mukesh Aghi, president and chief executive officer of USISPF, said, “India is poised for growth to become a $5 trillion economy by 2024-25 as envisioned by Prime Minister Narendra Modi. Digital assets are expected to have tremendous potential in the next 11 years across countries, due to their rapid adoption. They are expected to help India achieve the GDP of $5 trillion economy.”

The research reports also highlighted the sectors that blockchain technology has the potential to contribute to and transform. First, government-related blockchain projects are estimated to drive close to $0.1 billion of GDP to India in 2021, ramping up to USD 5.1 billion in 2032. Second, digital identity could contribute $8.2 billion to India’s GDP in 2032. Third, payments and remittances projects can contribute nearly $21.7 billion to India’s GDP in 2032, as blockchain drives efficiencies for payments.

As per the report, Web 3.0 can drive $1.1 trillion economic growth for India over these 11 years, but only with the right policies and regulatory framework. The global financial services market is estimated to be over $22 trillion in 2021 and will grow to over $28 trillion by 2025.

Kapil Rathi, co-founder and chief executive officer of CrossTower, said, “Data shows that the citizens of India tend to be natural visionaries and with Web 3.0, India has the opportunity to harness its core resources—its technologically savvy youth—to be a global leader in digital assets and Web 3.0. With the right policies and regulatory framework, India’s regulators can bring safety, combined with hope and prosperity to India.”

From digital art to ticket sales, music, collectibles, luxury items and gaming, non-fungible tokens (NFTs) are transforming the way people interact day-to-day. While still nascent, NFTs are projected to emerge into a market of $1 trillion or more, the report noted.

More information
https://www.livemint.com/market/cryptocurrency/india-holds-1-1-trillion-digital-asset-opportunity-by-2032-report-11638787031137.html

Dispur (Assam) [India], November 30 (ANI): Assam Chief Minister Himanta Biswa Sarma has urged the United States-India Strategic Partnership Forum (USISPF) to attract American investments in Assam and assured them of full support from the state government in this regard.

Biswa on Monday met a team of the USISPF led by its President Mukesh Aghi. The USISPF is a not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington and in New Delhi.

Senior members of the team and state govt officials including Chief Secretary Jishnu Barua were present during the discussion.

Taking to Twitter, Biswa said: “Glad to receive a team of United States-India Strategic Partnership Forum led by its President & CEO Dr Mukesh Aghi.”

They discussed various investment opportunities in Assam and “our vision to strengthen the economy and provide employment opportunities to our youth”.

“I urged the Forum to take steps to attract US investments in Assam and assured them of full support from our side in this regard,” he further tweeted.

The USISPF said that it discussed increasing investment opportunities in Assam and strengthening the state’s economy across a variety of sectors.

“USISPF President and CEO @MukeshAghi and COO @GauravVermaNY met with @himantabiswa, the honorable Chief Minister of Assam, Chief Minister Sarma and USISPF discussed increasing investment opportunities in Assam and strengthening the state’s economy across a variety of sectors,” the USISPF tweeted. (ANI)

More information

https://www.aninews.in/news/world/asia/assam-cm-urges-usispf-to-bring-american-investment-assures-support20211130083544/

By Akshobh Giridharadas

Katherine Tai will meet Minister of Commerce and Industry, Piyush Goyal as they hold discussions for two days and deliberate on mutual cooperation on enhancing trade and economic ties

Washington and New Delhi’s relations have moved from a period of estrangement in the post-independence and pre-liberalisation era to one of engagement. Today, the strategic partnership rests on three strong pillars, with convergence on defence and security as demonstrated with the inaugural Quad summit in Washington and a new West Asian Quad that has come to fruition. The second pillar touches on shared democratic values as evinced with the words, “We The People”, enshrined in both constitutions and the catchphrase of the world’s oldest and largest democracy, every time a bilateral takes place between the respective leaders. Last, but not least, the strength and ubiquitousness of the diaspora, with the fait accompli of an Indian origin Spelling Bee champion and presence of Indian diaspora at the highest echelons of Silicon Valley.

More information
https://www.hindustantimes.com/opinion/trade-the-final-frontier-in-india-us-ties-101637592888433.html

Trade Representative also flags high tariffs and market access restrictions

U.S. Trade Representative Katherine Tai on Monday flagged India’s ‘unpredictable’ regulatory norms, high tariffs and market access restrictions as key impediments to bilateral trade, emphasised America’s continued interest in agriculture market access and conveyed that “worker-centric” policies will be the pivot for the Joe Biden administration’s approach to trade policy.

On a maiden two-day visit to revive the U.S.-India Trade Policy Forum (TPF) after a four-year hiatus, Ms. Tai said the relationship is a top priority both for President Biden and for her, but highlighted that bilateral trade “never seems to quite live up to its significant potential”.

“At the USTR’s office, we hear very frequently from our stakeholders, who are not shy, on issues that will be familiar to those of you involved in moving goods and services between our two countries — market access restrictions, high tariffs, unpredictable regulatory requirements, restrictive trade measures… These are issues where we intend to make progress on and they will be on the top of my list while I am here,” Ms. Tai said.

Signalling a major switch to a “worker-centric” focus in the U.S. policy, Ms. Tai said: “President Biden is convinced that the U.S. policy needs a fundamental shift to ensure that our policies and actions focus on the impact that trade and trade agreements have on the lives of real working people.”

She said she will work closely with the Indian Government ‘colleagues’ including Labour and Employment Minister Bhupendra Yadav on connecting trade “more directly with working people”.

“There is a huge potential for growth in our two countries, in areas like the digital economy, services, health-related trade and yes, even agriculture. I believe that a revive TPF can help our trade relationship keep pace with our other areas of engagement,” she said after a meeting with Commerce and Industry Minister Piyush Goyal.

“India and the U.S. also face shared challenges like climate change and sustainability, vulnerable supply chains and promoting market-oriented principles and structures. These are areas that are ripe for closer collaboration now,” Ms. Tai said, underlining that the U.S. is committed to ensuring a robust and sustainable trade partnership.

“Delivering results and further integrating our two economies will require concerted efforts from our Governments, businesses, civil society, our people as both workers and consumers,” she said on the eve of the TPF meeting on Tuesday.

Mr. Goyal said he was pleased that the trade policy forum is being rejuvenated after “languishing for four years” and expressed confidence that the two sides will be able to resolve issues in an amicable manner and send a message to the world that the U.S. and India are strong partners.

“Citizens from both our countries look towards India-U.S. partnerships with great optimism and hope. The U.S. and India share a partnership that can not only help each other but the entire world to recover, if we were to work together,” he said.

Mukesh Aghi, President of the USISPF, said: “Minister Piyush Goyal recently spoke at USISPF’s annual general meeting and spoke of a trillion-dollar bilateral trade target between India and the U.S. by 2030. Our present bilateral trade is at $150 billion. For such a target to be achieved, we need increased foreign investments from the U.S. and an early harvest deal could help pave the way for larger deals. It is indeed positive to see U.S. Trade Representative Katherine Tai in New Delhi and we are hoping that the Trade Policy Forum (TPF) could lay the foundations for an early harvest deal.”

More information
https://www.thehindu.com/business/Industry/unpredictable-policies-key-impediments-to-bilateral-trade-us-tells-india/article37632757.ece