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

Washington [US], November 18 (ANI): US-India Strategic Partnership Forum Chief Mukesh Aghi has said that the Trump administration was very close to the mini trade deal with India, but now the domestic politics in America is “much more complicated”.

“With Trump administration, we were very close to the mini trade deal. I think to show some kind of success in early harvesting. It is important that India-US agree where it was left with the Trump administration to close that out to build the momentum itself. But the domestic politics in the US is now much more complicated,” Aghi told ANI on Wednesday (local time).

Commenting further on the Biden administration, US-India Strategic Partnership Forum Chief said, “The progressive Left inserts labour rights, they talk about human rights, religious freedom, and I think if you start pushing those into a trade deal, you will not get a trade deal.”

US and India have agreed to take a comprehensive look at ways to expand the bilateral trade relationship.

In a virtual meet, US Trade Representative Katherine Tai and India’s Minister of Commerce and Industry, Piyush Goyal had looked forward to their upcoming meetings in New Delhi (November 22-23).

Both leaders agreed to take a comprehensive look at ways to expand the bilateral trade relationship and ensure the future success of the US-India Trade Policy Forum, read Tai’s statement.

More information
https://www.aninews.in/news/world/us/trump-admn-was-close-to-mini-trade-deal-with-india-but-us-domestic-politics-more-complicated-now-says-trade-body-chief20211118100704/?amp=1

By Parikshit Luthra

Mini

US President Joe Biden is expected to hold a hotly awaited virtual summit with his Chinese counterpart Xi Jinping on Monday, US media reported, as tensions mount over Taiwan, human rights and trade. Relations between the world’s two largest economies have deteriorated in recent weeks, in particular over Taiwan, a self-ruling democracy claimed by China, which last month made a record number of air incursions near the island.

The CNBC-TV18 special show Global Eye focuses on the big diplomacy push between the United States (US) and China. It also throws light on the upcoming meeting between US Trade Representative Katherin Tai and India’s Commerce Minister Piyush Goyal.

Moreover, as the COP26 Climate Summit is winding up in Glasgow, CNBC-TV18 also spoke to furniture maker IKEA’s parent company Ingka Group about the role of the private sector in climate action.

US President Joe Biden will hold a virtual meeting with his Chinese counterpart Xi Jinping next week. The meeting comes amidst trade tensions between the two countries and the US’ criticism of China’s military activities. China has also extended an olive branch with President Xi Jinping saying China is ready to manage differences with the US and enhance cooperation.

Ananth Krishnan, correspondent for The Hindu said just the fact that this summit is happening is a win for China and it is a little bit puzzling from an Indian observer’s point of view as to why the US is so keen to have this summit.

Krishnan believes there is very little scope of any major headwinds to be made in some of the issues which the US is concerned with, whether it is China’s economic practices, human rights, or Taiwan. “I am expecting very little from the summit beyond low-hanging fruits such as reopening consulates that were shut during the Trump administration time, maybe easing up of visa restrictions but the big structural problems aren’t going anywhere,” he said.

Meanwhile, US Trade Representative (USTR) Katherin Tai and India’s Commerce Minister Piyush Goyal will hold an in-person meeting in the third week of November when the USTR visits India on a two-day trip. The two held a virtual meeting on November 2 where they agreed to take a comprehensive look at ways to expand bilateral trade ties. The two countries also shared perspectives on how to reach meaningful outcomes at the upcoming World Trade Organization Ministerial Conference that will be held in Geneva from November 30 till December 3.

Commenting on the upcoming meeting, Mukesh Aghi, president of the US-India Strategic Partnership Forum, said it is important to understand that the trade between the two countries without a trade deal is growing, both on the services and goods side. It seems to move in a positive direction, he said.

As the COP26 summit is coming to a close, CNBC-TV18 took a look at the highlights. India committed to achieving net-zero emissions by 2070, China-US announced plans to work together to cut down methane emissions, over 100 global leaders pledged to end deforestation by 2030, China said it is targeting a 1.8 percent cut in average coal use at power plants by 2025, and China and Russia were criticised for missing the summit and for lack of urgency.

Juvencio Maeztu, the CFO and deputy CEO of Ingka Group, discussed the role of the private sector in climate action. He also shared his views on how the private sector can be made more accountable when it comes to reducing emissions.

More information
https://www.cnbctv18.com/world/global-eye-joe-biden-xi-jinping-meet-a-win-for-china-says-the-hindu-cop26-summit-winding-up-and-more-11449842.htm

Katherine Tai is embarking on her maiden visit to India as US Trade Representative from 22 to 24 November. The two sides will resume the Trade Policy Forum after a gap of four years.

New Delhi: India and the US are set to talk tough on bilateral trade and investments as they get ready to resume the Trade Policy Forum (TPF) after a gap of four years with the maiden visit of US Trade Representative (USTR) Katherine Tai later this month.

Tai, who was confirmed by the Joe Biden administration as the USTR in February 2021, is the first woman of colour to assume this role. 

Tai will be in Delhi from 22-24 November as part of a two-week visit to Japan, South Korea and India that aims to “strengthen (the US’) trade and economic relationships with key allies and partners”.

In India, she will be meeting her Indian counterpart Piyush Goyal, the Union Commerce and Industry Minister, for the TPF. She will be accompanied by Deputy USTR Sarah Bianchi.

The India-US TPF was established in 2005 with the Office of the USTR and the Ministry of Commerce and Industry in India serving as nodal agencies.  

The TPF last met in October 2017 in Washington DC under the then commerce minister Suresh Prabhu and former USTR Robert Lighthizer. Former President Trump subsequently discontinued it as he sought a comprehensive trade deal with India.

However, after PM Narendra Modi’s meeting with US President Biden this September, a joint statement said the leaders “looked forward to reconvening the India-US Trade Policy Forum before the end of 2021, to enhance the bilateral trade relationship by addressing trade concerns, identifying specific areas for increased engagement and developing an ambitious, shared vision for the future of the trade relationship”.

The Biden administration has made it clear to India that it is not keen on a bilateral trade agreement, unlike the previous Donald Trump government, and Washington is now more focused on easing some of the persistent trade irritants between both countries, sources told ThePrint. 

The sources said the US will most significantly raise the issue of restrictive data policies and discriminatory tax measures, which Tai had flagged in her first National Trade Estimate Report (2021) this March. The US is also likely to raise the issue of non-tariff barriers and import restrictions on a range of items. 

India, the sources added, will once again push the US for negotiating a smaller trade pact or a mini trade deal — something that was almost concluded under Trump. 

Concerns on both sides

Earlier this year, after Tai’s first conversation with Goyal as USTR, Washington made it clear that the road ahead is going to be challenging between both countries, irrespective of the strategic gains both sides have made. 

The USTR proposed retaliatory action against India’s 2 per cent equalisation levy (EL) and also initiated an investigation against the country’s Digital Services Tax (DST), which the US described as discriminatory.

Under DST, also known as the EL, the government charges 2 per cent tax on revenue generated from a broad range of digital services offered in India. The DST is meant only for non-resident companies.

In March, the US proposed retaliatory tariffs of up to 25 per cent on nearly 40 Indian products, from shrimps to silver, as a counter against the EL. The tariffs were announced in June but suspended pending international tax negotiations.   

The sources said both sides have been discussing the matter regularly, and Goyal and Tai have been in touch with each other on finding a resolution to the matter.

On 3 November, Tai and Goyal spoke to each other virtually and discussed her upcoming visit. 

According to a statement issued by the USTR, they “looked forward to their upcoming meetings in New Delhi (22-23 November), and agreed to take a comprehensive look at ways to expand the bilateral trade relationship and ensure the future success of the US-India Trade Policy Forum”.

Speaking to ThePrint, Richard M. Rossow, Wadhwani Chair in US-India Policy Studies at the Washington-based Center for Strategic and International Studies, said “the US has a pretty wide-ranging set of trade concerns to raise”. 

“The priority issues are those that comprised the mini deal our nations almost sealed last year — such as price controls on medical devices, agriculture market access. USTR is hoping India relents on its equalisation levy for cross-border digital services. It has delayed implementation of retaliatory tariffs, but such a delay will not last forever.” 

“A much wider set of issues remains in front of mind. This includes the wide range of tariff increases and local content mandates India has introduced in recent years; concerns about data localisation through the Personal Data Protection Bill; and intellectual property rights,” he added.

Most American officials, Rossow said, “believe India must show good faith by dismantling recent trade barriers before a larger trade agreement can be considered”. 

“Pushing a wider trade agreement with India will take a great deal of senior-level time and energy. With so many competing interests, American officials will want real proof that India is ready to make serious trade commitments,” he added. 

Welcoming the move to “restart” the TPF, Mukesh Aghi, president and CEO of the Washington-based US-India Strategic Partnership Forum (USISPF), said, “We hope for fruitful discussions that could potentially bring about an early harvest deal. A vibrant Indian economy provides tremendous opportunities for US corporate investment, benefitting both economies. 

“Enhanced trade would greatly strengthen the strategic partnership between New Delhi and Washington, taking this already robust partnership to new heights.”

India is also expected to make a last-ditch attempt at having the US restore the Generalised System of Preferences (GSP) programme, which was taken away under Trump in June 2019. The Biden administration has made no mention of reinstating India’s status in the programme. India enjoyed trade benefits to the tune of about $6 billion under the GSP programme.

“India would like to see a restoration of trade benefits under the GSP. However, the entire GSP programme expired in January and has not yet been re-authorised. So, USTR cannot make any binding promises at this point,” Rossow said.

Mark Linscott, nonresident senior fellow at the Washington-based Atlantic Council’s South Asia Center, said a “challenge both sides confront in removing some of these irritants is that the Biden administration has its hands tied on GSP”. 

“The US GSP programme has expired and its renewal is stuck in the Congress. That said, if this TPF produces little more than pledges of future dialogue, it will be a bit of a dud. The moment has come for both sides to prioritise the trade relationship, put it on par with their work with other countries.”

Linscott, who is a former assistant USTR for South and Central Asian Affairs, added, “If the US can spend so much time with European allies, even with no FTA (free trade agreement) on the horizon, it should be able to devote that kind of attention to India.  

“Of course, the perennial problem is a perspective that it is too difficult to negotiate on trade with India and there is a history of failed efforts in the past to solve problems that might justify this perspective.” 

More information
https://theprint.in/diplomacy/us-india-gear-up-for-tough-talks-as-us-trade-representative-tai-comes-calling/761632/?amp

By Mukesh Aghi & Shweta Kathuria, 

Rarely do you have global consensus between the representatives of almost 140 countries who can find common ground on most issues, let alone on taxes, a contentious issue by itself. But, earlier this month, the Organization for Economic Cooperation and Development (OECD) did just that. In their meeting on October 8, the OECD was able to bring together such a consensus on how companies around the world should be taxed in a jurisdiction where they do not have any domicile status or a physical place of doing business. Following years of intensive negotiations to bring the international tax system into the 21st century, 136 jurisdictions (out of the 140 members of the OECD/GROUP OF 20 (G20) Inclusive Framework on Base Erosion and Profit Shifting (BEPS) joined the Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy.

Today, Digitization is transforming lives in many aspects as well as how our economy functions. Technology has permeated across various sectors, creating sub-sectors of technology, like FinTech, EdTech and MedTech. However, with these new sectors, technology also enabled a sense of location agnosticism and the overnight implementation of a digital world that most of us have lived in since the onset of the pandemic.

The ease of virtual operations today can create a lack of defining where a business is based out of, often leading to complexities establishing policies such as domestic or overseas tax laws. Many countries, including India, introduced unilateral measures to tax such multinational companies (MNCs).

At that point, the OECD orchestrated an inclusive framework to bring together policy makers from around the world, setting the stage for a new global taxation regime. The same technology that helped businesses break international boundaries also prompted nations to bring parity in tax laws across borders.

Four months of intense deliberations between the Group of Seven (G7) members led to an upcoming agreement on a 15 percent global minimum corporate tax. Now, a whopping136 nations, including India, have endorsed the proposal.

For India specifically, the real challenge is to get rid of the unilateral levy famously called the Equalization Levy. The levy has often been a topic of deliberation by large economies and mostly by the U.S., given that most oftech multinationals are headquartered stateside.Because of location, India and the US have often tried to come to terms on how and when profits of such companies should be taxed. With a new global consensus, there is now a pathway to mitigate these delicate conversations.

The move will also enable efficient tax planning by leading multinational companies which do businesses across multiple continents and different countries leading to more predictable and transparent tax compliance. For decades, nations around the world have used a lower tax rate as a means to attract investments from multinational corporations, with some even dropping it to a level of zero. A multilateral deal will put an end to this race to the bottom.

Specifically for India, experts say that the country should benefit by Pillar One, which hopefully will ensure a fairer distribution of profits and taxing rights among countries with respect to the largest and most profitable multinational enterprises. It will re-allocate some taxing rights over MNEs from their home countries to the markets where they have business activities and earn profits, regardless of whether firms have a physical presence there.

Pillar Two,on the other hand, introduces a global minimum corporate tax rate set at 15 percent. The new minimum tax rate will apply to companies with revenue above EUR 750 million (USD 870 million) and is estimated to generate around USD 150 billion in additional global tax revenues annually. Further benefits will also arise from the stabilization of the international tax system and the increased tax certainty for taxpayers and tax administrations. India has various deductions and exemptions including deduction incorporated in the Indian Financial System Code and anticipates that the existing deductions and exemptions will be grandfathered.

While the world awaits contours of the tax deal, the OECD in its statement has called the deal as a win-win for all, countries, and companies. Many developing countries remain sceptical about the gains from the deal, particularly under Pillar One. India will surely ascertain its own benefit from the deal before implementing it from the targeted year 2023.

More information
https://www.financialexpress.com/economy/how-the-global-tax-deal-will-impact-us-india-trade-relations/2362323/

Finance Minister Nirmala Sitharaman had a busy week along the Eastern Seaboard of the United States, traversing from Boston to the capital in Washington, DC before wrapping up her week with a cherry on top in the Big Apple.

Her visit followed closely on the heels of the inaugural in-person Quad summit in Washington, DC, where Prime Minister Narendra Modi and External Affairs Minister S Jaishankar spoke of shared diplomacy and increasingly integrated economic synergy in the Indo-Pacific region. It comes just ahead of a ‘2+2’ bilateral meeting of foreign and defence ministers, and a major Indo-Pacific Business Forum that will showcase India to thousands of business participants across the region.

Sitharaman’s visit can be understood in this larger context of India embracing shared responsibilities abroad while doubling down on investment, and economic growth at home. To this end, the minister delivered a consistent message to CEOs and investors in all three US cities: After 30 years of gradual liberalization, and seven years of bold economic reform, India’s reality has surpassed its old, outdated reputation.

“India has come a long way and has made sweeping changes by way of reforms”, she said at a recent meeting while in the US.

This year marks the 30th anniversary of the famed 1991 reforms, when India eschewed its soviet-style planned economy, and opened up to the world in a gradual process of liberalisation, privatisation, and globalisation. Progress since then has been slow, and many critical economic reforms have languished for years, even decades. The changes are now beginning to fructify.

On October 21, India completed the herculean task of administering a billion COVID-19 vaccinations. Sitharaman touched on India’s post-pandemic economic rebound, especially after the horrendous second wave of infections, and new incentive programmes in place to facilitate foreign investment.

For example, budget measures to boost the post-COVID-19 economic recovery have led to much-needed reforms in insurance, banking, and capital market regulation. Inefficient State-owned enterprises are finally being privatised, exemplified by the recent sale of Air India. Schemes such as Gati Shakti, along with the $1.5 trillion National Infrastructure Pipeline (NMP) trillion in green and brown field projects, aim to get India’s infrastructure up to speed, and reduce the investment gap with India’s G20 peers.

In finance, the creation of an asset reconstruction company to resolve bad assets in the banking system will boost financial stability and credit growth, while measures to strengthen, and simplify, dispute resolution and secondary market regulation will help investors navigate an overly-complicated financial labyrinth.

Meanwhile, one notable silver lining in the dark clouds of the COVID-19 pandemic is the remarkable uptick in technology adoption in India, and thus the burgeoning growth of FinTech, and the robust startup scene. Tech-enabled systems helped people survive the worst of the pandemic by leveraging digital means to collect direct financial support, conduct government transactions, and receive critical market information.

While in the US, Sitharaman emphasised the impact of these various reforms at four multi-lateral roundtables to 105 US industry executives, and had 17 bilateral meetings with top global CEOs. The well-attended meetings epitomised a growing investor appetite for India, including (especially) for manufacturers seeking to diversify their global supply chains in the wake of pandemic-induced constraints in China.

Washington occupied the lion’s share of meetings, with the World Bank, the International Monetary Fund (IMF) as bilateral commitments saw a meeting with John Kerry, US Special Presidential Envoy for Climate, ahead of COP26.

Meeting between Sitharaman and US Treasury Secretary Janet Yellen for the Eighth US-India Economic and Financial Partnership saw key bilateral discussions ranging from strengthening the strong commercial partnership between Washington and New Delhi, and tackling pressing issues such as COVID-19 economic recovery and climate action as both India and the US pledged to mobilising $100 billion a year through public-private partnerships to tackle the pressing climate crisis.

Global industry leaders, however, cannot base their investment strategies on a government’s political will alone; they need to see tangible progress in key areas of project execution as well. Despite the recent progress on reform investors in India remain cautious due to a lack of regulatory consistency, and transparency in the economy.

In private round table interactions with the finance minister, they have expressed concerns about the onerous data localisation mandates at the Centre and constricting labour and land laws in the states. While foreign investors welcome privatisation efforts in some sectors, they worry about consolidation of public sector entities in others, such as banking.

To attract the investment it seeks, the Government of India must redouble efforts to deepen local capital markets, reduce the cost of debt and equity financing in the country, and make it easier to hedge against currency risks. It could start by removing procedural barriers to investment, such as the high cost and lengthy time to register as a Qualified Foreign Institutional Investor (QFII) in India.  Addressing these sorts of ‘next level’ challenges will be difficult, and time-consuming. But they are imperative.

As Sitharaman’s successful visit to the US showed, there is a strong strategic partnership and close commercial ties between the US and India. It was a chance for leaders on both sides — US and Indian, public and private — to reaffirm their commitment to work together, build on the momentum of recent reforms, and boost investment, jobs, and growth in India.

More information
https://www.moneycontrol.com/news/opinion/takeaways-from-nirmala-sitharamans-successful-united-states-visit-7624111.html

While there are positive reforms in the proposed bill, including promotion of renewable energy, improved governance, and provisions of a universal service obligation fund, there are remaining issues that need to be addressed.

New Delhi: Over the past two decades, India has pushed for significant reforms in the power sector, which have helped the country transition from a power deficit to a power surplus nation. The establishment of The Electricity Act (the “Act”) of 2003 laid the groundwork for this progress, as India attempted to reform all aspects of the power sector, including generation, distribution, transmission, trading, and consumption During this period, India pursued an aggressive capacity expansion strategy in the power sector with a focus on “Power for All”: successfully achieving a 100 percent household electrification rate. While sustained economic growth will drive electricity demand, necessitating further capacity additions, India’s power sector strategy will prioritise efficiency, decarbonization, modernization, and reliability of power sector assets. Investments from foreign and domestic investors in the power sector will be the key to achieve these objectives, especially in realizing Prime Minister Modi’s ambition of raising the deployment of renewable energy capacity by five-fold to 50 GW by 2030. This investment into energy is also reflected in realignment of India’s diplomatic outreach. A case in point is India’s growing energy security cooperation with the United States, which recently saw the relaunch of the US-India Strategic Clean Energy Partnership, which will aid in the acceleration of the deployment of affordable, reliable, and sustainable energy solutions.

In light of recent reforms, The Electricity (Amendment) Bill (the “Bill), 2021 can open up the power sector for additional investments by incorporating structural changes, in addition to the existing liberal foreign direct investment (FDI) policies One of the key proposals of The Electricity (Amendment) Bill, 2021, is to bring in revisions to the Act to end the monopoly of state-run power distribution utilities (DISCOMs) and to delicense power distribution Distribution of electricity is sacrosanct to the power industry. The proposed reforms appear significant and timely, given that despite two decades of power sector reforms, many electricity distribution companies finances are still in poor shape, as the majority of DISCOMs are unable to pay generation and transmission companies, as well as banks and financial institutions. Furthermore, while efficiency improvement efforts aimed at reducing technical and commercial losses have yielded results, with overall AT&C losses in India’s DISCOMs hovering around 22 percent, significant reforms are required to be considered on par with better-run utilities elsewhere in the world.

The bill envisages to increase the private sector participation in the distribution sector introducing competition and creating a framework that allows the power consumer to select their own supplier. This will lead to fresh investments into the sector, increased adoption of cutting-edge technologies and a more resilient network infrastructure. It is significant to note that the current outstanding dues owed to generator by DISCOMs on a pan-India basis total Rs 98,450 crore (as of Sept 2021, PRAPTI portal), which jeopardises the power sector’s financial sustainability and erodes investor sentiment significantly. The poor financial health of the DISCOMs has also prevented investors from funding infrastructure needed to improve the supply quality and to integrate renewable energy coming online. The various proposals of the bill, such as Direct Benefits Transfer to deposit power subsidies to end beneficiaries account and introduction of time limit for adoption of tariff determination, aim to relieve DISCOMs financial burden. Payment security for power generators, as proposed in the bill, is key to a stable investment climate and the ability to attract greater FDI into the sector.

While there are other positive reforms in the proposed bill, including promotion of renewable energy, improved governance, and provisions of a universal service obligation fund, there are remaining issues that need to be addressed.

Fears of Centralization:

While the bill empowers the National Load Dispatch Centre (NLDC) with the responsibility of ensuring the safety and stability of the pan-india grid, the Regional Load Dispatch Centres (RLDCs) and State Load Dispatch Centres (SLDCs) also need to be strengthened. The regional and state system operators can be made responsible for monitoring payments to all generating entities, ensuring the establishment of payment security and uploading curtailment data of the grid and its constituents. This will facilitate the Bill’s robust implementation. given the concurrent structure of the power sector, and will empower system operators at all levels to act transparently.

Need for strengthening the RE Framework:

All entities defined in the Act should be bound by the provisions of the National Renewable Energy Policy (NREP), the National Tariff Policy, and the National Electricity Policy, which have historically been regarded as merely guiding documents, diluting their true intent. Additionally, generation of electricity from renewable energy sources should be enshrined as a must-run provision in the Bill, as these sources are reliant on environmental resources that are beyond human control. The Bill should include stringent penalties for non-compliance and curtailment for non-grid security-related reasons.

Clarity on delicensing of distribution:

The Bill should clarify the distribution sub-licensee’s roles and responsibilities, as well as the way they are intended to operate within their operational and contractual framework.

Demarcation of Powers:

A clear division of authority between the Electricity Regulatory Commissions (ERCS) and the Electricity Contract Enforcement Authority (ECEA) is necessary for contract performance issues. Disputes such as extensions of Scheduled Commercial Operation Dates (SCOD), Change in Law relief, and Force Majeure claims, while purely contractual in nature, have the potential to affect the tariff and may result in contract termination.

The Indian power sector continues to be one of the most attractive investment opportunities globally, as evidenced by India’s remarkable progress in renewable energy deployment, with 136 GW of installed renewable capacity now accounting for 38 percent of its installed electricity generation. However, COVID-19 has had a negative impact on investment inflows, with FDI inflows into the Indian power sector falling to 61 percent in 2019-20 and 34 per cent in 2020-21, respectively. from 2018-19 levels. With rising power demand over the last few months indicating that India’s economy has entered a strong recovery, the situation is expected to reverse soon.

A new wave of inclusive and holistic power sector reforms is necessary to transform DISCOMs and the electricity grid. This is in order to sustain India’s economic recovery, maintain the country’s transition to sustainable forms of renewable energy, and attract the FDI required to meet the country’s ambitious energy and climate targets. Through the recently launched U.S.-India Climate and Clean Energy Agenda 2030 Partnership, President Biden and Prime Minister Modi announced several priority areas of collaboration that would help modernize the power sector to support large-scale integration of renewables and facilitate investment to accelerate India’s clean energy transition. If the proposed amendments to The Electricity (Amendment) Bill, 2021 are implemented by addressing the issues raised above, they will go a long way toward achieving these goals by improving the investment climate in the renewable sector. As COP 26 nears in Glasgow, Scotland, these collective efforts will help develop a cleaner energy roadmap with additional low carbon routes.

More information
https://energy.economictimes.indiatimes.com/news/power/opinion-issues-that-remain-unaddressed-in-electricity-amendment-bill-2021/87142459

External Affairs minister Jaishankar also suggested that India was in no hurry to deliberate on giving any recognition to the new dispensation in Kabul.

India was not taken into confidence on various aspects of the Doha deal inked between the US and the Taliban last year and the latest developments in Afghanistan will have “very, very significant consequences” for the region and beyond, External Affairs Minister S Jaishankar has said.

He also said that the key concerns for India at this juncture included whether Afghanistan will have an inclusive government and that Afghan soil is not used for terrorism against other states and the rest of the world.

Speaking virtually at the annual leadership summit of the US-India Strategic Partnership Forum (USISPF) this week, Jaishankar also suggested that India was in no hurry to deliberate on giving any recognition to the new dispensation in Kabul.

In an interactive session with former American ambassador Frank Wisner, the external affairs minister also said that the Quad or Quadrilateral coalition comprising India, the US, Australia and Japan is not against any country and it should not be seen as some kind of “ganging up” and a negatively driven initiative.

India and the US are on the same page on many issues relating to the recent developments in Afghanistan including apprehensions about the possible use of Afghan soil for terrorism.

“I think, to some degree, we would all be justified in having levels of concern and to some degree, I think the jury’s still out. When I say levels of concern, you know, there were commitments which were made by the Taliban, at Doha, I mean, the US knows that best I mean, we were not taken into confidence on various aspects of that,” he said.

“So whatever, whether deal which was struck in Doha, I mean, one has a broad sense. But beyond that, you know, are we going to see an inclusive government? Are we going to see respect for the rights of women, children, minorities?” he asked.

“Most important are we going to see an Afghanistan whose soil is not used for terrorism against other states and the rest of the world, I think, these are our concerns,” Jaishankar added.

He said what had happened in Afghanistan, is going to “have very, very significant consequences for all of us, and we are so close to the region.”

The minister said that the key concerns were captured by a UN Security Council resolution in August and that how those questions are addressed today is still an open question, which is why “I said the jury is still out”.

“If you ask me is this the time to draw sharp conclusions, I would sort of take my time and study this with a certain degree of deliberation, because as I said, a lot of this, whatever understandings, there have been, many of these are not known to the entire international community,” he added.

To another question on how India and the US looked at the situation in Afghanistan, Jaishankar said both sides are on a similar page, at a principle level on many of the issues, particularly on the possible usage of Afghan soil for terrorism.

He said the issue figured in discussions between Prime Minister Narendra Modi and US President Joe Biden in Washington last week.

“Again, look, there would be issues on which we would agree more, there would be issues on which we would agree less. Our experiences in some respects are different than yours (the US). You know, we have been victims of cross border terrorism ourselves from that region,” Jaishankar said.

“And let us say that has shaped in many ways, our view of some of the neighbours of Afghanistan. So now, how much, the US shares that view, and where is it that the US sort of makes its tactical compromises I think that is for the Americans to figure out,” he said.

Asked whether it included a joint signal to Pakistan, he only said: “There are aspects that we share, and there are aspects where maybe our positions are not exactly the same.”

To a query on Quad and ways to manage the rise of Chinese power, Jaishankar said the four-nation partnership is not against somebody.

“I think it’s very important not to be sort of railroaded into some kind of negative discourse, which actually is not from our script, it is somebody else’s script. And I don’t think we should fall for that. I think we need to be positive,” he said.

More information
https://www.news18.com/news/india/in-a-first-india-hints-at-not-being-taken-into-confidence-on-various-aspects-of-us-taliban-deal-4280309.html

Called the US-India Alliance for Women’s Economic Empowerment, the initiative is a joint partnership of the US state department, USAID, the US-India Strategic Partnership Forum and George Washington University.

The United States on Friday launched a public-private initiative to help women entrepreneurs in India.

Called the US-India Alliance for Women’s Economic Empowerment, the initiative is a joint partnership of the US state department, US Agency for International Development (USAID), the US-India Strategic Partnership Forum (USISPF) and George Washington University.

USAID administrator Samantha Power launched it at the final day of the annual leadership summit of the USISPF.

She noted that the Covid-19 pandemic disproportionately impacted marginalised populations, according to a statement from the USISPF. She also highlighted the difficulties women have accessing financial services to increased pressures balancing unpaid care and domestic work while working, and increased underemployment and business closures.

USISPF CEO Mukesh Aghi said, “We look forward to working with our member companies to boost entrepreneurship and job opportunities that will enhance economic prosperity and inclusion in India.”

The alliance is expected to 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.

More information
https://www.hindustantimes.com/world-news/us-initiative-to-help-women-entrepreneurs-in-india-101633113339589.html

Jaishankar said India was in no hurry ‘to deliberate’ on recognising the Taliban regime in Kabul.

External Affairs Minister S Jaishankar on Thursday, 30 September, said that the latest developments in Afghanistan would have “very significant consequences” for India and the rest of the world, reported ANI.

Speaking virtually at the annual leadership summit of the US-India Strategic Partnership Forum (USISPF) on Thursday, Jaishankar said a few critical concerns for India were whether Afghanistan would have an inclusive government and if its soil would be used for terrorism against other states, reported PTI.

Jaishankar also said India was in no hurry ‘to deliberate’ on recognising the Taliban regime in Kabul.

While interacting with former American ambassador Frank Wisner, he said India and the US were on the same page on many issues regarding the recent developments in Afghanistan, especially about its soil being used for terrorism.

‘India Not Taken Into Confidence on Various Aspects of US-Taliban Doha Deal’

However, Jaishankar said that “India was not taken into confidence on various aspects” of the deal signed between the US and the Taliban in Doha last year.

“I think, to some degree, we would all be justified in having levels of concern, and to some degree, I think the jury’s still out. When I say levels of concern, you know, there were commitments which were made by the Taliban, at Doha, I mean, the US knows that best I mean, we were not taken into confidence on various aspects of that,” he said.

“So whatever, whether deal which was struck in Doha, I mean, one has a broad sense. But beyond that, you know, are we going to see an inclusive government? Are we going to see respect for the rights of women, children, minorities?” he asked.

“Most importantly, are we going to see an Afghanistan whose soil is not used for terrorism against other states and the rest of the world, I think, these are our concerns,” Mr Jaishankar added.

He also said that the Quad, comprising India, the US, Australia and Japan, was not against any country and should not be seen negatively or as some kind of ‘ganging up’.

I think it’s very important not to be sort of railroaded into some kind of negative discourse, which actually is not from our script, it is somebody else’s script. And I don’t think we should fall for that. I think we need to be positive,” he said, according to PTI.

‘Quad Members Each Have a Very Substantial Relationship with China

When asked about dealing with the rise of China, Jaishankar said, “I would say, in many ways, those are bilateral choices that all of us have to make, we each have a very substantial relationship with China. And, in many ways, China being today, is such a big player and so salient in the international economy, I think it’s natural that these relationships are quite unique. So what are my problems, or my opportunities would not be the same as that for the US, or Australia, or Japan, or Indonesia or France,” he added.

Jaishankar hinted at the importance of trying to normalise the conversation with China.

“So as participants in the international order, we need to assess that and respond to that, in the light of our own interest. So I think it’s sort of essential to look to normalise this conversation,” he said.

More information
https://www.thequint.com/news/world/afghanistan-taliban-s-jaishankar

Synopsis

“India has a very substantial relationship with Beijing and Quad is for things, not against someone,” S Jaishankar said when asked about India and US’s perspective on handling the issue of the emergence of China.

External affairs minister S Jaishankar has expressed regret that India’s views were not sought when the Afghanistan peace deal was being worked out in Doha and said the jury is still out on how well the Taliban regime will govern the nation.

“Whatever were the peace deals struck in Doha, we weren’t taken into confidence for that. The jury is still out on how this new regime governs Afghanistan. Are we concerned, yes, but we have to take time and study this,” Jaishankar said at the fourth Annual Leadership Summit of US-India Strategic Partnership Forum (USISPF) on Thursday.

But he suggested that the Quad can play an important role. “Afghanistan presents issues for the region. The Indo-Pacific is an important region and should be based on a rules-based international order and respecting territorial integrity,” Jaishankar said, adding, “In the past, we haven’t worked together in South Asia, but that’s changing, given the changing dynamics of the Indo-Pacific. The Quad platform is important on that front, and now Afghanistan too, given the security factor.”

He, however, tried to dispel China’s fears over Quad. “India has a very substantial relationship with Beijing and Quad is for things, not against someone,” Jaishankar said when asked about India and US’s perspective on handling the issue of the emergence of Communist power. “We shouldn’t be railroaded into a negative discourse and read from someone else’s script.”

“As participants in the international order, we need to assess Beijing’s movement and respond to that in the light of our own interest,” the minister said, as he highlighted that the Quad is a strategic dialogue between nations aimed at discussing the natural consequence of events in the region and “not a gang to pitch one’s personal agenda”.

More information
https://economictimes.indiatimes.com/news/india/india-not-taken-into-confidence-over-doha-peace-deals-s-jaishankar/articleshow/86698007.cms

The partnership aims to bring together American investors into Indian businesses, philanthropists, academic institutions and civil society.

A top American aid agency and a non-profit business advocacy group here on Friday announced a public-private partnership to advance women’s economic empowerment in India.

“I’m here to announce today the launch of the US India Alliance for Women’s Economic Empowerment, along with the US, India Strategic and Partnership Forum (USISPF), and George Washington University (GWU),” Samantha Power, Administrator of United States Agency for International Development (USAID), told a virtual audience during the Fourth Annual Leadership Summit of the USISPF.

The partnership aims to bring together American investors into Indian businesses, philanthropists, academic institutions, and civil society.

The goal is to support women entrepreneurs, provide better job access, build careers, along with mentorship, Power said, participating in the USAID discussion with former US Ambassador to India, Richard Verma.

The President Joe Biden-led US administration is pursuing a comprehensive plan to promote women’s economic empowerment, help end gender-based violence and tackle other inequalities, she said.

USISPF president Mukesh Aghi will co-chair the alliance with Assistant Secretary of State for South and Central Asian Affairs Don Lu, Senior Official for the Office of Global Women’s Issues Katrina Fotovat and USAID Assistant Administrator for Asia Karen Freeman.

Speaking at the virtual event, Aghi said, “As we celebrate India at 75, the USISPF has taken a close look at what more we can do to truly achieve inclusive prosperity in India.”

Noting India’s demographic scape, he said greater inclusion of women in the economy will be critical to advancing India’s economic growth.

He pointed out that the International Monetary Fund projects are increasing gender parity in the economy, enabling it to target double-digit Gross Domestic Product growth.

Earlier this year, the USAID and the USISPF launched South Asian Women and Energy Effort, an initiative to increase the presence of women in the sector.

A key study by Food and Agriculture Organization recently said if women farmers had the same access to resources as their male counterparts, the number of hungry people in the world could reduce by 100 million to 150 million people, Power said, explaining the need of gender equality in the economy.

“So, this alliance has been in the works for some time, well before my time coming on board, and joining the Biden administration. Launching the alliance is the first step,” she said.

Power announced the alliance’s first two initiatives Women@Work and the India Million Women Mentors Initiative.

Women@Work will develop a coalition of businesses, philanthropic organisations, and other stakeholders to address the needs of marginalised women economically impacted by the pandemic.

Women@Work fosters access to finance and business digitisation, accelerates women’s empowerment through supplier diversity, helps grow the care economy, and assists in the transition of women business owners in the informal economy to become formally registered.

Aspects of Women@Work are supported by the USAID-funded platform REVIVE Alliance.

The India Million Women Mentors Initiative aims to connect one million women and girls in India with mentors over the next five years.

More information
https://yourstory.com/herstory/2021/10/usaid-partnership-advance-women-economic-empowerment/amp

External Affairs Minister S Jaishankar said that India and the US are on the same page on many issues related to recent developments in Afghanistan.

India was not taken into confidence on various aspects of the Doha deal struck between the US and the Taliban last year, External Affairs Minister S Jaishankar said on Thursday.

At the same time, Jaishankar said India and the US are on the same page on many issues relating to the recent developments in Afghanistan including apprehensions about the possible use of Afghan soil for terrorism.

Speaking virtually at the annual leadership summit of the US-India Strategic Partnership Forum (USISPF), he also suggested that there are some aspects relating to the Afghan crisis where the positions of the two countries are not exactly the same.

“I think to some degree, we would all be justified in having levels of concern and to some degree, I think the jury is still out. When I say levels of concern, the commitments which were made by the Taliban at Doha, the US knows it best. We were not taken into confidence on various aspects of that,” he said.

The deal was signed between the US and the Taliban in Doha in February last year in which the US promised to withdraw its troops from Afghanistan while the Taliban committed to several conditions including ending violence.

The external affairs minister also noted that any question on according recognition to the Taliban dispensation has to be based on fulfilling of the commitments made by the group in the Doha agreement.

“I think we are on similar pages at a principle level on many of these issues, certainly say terrorism. The use of Afghan soil for terrorism is something both of us feel so strongly and it was something which was discussed when Prime Minister Narendra Modi met President Joe Biden,” he said when asked about the position of the US and India towards the Afghan crisis.

The developments in Afghanistan figured in talks between Modi and Biden in Washington last week.

“There will be issues on which we will agree more, there will be issues on which we will agree less. Our experiences in some respects are different from yours (the US). We have been victims of cross-border terrorism ourselves from that region and that has shaped in many ways our view of some of the neighbours of Afghanistan,” he said, in an apparent reference to Pakistan.

The external affairs minister said it is for the US to decide whether it shares that view, adding that India has concerns over the developments in Afghanistan.

Jaishankar said the most pertinent questions relating to Afghanistan are whether it will have an inclusive government and whether the rights of women, children and minorities are going to be ensured.

“Most importantly, are we going to see an Afghanistan whose soil is not used for terrorism against other states and the rest of the world. I think these are the concerns and these concerns were captured by a UN Security Council resolution in August,” he said.

“When we look at what happened in Afghanistan and the region, I think these are going to have very very significant consequences for all of us. And we are so close to the region. There are a set of concerns and issues that flow from that,” Jaishankar said.

To a question on recognising the Taliban dispensation, he suggested that New Delhi would take its time and study the situation.

On the Quad or Quadrilateral coalition, the external affairs minister said it has a broad agenda of cooperation including in the Indo-Pacific region. He said Quad should not be seen as “some kind of ganging up” against China.

Asked about India’s ties with the US, he said they are at an important juncture and that the discussions in Washington opened up many more new possibilities.

More information
https://www.indiatoday.in/india/story/india-us-afghanistan-external-affairs-minister-jaishankar-1859403-2021-10-01

ABOUT: 

EAM S Jaishankar addressed the USISPF Leadership Summit on how to deal with the ‘Rise of China’. He said, “I want to make one thing clear – Quad is a peaceful resolution, it’s not against somebody. It’s important not to be railroaded into some kind of negative discourse and we should not fall for it. We should be positive.” He further added, “In many ways, they are bilateral choices we have to make. China is such a big player, salient in the international economy… What are my problems would not be the same as yours, but there should not some kind of ‘ganging up’.”

Synopsis

Speaking virtually at the annual leadership summit of the US-India Strategic Partnership Forum (USISPF) on Thursday, Jaishankar also suggested that India was in no hurry to deliberate on giving any recognition to the new dispensation in Kabul.

India was not taken into confidence on various aspects of the Doha deal inked between the US and the Taliban last year and the latest developments in Afghanistan will have “very, very significant consequences” for the region and beyond, External Affairs Minister S Jaishankar has said.

He also said that the key concerns for India at this juncture included whether Afghanistan will have an inclusive government and that Afghan soil is not used for terrorism against other states and the rest of the world.

Speaking virtually at the annual leadership summit of the US-India Strategic Partnership Forum (USISPF) on Thursday, Jaishankar also suggested that India was in no hurry to deliberate on giving any recognition to the new dispensation in Kabul.

In an interactive session with former American ambassador Frank Wisner, the external affairs minister also said that the Quad or Quadrilateral coalition comprising India, the US, Australia and Japan is not against any country and it should not be seen as some kind of “ganging up” and a negatively driven initiative.

India and the US are on the same page on many issues relating to the recent developments in Afghanistan including apprehensions about the possible use of Afghan soil for terrorism.

“I think, to some degree, we would all be justified in having levels of concern and to some degree, I think the jury’s still out. When I say levels of concern, you know, there were commitments which were made by the Taliban, at Doha, I mean, the US knows that best I mean, we were not taken into confidence on various aspects of that,” he said.

“So whatever, whether deal which was struck in Doha, I mean, one has a broad sense. But beyond that, you know, are we going to see an inclusive government? Are we going to see respect for the rights of women, children, minorities?” he asked.

“Most important are we going to see an Afghanistan whose soil is not used for terrorism against other states and the rest of the world, I think, these are our concerns,” Jaishankar added.

The Doha deal was signed between the US and the Taliban in February last year in which the US promised to withdraw its troops from Afghanistan while the Taliban committed to several conditions including ending violence.

Jaishankar said what had happened in Afghanistan, is going to “have very, very significant consequences for all of us, and we are so close to the region.”

He said that the key concerns were captured by a UN Security Council resolution in August and that how those questions are addressed today is still an open question, which is why “I said the jury is still out”.

“If you ask me is this the time to draw sharp conclusions, I would sort of take my time and study this with a certain degree of deliberation, because as I said, a lot of this, whatever understandings, there have been, many of these are not known to the entire international community,” he added.

To another question on how India and the US looked at the situation in Afghanistan, Jaishankar said both sides are on a similar page, at a principle level on many of the issues, particularly on possible usage of Afghan soil for terrorism.

He said the issue figured in discussions between Prime Minister Narendra Modi and US President Joe Biden in Washington last week.

“Again, look, there would be issues on which we would agree more, there would be issues on which we would agree less. Our experiences in some respects are different than yours (the US). You know, we have been victims of cross border terrorism ourselves from that region,” Jaishankar said.

Asked whether it included a joint signal to Pakistan, he only said: “There are aspects that we share, and there are aspects where maybe our positions are not exactly the same.”

To a query on Quad and ways to manage the rise of Chinese power, Jaishankar said the four-nation partnership is not against somebody.

“I think it’s very important not to be sort of railroaded into some kind of negative discourse, which actually is not from our script, it is somebody else’s script. And I don’t think we should fall for that. I think we need to be positive,” he said.

On the question of how to deal with the rise of China, Jaishankar said: “I would say, in many ways, those are bilateral choices that all of us have to make, we each have a very substantial relationship with China.”

“And, in many ways, China being today is such a big player and so salient in the international economy, I think it’s natural that these relationships are quite unique. So what are my problems, or my opportunities would not be the same as that for the US, or Australia, or Japan, or Indonesia or France,” he added.

Jaishankar said it would be different for each country and added that the rise of China has had a very fundamental impact on the international order.

“So as participants in the international order, we need to assess that and respond to that, in the light of our own interest. So I think it’s sort of essential to normalise this conversation,” he said.

“This should not end up as though it’s some kind of ganging up and a negatively driven event, I don’t think that’s the fair description of what is a completely natural evolution of international order to my mind,” he added.

Talking about geopolitical issues, Jaishankar said he saw a big change at the American approach as it has shown a much greater willingness to work with other partners, “not necessarily on terms that the US has unilaterally set”.

“I think the US is also getting beyond that era of alliances and treaty-based relationships. It’s a far more flexible, I would say diverse differentiated world out there and I think US policy makers are beginning to adjust to that and some of that you’ll see in arrangements like Quad,” he added.

More information
https://economictimes.indiatimes.com/news/defence/developments-in-afghanistan-will-have-very-very-significant-consequences-jaishankar/articleshow/86675481.cms?from=mdr

https://youtube.com/watch?v=BG699stj5lo

ABOUT: 

Minister of External Affairs S Jaishankar virtually addressed the fourth Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF) which began on September 29. 

He said, “Afghanistan presents issues for the region, the Indo-Pacific is an important region and should be based on a rules-based international order and respecting territorial integrity.”

He further mentioned, “In the past, we haven’t worked together in South Asia, but that’s changing, given the changing dynamics of the Indo-Pacific, the Quad platform is important on that front, and now on Afghanistan given the security factor.”

India on Thursday reiterated that New Delhi has maintained a very substantial relationship with China and asserted that there were some international issues that would be solved bilaterally. The statement from India’s External Affairs Minister S Jaishankar came in response to a question over New Delhi’s stand on handling China’s ascent. 

Jaishankar was holding a virtual discussion with the US Ambassador to India, Frank Wisner, at an event organised by the US India Strategic Partnership Forum (USISPF) on September 30. “India has a very substantial relationship with Beijing and Quad is for things, not against someone. We shouldn’t be railroaded into a negative discourse and read from someone else’s script,” India’s External Affairs Minister said when asked about New Delhi and Washingon’s perspective on handling the perplexing issue of the emergence of Communist power.

Further, the Indian diplomat noted that Beijing has had a significant influence on the global order but suggested that countries respond with respect to their own interests and concerns. “As participants in the international order we need to assess Beijing’s movement and respond to that in the light of our own interest,” stressed Jaishankar during the US India Strategic Partnership Forum meeting. He highlighted that the Quadrilateral Security Dialogue (Quad) is a strategic dialogue between the United States, India, Japan and Australia, aimed to discuss the natural consequence of events in the region, “not a gang to pitch one’s personal agenda”.

Jaishankar attacks Pakistan on Afghanistan issue 

Apart from discussing Chinese aggression, EAM S Jaishankar noted the recent discussion between Indian Prime Minister Narendra Modi and US President Joe Biden in Washington on the sidelines of the UN General Assembly session has opened up many more new possibilities.

The top Indian diplomat said both New Delhi and Washington are on the same page on various issues associating with the current developments in Afghanistan. He asserted both India and America are the victims of terrorism nurtured by the same Talibani group which has been funded by some of the neighbouring countries. Notably, Jaishankar was pointing fingers at Pakistan without naming the Imran Khan-led government. “There will be issues on which we will agree more, there will be issues on which we will agree less. Our experiences in some respects are different from yours (the US). We have been victims of cross-border terrorism ourselves from that region and that has shaped in many ways our view of some of the neighbours of Afghanistan,” he said during the USISPF Annual Leadership Summit.

More information
https://www.republicworld.com/world-news/global-event-news/india-china-international-issues-will-be-solved-bilaterally-eam-s-jaishankar-at-usispf.html

Washington, Oct 1 (PTI) A top American aid agency and a non-profit business advocacy group here on Friday announced a public-private partnership to advance women’s economic empowerment in India.

“I”m here to announce today the launch of the US India Alliance for Women’s Economic Empowerment, along with the US, India Strategic and Partnership Forum (USISPF), and George Washington University (GWU),” Samantha Power, Administrator of United States Agency for International Development (USAID), told a virtual audience during the Fourth Annual Leadership Summit of the USISPF.

The partnership aims to bring together American investors into Indian businesses, philanthropists, academic institutions and the civil society.

The goal is to support women entrepreneurs, provide better job access, build careers, along with mentorship, Power said, participating in the USAID discussion with former US Ambassador to India Richard Verma.

The President Joe Biden-led US administration is pursuing a comprehensive plan to promote women’s economic empowerment, help end gender-based violence and tackle other inequalities, she said.

USISPF president Mukesh Aghi will co-chair the alliance with Assistant Secretary of State for South and Central Asian Affairs Don Lu, Senior Official for the Office of Global Women”s Issues Katrina Fotovat and USAID Assistant Administrator for Asia Karen Freeman.

Speaking at the virtual event, Aghi said, “As we celebrate India at 75, the USISPF has taken a close look at what more we can do to truly achieve inclusive prosperity in India.”

Noting India’s demographic scape, he said greater inclusion of women in the economy will be critical to advancing India”s economic growth.

He pointed out that the International Monetary Fund projects are increasing gender parity in the economy, enabling it to target double digit Gross Domestic Product growth.

Earlier this year, the USAID and the USISPF launched South Asian Women and Energy Effort, an initiative to increase the presence of women in the sector.

A key study by Food and Agriculture Organization recently said if women farmers had the same access to resources as their male counterparts, the number of hungry people in the world could reduce by 100 million to 150 million people, Power said, explaining the need of gender equality in the economy.

“So, this alliance has been in the works for some time, well before my time coming on board, and joining the Biden administration. Launching the alliance is the first step,” she said.

Power announced the alliance’s first two initiatives Women@Work and the India Million Women Mentors Initiative.

Women@Work will develop a coalition of businesses, philanthropic organisations, and other stakeholders to address the needs of marginalised women economically impacted by the pandemic.

Women@Work fosters access to finance and business digitisation, accelerates women’s empowerment through supplier diversity, helps grow the care economy, and assists in the transition of women business owners in the informal economy to become formally registered.

Aspects of Women@Work are supported by the USAID-funded platform REVIVE Alliance.

The India Million Women Mentors Initiative aims to connect 1 million women and girls in India with mentors over the next five years.

More information
https://www.outlookindia.com/newsscroll/usaid-announces-partnership-to-advance-womens-economic-empowerment-in-india/2171239

NEW DELHI: In the post-pandemic world, the Indo-US relationship is ready to scale new heights and the recent meeting between Prime Minister Narendral Modi and US President Joe Biden set the tone for enhanced ties, Tata Sons Chairman N Chandrasekaran said on Thursday.

At the US-India Strategic Partnership Forum (USISPF) annual leadership summit, Chandrasekaran also said the two countries can play a significant role in the development of infrastructure in India, considering how they have helped each other during the pandemic.

“In particular, I believe the US-India relationship, bolstered by each country helping the other during this trying time, is ready to scale new heights,” he said while accepting the USISPF Global Leadership Award.

He further said,” The rebalancing the global supply chains, transition to sustainable future, the dramatic acceleration in digital, and the future investments that are necessary in healthcare and education, provide huge opportunities for both countries to work constructively together to make the world a better place”.

Asked about the significance of the recent meeting between Modi and Biden in the US, Chandrasekaran said, “First of all, let me say that these meetings are historic, and they make a significant impact because they set the tone. US and India, all of us know, especially in business, we are natural partners and allies”

While there may be cooperation at the defence level or any other sphere, he said. “At the business level in terms of the economic impact that we can make on each other, is just humongous.”

Stating that both leaders emphasised on how the two countries can work with each other, he said, “It’s a very strong signal, and many things will happen. And we should be at least aspiring to increase our trade….”

Reiterating that India can emerge as a “very, very important player in the rebalancing of the new global supply chain”, he said, “We should create a resilient global supply chain. We should move from just in time to just in case supply chains so that the global system doesn’t fail.”

The world faced issues in the supply chain, not only in terms of economic activity and businesses production, but also in procuring medical assistance during the pandemic, he noted.

“In the post-pandemic world, India and the US can play a significant role in the development of infrastructure in India, in the whole digital area, and defining the complex issues around data,” Chandrasekaran asserted.

Citing the example of Aadhaar, Chandrasekaran said India has built some of the leading world class platforms and more such things can be done.

“I see a very big opportunity in education, a very big opportunity in healthcare based on digital platforms that will be linked to the physical things on the ground,” he added.

The chairman of Tata Sons, the holding firm of the Tata conglomerate, also said the group is “already building a telecom network solution stack, 4G, 5G and beyond and we are investing in electronics across the board We are looking at a number of other areas”.

Urging lessons learnt from the pandemic, such as developing the COVID-19 vaccine in such a short time, to be put to better use, he said, “So how do we leverage this speed and agility in the entire needs of all types of categories, and this is a very pivotal moment.

While children in urban areas could learn and shop through digital means during the pandemic, a lot of village kids lost almost two years of their education because of the lack of access to infrastructure and digital devices, Chandrasekaran said.

“It is going to make a huge impact and we are going to feel that, but we should make a resolve to fix that, to provide that kind of infrastructure that is necessary he asserted.

More information
https://timesofindia.indiatimes.com/business/india-business/indo-us-relationship-ready-to-scale-new-heights-in-post-pandemic-world-chandrasekaran/articleshow/86658606.cms

New Delhi:  Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology and Skill Development and Entrepreneurship addressed US- India Strategic Partnership Forum’s 4th Annual Leadership Summit on Thursday. The Summit, organized under the leadership of John Chambers, Chairman, USISPF and Dr. Mukesh Aghi, CEO & President, USISPF touched upon resilience in the face of adversity and strengthening the US-India strategic partnership through trade, commerce, diplomacy, technology and healthcare in the era of the Covid-19 pandemic.

During the virtual summit, Shri Chandrasekhar, apprised about the impact of COVID-19 on overall digital ecosystem in India. “One of the sectors that has grown at a galloping pace in the Indian economy is the tech space. Apart from the short-term setback during the first two quarters of the pandemic, the tech space has really taken off, and for a lot of people, there has been a reset of ambitions and plenty of people now see it as a world full of opportunities”, he said in his opening remarks. He also spoke about the Prime Minister’s vision on Digital India which clearly lays down that a) Technology has to be deployed in a way that it transforms & improves the lives of People b) Technology has to Quantitatively expand & Qualitatively improve the Economy c) Technology has to expand opportunities for Entrepreneurship, Jobs & Livelihood d) India has to attain leadership in some or all aspects of the emerging force – ‘Internet’.

The Minister credited the Digital India Programme for helping the Government reach out to the remotest parts of the country during the pandemic. “The resilience and the robustness at which the economy has bounced back, a lot of that has to do with the early investment that the Prime Minister made in Digital India in the earliest years of his administration and embedding technology into governance”, said Rajeev Chandrasekhar.

During the meeting, Shri Chandrasekhar also talked about Geo-Politics, ICT Trade, Data Governance and Cross-Border Data Flows.

Shri Rajeev Chandrasekhar highlighted the importance of collaboration in regulatory issues regarding new technologies, open internet, collaboration and data sharing among nations, in conversation with Neal Mohan, Chief Product Officer, Youtube and SVP Google.

Expanding into the need for collaboration between countries, the Minister highlighted that “the future of technology cannot be left to some dynamic of entrepreneurs and investors, it has to be driven proactively by four members of the Quad, who have open societies, democracies who can shape the future of technology, future of the internet – one that remains open, safe and trusted, and accountable. At the front and center of the conversation, there is a need for political understanding on the future of technology”.

“There is a significant behavioral change among citizens and the Government is catching up gradually. We are really reinventing our model, whether it’s skilling or creativity or producing content. This is a fact that disruption is deep and permanent. And I think this is the new normal that technology is creating new heroes every day, whether they’re unicorns in the tech space or content creators,” he concluded.

More information
https://indiaeducationdiary.in/future-of-technology-has-to-be-driven-by-four-members-of-the-quad-mos-it-shri-rajeev-chandrasekhar-at-4th-annual-leadership-summit-of-usispf/

During the current fiscal, CEA KV Subramanian said that growth would be in double-digits and it could moderate to 6.5 – 7 per cent in the next financial year.   

This decade will be India’s decade of inclusive growth during which it will clock over 7 per cent annual growth on the back of strong economic fundamentals, Chief Economic Adviser KV Subramanian has said, highlighting the country’s reform process and its ability to convert the crisis into an opportunity that helped it to stand out from the rest of the world.

Exuding confidence over India’s economic potential, Subramanian told an American audience from the corporate sector that “the fundamentals of the economy were strong, even before the pandemic. There were only financial problems.”

“Mark my words, this decade will be India’s decade of inclusive growth. In FY’23, we expect growth to be between 6.5 to 7 per cent and then accelerating further as the impact of these reforms is seen,” he said while addressing a virtual event organised by the US-India Strategic Partnership Forum (USISPF) on Wednesday.

“On average, I expect growth to be greater than 7 per cent in this decade for India,” Subramanian said.

During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5 – 7 per cent in the next financial year. 

The Economic Survey 2020-21, released in January this year, had projected GDP growth of 11 per cent during the current financial year ending March 2022. The Survey had said growth will be supported by supply-side push from reforms and easing of regulations, infrastructural investments, boost to manufacturing sector through the Production-Linked Incentive (PLI) schemes, recovery of pent-up demand, increase in discretionary consumption subsequent to the rollout of vaccines and pick up in credit.

“When you look at the data itself, the V-shaped recovery and the quarterly growth patterns actually establish the fundamentals of the economy are strong. Looking forward, the kind of reforms that we’ve done and the supply side measures that we’ve taken will enable actually strong growth not only this year going forward as well,” said the top Indian economist.

Growth will be aided by various structural reforms, including labour and farm laws, undertaken by the government, he said.

Subramanian said from the long-run perspective, India is the only country that for the last 18 to 20 months has done so many structural reforms.

“India actually in its economic thinking has stood out from the rest of the world, not only in terms of the reforms that have been done but by converting the crisis into an opportunity,” he said.

Observing that every other large economy that has only done demand side measures, Subramanian said in contrast, India is the only country that has done supply side as well as and demand side measures. The post-COVID-19 economy in India actually will be very different from the pre-COVID-19 economy, he said.

In the last seven years, the current Indian government has demonstrated the ability to be able to administer welfare programmes very well, cutting out the inclusion and exclusion errors and targeting them well, he said.

“So that having already been achieved, now we need to basically have a macro-economic objective being growth and growth alone, and not sort of conflicted with your inequality in equity, because these welfare programmes doing it well, will enable in reducing inequality in the process. They will put money in the bottom half of the income pyramid and thereby, also generate enormous demand, aggregate demand and reduce inequalities,” Subramanian said.

More information
https://www.indiatvnews.com/business/news-expect-more-than-7-per-cent-growth-for-india-this-decade-cea-kv-subramanian-737540

New Delhi, Sep 30 (PTI) In the post-pandemic world, the Indo-US relationship is ready to scale new heights and the recent meeting between Prime Minister Narendra Modi and US President Joe Biden set the tone for enhanced ties, Tata Sons Chairman N Chandrasekaran said on Thursday.

Speaking at the US-India Strategic Partnership Forum (USISPF) annual leadership summit, Chandrasekaran also said the two countries can play a significant role in the development of infrastructure in India, considering how they have helped each other during the pandemic.

“In particular, I believe the US-India relationship, bolstered by each country helping the other during this trying time, is ready to scale new heights,” he said while accepting the USISPF Global Leadership Award.

He further said,” The rebalancing of the global supply chains, transition to sustainable future, the dramatic acceleration in digital, and the future investments that are necessary in healthcare and education, provide huge opportunities for both countries to work constructively together to make the world a better place”.

Asked about the significance of the recent meeting between Modi and Biden in the US, Chandrasekaran said, “First of all, let me say that these meetings are historic, and they make a significant impact because they set the tone. US and India, all of us know, especially in business, we are natural partners and allies.”

While there may be cooperation at the defence level or any other sphere, he said, “At the business level in terms of the economic impact that we can make on each other, is just humongous.”

Stating that both leaders emphasised on how the two countries can work with each other, he said, “It’s a very strong signal, and many things will happen. And we should be at least aspiring to increase our trade…”

Reiterating that India can emerge as a “very, very important player in the rebalancing of the new global supply chain”, he said, “We should create a resilient global supply chain. We should move from just in time to just in case supply chains so that the global system doesn’t fail.”

The world faced issues in the supply chain, not only in terms of economic activity and businesses production, but also in procuring medical assistance during the pandemic, he noted.

“In the post-pandemic world, India and the US can play a significant role in the development of infrastructure in India, in the whole digital area, and defining the complex issues around data,” Chandrasekaran asserted.

Citing the example of Aadhaar, Chandrasekaran said India has built some of the leading world class platforms and more such things can be done.

“I see a very big opportunity in education, a very big opportunity in healthcare based on digital platforms that will be linked to the physical things on the ground,” he added.

The chairman of Tata Sons, the holding firm of the Tata conglomerate, also said the group is “already building a telecom network solution stack, 4G, 5G and beyond and we are investing in electronics across the board. We are looking at a number of other areas.”

Urging lessons learnt from the pandemic, such as developing the COVID-19 vaccine in such a short time, to be put to better use, he said,”So how do we leverage this speed and agility in the entire needs of all types of categories, and this is a very pivotal moment.”

While children in urban areas could learn and shop through digital means during the pandemic, a lot of village kids lost almost two years of their education because of the lack of access to infrastructure and digital devices, Chandrasekaran said.

“It is going to make a huge impact and we are going to feel that, but we should make a resolve to fix that, to provide that kind of infrastructure that is necessary,” he asserted.

More information
https://www.theweek.in/wire-updates/business/2021/09/30/del109-biz-india-us-chandrasekaran.html

The countries will have to work together on the political level, as well as business and entrepreneurial level.

Regulatory issues regarding new technologies, open Internet and collaboration and data sharing among nations have been at the forefront of several discussions lately. The Indian government is working on the pertaining issues like many other countries, especially after the rapid digital transformation accelerated by the pandemic. Rather than leaving it to the market forces, democratic governments need to play an active role in shaping the future of technology, open and safe Internet, Rajeev Chandrasekhar, Minister of State (MoS), Electronics and IT, said at the Annual Summit of USISPF Forum. “The future of technology should not be left to some sort of dynamic that is driven only by entrepreneurs, investors. It has to be driven in a very proactive manner by the four democracies of the Quad including India, US, Australia, Japan and any other country that thinks along the same lines to have open communities,” Chandrasekhar said while addressing a virtual event organised by the US-India Strategic Partnership Forum (USISPF) on Thursday.

According to Chandrasekhar, there is a need for political understanding among these four-five countries for the future of technology. Countries such as India and the US will have to work together on the political level, as well as business and entrepreneurial level, he added. He emphasised on the emerging needs for dialogues on data protection, cross-border data flow, adding that such conversations must start formally. Without proper bilateral or global conversations, there are chances of having very differential rules and regulations across countries that can put one set of consumers at a disadvantage.

In the session moderated by Neal Mohan, chief product officer, YouTube, Chandrasekhar also spoke on the opportunities created by technology. Despite the catastrophic impact of the pandemic on the Indian economy, it has bounced back with resilience and the investment in digital India has contributed to the recovery significantly.

“One of the sectors of the economy that is doing well is the tech segment. Apart from the short-term setbacks in the first two quarters of the pandemic, the tech space has taken off. And for a lot of people that has been a reset of ambitions. They look at the post-Covid world as a place full of opportunities,” he said.

Asked about the avenues opened up by digital platforms and tech companies for the creative economy, he said digital technology has completely upturned the conventional creative models and industries in India, he noted. The stronger internet connectivity, increasing Internet penetration, and inexpensive devices have created a new wave of innovation. “I have never seen in my life this kind of creative explosion,” he noted.

“There is a significant behavioural change among citizens and the government is catching up gradually. We are really reinventing our model, whether it’s skilling or creativity or producing content. This is the fact that the disruption is deep and permanent. And I think this is the new normal that technology is creating new heroes every day, whether they’re unicorns in the tech space or they are content creators,” he concluded.

More information
https://www.financialexpress.com/brandwagon/there-is-a-need-for-political-understanding-among-quad-countries-for-future-of-technology-rajeev-chandrasekhar/2341445/

New Delhi [India], September 30 (ANI): Amid the fast-changing situation in Afghanistan, External Affairs Minister (EAM) S Jaishankar on Thursday said India doesn’t have the luxury to sit back and look at a “tumultuous” situation in the region.

Jaishankar made these remarks during the interaction at US-India Strategic Partnership Forum. These remarks were made amid several geopolitical developments, especially those in Afghanistan that is threatening regional stability.

While answering a question on the changing geopolitical landscape, Jaishankar said that it is important for India to participate and shape the unfolding situation in the region to ensure that it goes “in the right way.”

“We don’t have the luxury of sitting back and looking at it. This is a tumultuous and very dynamic situation. So it is important to shape it and participate in it, to ensure that it goes in the right way for us and the rest of the world,” he said.

The minister said that many of the challenges including the situation in Afghanistan and security concerns in the Indo-Pacific region are India’s major preoccupations.

“I think when we look at what happened in Afghanistan and the region. This is going to have very very significant consequences for us and the rest of the world, EAM Jaishankar said.

“When we look to the east of India towards the Indo Pacific. The importance of ensuring that life goes on basis of broad principles and the concepts that the international community is comfortable with,” he added.

He further emphasised that it is important for India that its prosperity and growth should become a lifting tide for the region. “And that the choices made in the region, not by us, and by our neighbours as well, should be supportive of a much more multipolar, democratic and much more rebalanced global situation.”

He added that “There is plenty to do and we are at it.” (ANI)

More information
https://www.aninews.in/news/world/asia/what-happened-in-afghanistan-will-have-significant-consequences-says-eam-jaishankar20210930232044/

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Sep 30, 2021 10:50 PM IST

‘Quad a peaceful resolution, not against somebody’: S Jaishankar

External affairs minister S Jaishankar said that the Quad was a peaceful resolution and was not “against somebody”, reports ANI.

“It’s important not to be railroaded into some kind of negative discourse & we should not fall for it. We should be positive,” he said.

Sep 30, 2021 10:44 PM IST

‘Afghanistan presents issues for the region, Indo-Pacific should be based on rules-based order’: S Jaishankar

Afghanistan presents issues for the region, the Indo-Pacific is an important region and should be based on a rules-based international order and respecting territorial integrity: EAM S Jaishankar at USISPF Annual Leadership Summit

External affairs minister S Jaishankar said that the Indo-Pacific is an important region and should be based on a “rules-based international order”, reports ANI.

More information
https://www.hindustantimes.com/india-news/breaking-news-updates-september-30-2021-101632958646285.html

The Indo-Pacific is an important region and should be based on a rules-based international order and respecting territorial integrity, he said.

Addressing the annual summit of the US India Strategic and Partnership Forum (USISPF), External Affairs Minister S Jaishankar said that the current political situation in Afghanistan is concerning for India and that the Indian government is still studying the effects it sees emerging from the Taliban takeover in the Indo-Pacific region.

“Afghanistan presents issues for the region. The Indo-Pacific is an important region and should be based on a rules-based international order and respecting territorial integrity,” Jaishankar said at the fourth Annual Leadership Summit of USISPF which began on September 29 and will go on till October 1.

“In the past, we haven’t worked together in South Asia, but that’s changing given the changing dynamics of the Indo-Pacific. The Quad platform is important on that front, and now Afghanistan too given the security factor.

“Whatever were the peace deals struck in Doha, we weren’t taken into confidence for that. The jury is still out on how this new regime governs Afghanistan. Are we concerned, yes, but we have to take time and study this,” he added.

Afghanistan was also top agenda when Prime Minister Narendra Modi along with his counterparts from Australia and Japan last week attended the first in-person summit of Quad leaders hosted by US President Joe Biden. He had said that he firmly believed that the grouping of four democracies would act as a “force for global good” and ensure peace and prosperity in the Indo-Pacific as well as the entire world. In November 2017, India, Japan, the US and Australia gave shape to the long-pending proposal of setting up the Quad to develop a new strategy to keep the critical sea routes in the Indo-Pacific free of any influence, amidst China’s growing military presence in the strategic region.

Apart from Jaishankar, American political leaders, including House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer are also among the speakers who are addressing the annual summit.

USISPF, which is a non-profit organisation committed to creating a powerful strategic partnership between the US and India, said that other Cabinet Ministers who have confirmed to address the meeting include Minister of Textiles, Minister of Commerce and Industry Piyush Goyal, Civil Aviation Minister, Jyotiraditya Scindia, Sports Minister Anurag Thakur and IT Minister Rajeev Chandrasekhar. George R. Oliver, chairman and CEO of Johnson Control; Ajay Singh, chairman and managing director of SpiceJet; Nik Deogun, CEO of the Americas and US Senior Partner of Brunswick Group; Nelson Cunningham, president and co-founder, McLarty Associates; are among other speakers from the corporate sector.

Several top Indian bureaucrats are also scheduled to speak at the summit. Prominent among them being Prof. VK Paul, member, NITI Aayog, Dr Randeep Guleria, Director of All India Institute of Medical Sciences, Rita Teaotia, chairperson, Food Safety and Standards Authority of India, Dr Renu Swarup, Secretary, DBT, and S. Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers.

More information
https://www.news18.com/news/india/jury-still-out-at-usispf-jaishankar-addresses-security-concerns-emerging-from-afghanistan-4268348.html

The Commerce Minister also called for setting an ambitious bilateral trade target of $1 trillion in the next 10 years

India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America, Commerce and Industry Minister Piyush Goyal said on Wednesday.

He also called for setting an ambitious bilateral trade target of $1 trillion in the next 10 years.

More information
https://www.thehindubusinessline.com/economy/india-ready-to-expand-economic-partnership-with-us-goyal/article36747268.ece

Synopsis

The government has accelerated efforts to start chip manufacturing in the country and is reportedly in talks with Taiwan to bring a $7.5 billion fab unit to India soon.

The government is working on a policy roadmap to create champions in the design of electronic systems and semiconductors in India and hopes to announce new initiatives in this regard from as early as next month, minister of state for electronics and IT Rajeev Chandrashekhar said.

His ministry is working hard to realise the agenda of having a semiconductor fabrication unit (fab) in India and it should materialise in the next 3-5 years, Chandrashekhar added.

“We have champions in the software space, we have champions on the internet and fintech and many other areas that are essentially software driven, but (not many) in the electronic systems design space, in the semiconductor design space…,” he said while speaking at the Global FinTech Festival (GFF) 2021 on Wednesday.

“As part of broadening and deepening our electronics manufacturing and electronics capabilities, we have a plan that was very quickly worked on after I joined the ministry on July 7, and you will be seeing this being rolled out in October,” Chandrashekhar added.

India does not want to be a country that only does the software piece, he said.

“We want to be capable providers, global leaders in the systems design part, and with some luck, semiconductor design. If the Prime Minister’s vision really plays out, we will soon have a fab in this country in the next three to five years,” he said.

The government has accelerated efforts to start chip manufacturing in the country and is reportedly in talks with Taiwan to bring a $7.5 billion fab unit to India soon.

He also said Indian IT firms need to seize the ‘Y2K-like’ moment that the post-Covid-19 world has thrown up and that they have to play a bigger role in upskilling talent at scale to take advantage of the opportunity, sparked by increased digitisation due to the pandemic.

“The world has dramatically changed, the rapid pace of digitisation has just gone through the roof, and therefore the demand for digitisation and talent is also going to commensurately go sky high…we must recognise that we are in the post-Covid-19 world, in almost a Y2K-like moment for the Indian tech space,” he said.

“We are at an unprecedented inflection point in terms of opportunities for growth. If we don’t make the move quickly, somebody else will take this breakfast and lunch,” Chandrashekhar added.

ET reported last week that skill and talent development are a key part of the Ministry of Electronics and IT (MeitY)’s 1,000-day agenda to reach the $1 trillion digital economy goal. The government aims to create a 10-million-strong skilled IT manpower in three years.

“…industry and industry associations have to step up, I think, and do a lot more, especially in this post-Covid era. We are 100% committed to putting our money into the budget for training and skilling, expanding the network…the industry needs to seize this opportunity and look at skilling as a big challenge for which they need to play a bigger role,” he said.

On the fintech segment, Chandrasekhar said the financial sector has “dramatically transformed to include fintech as a very critical, integral component of the financial economy.”

“It has expanded opportunities for entrepreneurship, innovation, and jobs. Without doubt, it is now receiving large doses of investment, both domestic and foreign; it has created entrepreneurship, unicorns, leading-edge, confident, ambitious entrepreneurs who are going out there and unambiguously leading the world in terms of the platforms and solutions that they are putting out there,” Chandrashekhar added.

More information
https://economictimes.indiatimes.com/tech/tech-bytes/roadmap-soon-to-create-indian-electronics-and-chip-champs-says-rajeev-chandrasekhar/articleshow/86632010.cms

India in its economic thinking has stood out from the rest of the world, not only in terms of reforms but by converting the Covid crisis into an opportunity, he said.

Washington: This decade will be India’s decade of inclusive growth during which it will clock over 7 per cent annual growth on the back of strong economic fundamentals, Chief Economic Adviser K V Subramanian has said, highlighting the country’s reform process and its ability to convert the crisis into an opportunity that helped it to stand out from the rest of the world.

Exuding confidence over India’s economic potential, Subramanian told an American audience from the corporate sector that “the fundamentals of the economy were strong, even before the pandemic. There were only financial problems.”

Mark my words, this decade will be India’s decade of inclusive growth. In FY’23, we expect growth to be between 6.5 to 7 per cent and then accelerating further as the impact of these reforms is seen,” he said while addressing a virtual event organised by the US-India Strategic Partnership Forum (USISPF) on Wednesday.

“On average, I expect growth to be greater than 7 per cent in this decade for India,” Subramanian said.

During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5 – 7 per cent in the next financial year.

The Economic Survey 2020-21, released in January this year, had projected GDP growth of 11 per cent during the current financial year ending March 2022.

The Survey had said growth will be supported by supply-side push from reforms and easing of regulations, infrastructural investments, boost to manufacturing sector through the Production-Linked Incentive (PLI) schemes, recovery of pent-up demand, increase in discretionary consumption subsequent to the rollout of vaccines and pick up in credit.

When you look at the data itself, the V-shaped recovery and the quarterly growth patterns actually establish the fundamentals of the economy are strong. Looking forward, the kind of reforms that we’ve done and the supply side measures that we’ve taken will enable actually strong growth not only this year going forward as well, said the top Indian economist.

Growth will be aided by various structural reforms, including labour and farm laws, undertaken by the government, he said.

Subramanian said from the long-run perspective, India is the only country that for the last 18 to 20 months has done so many structural reforms.

India actually in its economic thinking has stood out from the rest of the world, not only in terms of the reforms that have been done but by converting the crisis into an opportunity, he said.

Observing that every other large economy that has only done demand side measures, Subramanian said in contrast, India is the only country that has done supply side as well as and demand side measures.

The post-COVID-19 economy in India actually will be very different from the pre-COVID-19 economy, he said.

In the last seven years, the current Indian government has demonstrated the ability to be able to administer welfare programmes very well, cutting out the inclusion and exclusion errors and targeting them well, he said.

So that having already been achieved, now we need to basically have a macro-economic objective being growth and growth alone, and not sort of conflicted with your inequality in equity, because these welfare programmes doing it well, will enable in reducing inequality in the process.

” they will put money in the bottom half of the income pyramid and thereby, also generate enormous demand, aggregate demand and reduce inequalities, Subramanian said.

More information
https://theprint.in/economy/india-will-clock-over-7-annual-growth-this-decade-cea-k-v-subramanian-says/742929/

Synopsis

“I’m happy to look at a trillion dollar target for the next 10 years between the US and India. I’m happy to engage with the US, and look for expanding our economic partnership so that then all four members of the QUAD would have very strong economic ties with each other,” Goyal said at an event organised by the US-India Strategic Partnership Forum (USISPF).

Commerce and industry minister Piyush Goyal on Wednesday said that India and the US can aim for a bilateral trade target of $1 trillion in the next ten years and that talks on a free trade agreement got stuck in red tape despite getting concluded many times but India was not responsible for it.

“I’m happy to look at a trillion dollar target for the next 10 years between the US and India. I’m happy to engage with the US, and look for expanding our economic partnership so that then all four members of the QUAD would have very strong economic ties with each other,” Goyal said at an event organised by the US-India Strategic Partnership Forum (USISPF).

India, Japan, Australia and the US comprise the QUAD.

“We already have an FTA with Japan; we are working on an early harvest FTA with Australia. So now its up to the U.S. and India to engage in a much bigger way and I would urge you impress upon your administration,” he said.

The US is India’s second largest trading partner with bilateral trade of $80.5 billion in FY21.

“And unless you take some very ambitious targets, we will never get there,” he said.

The two sides had been working on finalising a trade agreement for almost two years but last month, Goyal said that the US, as of now, has indicated that they are not looking for new trade agreements, but will work on market access issues on both sides.

“We had actually concluded discussions, maybe three or four times. But it would always get stuck somewhere in red tape and for a change. India was not responsible,” Goyal said at the USISPF event.

The minister said that “unfortunately it didn’t work out”.

On being asked about non-tariff barriers that India has put in place, Goyal said that India also faces “a lot of” non tariff barriers while exporting to the US to Europe.

“So these non tariff barriers are there in all countries, but we can’t change your standards. We can meet those standards and likewise, obviously we will expect American businesses to meet Indian standards,” he said.

As of December, 2020, 83% of Indian standards for various products were completely harmonized to internationally accepted standards.

He also said that India has not lost out because of regional pacts like RCEP as the country has trade pacts with ASEAN, Japan, Korea, Mauritius, SAFTA and in talks with Australia, and that Covid-19 has highlighted that supply chains should not be based only on one factor that is cost, but also trust.

More information
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-us-can-aim-for-1-trillion-trade-in-next-10-years-piyush-goyal/articleshow/86623526.cms?from=mdr

HIGHLIGHTS

Coal, natural gas, refinery products, steel, cement and electricity in focus, while crude oil and fertiliser industries decline

New Delhi: The output of eight core sectors grew by 11.6 per cent in August, mainly due to an uptick in the production of cement, coal, and natural gas, official data showed on Thursday.

The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 6.9 per cent in August 2020 due to the nationwide lockdown imposed to control the spread of Covid-19.

The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). According to the commerce and industry ministry data, the production of coal, natural gas, refinery products, steel, cement and electricity increased in August 2021 over the corresponding period of last year.

On the other hand, output of crude oil and fertiliser industries declined. Production of both coal and natural gas rose by 20.6 per cent in August 2021 over the previous corresponding year. The output of cement sector rose 36.3 per cent and that of steel by 5.1 per cent in August 2021 on a yearly basis.

Petroleum refinery production climbed by 9.1 per cent and electricity generation was up by 15.3 per cent. However, crude oil production declined by 2.3 per cent in August year-on-year. Fertilisers production too slipped by 3.1 per cent.

The growth rate of these infrastructure industries during April-August 2021-22 stood at 19.3 per cent, as against a contraction of 17.3 per cent in the year-ago period.

Meanwhile, the final growth rate of the Index of Eight Core Industries for May 2021 has been revised downwards to 16.4 per cent from the earlier estimate of 16.8 per cent.

Meanwhile Chief Economic Adviser K V Subramanian has said in Washington, this decade will be India’s decade of inclusive growth during which it will clock over seven per cent annual growth on the back of strong economic fundamentals.

He highlighted the country’s reform process and its ability to convert the crisis into an opportunity that helped it to stand out from the rest of the world. Exuding confidence over India’s economic potential, Subramanian told an American audience from the corporate sector that the fundamentals of the economy were strong, even before the pandemic. There were only financial problems.

“Mark my words, this decade will be India’s decade of inclusive growth. In FY’23, we expect growth to be between 6.5 to 7 per cent and then accelerating further as the impact of these reforms is seen,” he said while addressing a virtual event organised by the US-India Strategic Partnership Forum (USISPF) on Wednesday.

“On average, I expect growth to be greater than seven per cent in this decade for India,” Subramanian said. During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5 – 7 per cent in the next financial year.

More information
https://www.thehansindia.com/business/core-sectors-output-goes-up-116-in-aug-708905

Growth will be aided by various structural reforms, including labour and farm laws, undertaken by the government, he said while addressing a virtual event organised by the US-India Strategic Partnership Forum (USISPF)

Chief Economic Adviser (CEA) K V Subramanian on Wednesday said India will clock over 7 percent annual growth during this decade on the back of strong economic fundamentals. During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5-7 percent in the next financial year.

The Economic Survey 2020-21, released in January this year, had projected GDP growth of 11 percent during the current financial year ending March 2022. The Survey had said growth will be supported by supply-side push from reforms and easing of regulations, infrastructural investments, boost to manufacturing sector through the Production-Linked Incentive (PLI) schemes, recovery of pent-up demand, increase in discretionary consumption subsequent to rollout of vaccines and pick up in credit.

“When you look at the data itself actually, the V-shaped recovery and quarterly growth patterns actually established that the fundamentals of the economy are strong…the kind of reforms that we’ve done on it, and the supply-side measures that we’ve taken will enable strong growth not only this year but going forward as well,” he said.

Growth will be aided by various structural reforms, including labour and farm laws, undertaken by the government, he said while addressing a virtual event organised by the US-India Strategic Partnership Forum (USISPF) “This decade will be India’s decade of inclusive growth. In FY’23, we expect growth to be between 6.5 to 7 percent, and then accelerating further as the impact of these reforms are seen. On average, I expect growth to be greater than 7 percent in this decade for India,” he said.

He also pointed out that the government is putting a lot of emphasis on capital expenditure as it has a multiplier effect. The Union Budget for 2021-22 has provided a capital outlay of Rs 5.54 lakh crore, an increase of 34.5 percent over the Budget Estimate of 2020-21.

The Budget estimate of capital expenditure for FY2020-21 was Rs 4.12 lakh crore.

More information
http://www.businessworld.in/article/Expect-More-Than-7-Growth-For-India-This-Decade-CEA/30-09-2021-406649/

During the current fiscal, the chief economic advisor said, India GDP growth would be in double-digits and the Indian economy could moderate to 6.5 – 7% growth in the next financial year.

Chief Economic Adviser (CEA) K V Subramanian on Wednesday said India will clock over 7 per cent annual growth during this decade on the back of strong economic fundamentals.

During the current fiscal, he said, growth would be in double-digits and it could moderate to 6.5 – 7 per cent in the next financial year.

The Economic Survey 2020-21, released in January this year, had projected GDP growth of 11 per cent during the current financial year ending March 2022.

The Survey had said growth will be supported by supply-side push from reforms and easing of regulations, infrastructural investments, boost to manufacturing sector through the Production-Linked Incentive (PLI) schemes, recovery of pent-up demand, increase in discretionary consumption subsequent to rollout of vaccines and pick up in credit.

“When you look at the data itself actually, the V shaped recovery and quarterly growth patterns actually established that the fundamentals of the economy are strong…the kind of reforms that we’ve done on it, and the supply side measures that we’ve taken will enable strong growth not only this year but going forward as well,” he said.

Growth will be aided by various structural reforms, including labour and farm laws, undertaken by the government, he said while addressing a virtual event organised by the US-India Strategic Partnership Forum (USISPF)

“This decade will be India’s decade of inclusive growth. In FY’23, we expect growth to be between 6.5 to 7 per cent, and then accelerating further as the impact of these reforms are seen. On average, I expect growth to be greater than 7 per cent in this decade for India,” he said.

He also pointed out that the government is putting a lot of emphasis on capital expenditure as it has a multiplier effect.

The Union Budget for 2021-22 has provided a capital outlay of ₹5.54 lakh crore, an increase of 34.5 per cent over the Budget Estimate of 2020-21.

The Budget estimate of capital expenditure for FY2020-21 was ₹4.12 lakh crore.

More information
https://www.livemint.com/economy/expect-india-to-clock-over-7-annual-growth-in-this-decade-k-v-subramanian-11632935061983.html

Indian Ministers S Jaishankar, Piyush Goyal, and Jyotiraditya Scindia, among others, are expected to deliver virtual addresses at the fourth USISPF summit.

Indian Ministers S Jaishankar, Piyush Goyal, and Jyotiraditya Scindia, among others, are expected to deliver virtual addresses at the fourth Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF), which begins on Wednesday, 29 September.

From September 29 to October 1, the USISPF will hold its fourth Annual Leadership Summit, titled “Looking Ahead: Strengthening Resilience, Expanding Prosperity.” Various strategic conversations will take place over the course of three days involving USISPF’s board members, ministers and senior government officials from both India and the United States, as well as Fortune 500 CEOs.

India-US top leaders to address USISPF summit

Union Cabinet Ministers from India are scheduled to participate in the programme (USISPF summit), including Minister of External Affairs S Jaishankar, Minister of Textiles, Commerce and Industry Piyush Goyal, Minister of Education, Civil Aviation Minister Jyotiraditya Scindia, Minister of Information and Broadcasting, Youth Affairs and Sport Anurag Thakur, Minister of Education Dharmendra Pradhan and Minister of State for Electronics and Information Technology Rajeev Chandrasekhar.

Senator Chuck Schumer, Majority Leader of the United States Senate; Samantha Power, Administrator of the United States Agency for International Development; and Kurt Campbell, Deputy Assistant to the President and Coordinator for Indo-Pacific Affairs, National Security Council, are among those representing the United States.

Top Executives from India to attend USISPF summit

According to the summit agenda, Natarajan Chandrasekaran, Executive Chairman of Tata Sons, Punit Renjen, Chief executive officer (CEO) of Deloitte Global, and Rajesh Subramaniam, President, COO, and Director, FedEx Corp., will receive the USISPF Global Leadership Award 2021 on Thursday for their heroic efforts in responding to India’s second wave of COVID-19. Several top Indian bureaucrats are expected to speak at the meeting, including Amitabh Kant, Chief executive officer of NITI Aayog, Rita Teaotia, Chairperson of FSSAI, and Ambassador Taranjit Sandhu, India’s Ambassador to the United States. 

The US-India Strategic Partnership Forum (USISPF) is a non-profit organisation whose major goal is to promote the bilateral and strategic partnership between India and the United States through policy advocacy in the areas of economic growth, entrepreneurship, job creation, and innovation.

More information
https://m.republicworld.com/india-news/general-news/eam-jaishankar-us-senator-schumer-among-key-names-who-will-speak-at-usispf-summit.html

Schumer also noted the record number of Indian Americans running for office in New York City, his home State

U.S. Senate Majority (Democrat) Leader, Chuck Schumer called for deeper cooperation between the U.S. and India on the economic and defence fronts.

Mr Schumer, speaking at a virtual forum organised by the U.S. India Strategic Partnership Forum (USISPF), an advocacy organisation, also noted the record number of Indian Americans running for office in New York City, his home State.

To strengthen economic ties, the U.S. Congress “must find opportunities to invest” in industries critical to both countries (semiconductors, biotech etc.) but also emerging fields like 5G, cybersecurity and AI, Mr Schumer said. Without naming China or any other country, he said “rivals around the world” who did not always value democracy, were investing in such technology.

“We need to beat them to the punch,” he said, adding that the U.S. and India also had to work on their common defence.

“At a time when the forces of authoritarianism are making inroads across the world, it’s vital that India and the US… two large, prosperous, growing democracies, keep working together to stand up and proudly defend the right of all people to freedom and to equality.”

Mr Schumer said he was going to work with Congress to promote the countries’ mutual defence including by working with ASEAN and Quad members.

He also said he was going to support immigration from India and policies that support a “rational and steady stream of legal immigration,” as well as student visas.

During remarks on the diaspora in New York, Mr Schumer talked about their political engagement, their contribution and the challenges they face. Discrimination against Indian Americans and Asian Americans still exists, he said. Nonetheless, a record number of Indian Americans were running for local office in New York, he said, adding that it was a hopeful sign of a more inclusive future in New York City.

“But today, New York still has not elected an Indian American to federal office, so this year’s record number of candidates is a reminder of how much work we have to do,” he said.

Mr Schumer also said he would like to organise a Congressional delegation to India as soon as possible.

More information
https://www.thehindu.com/news/international/us-india-relations-senate-leader-chuck-schumer-calls-for-increased-cooperation-on-economic-and-technological-front/article36742920.ece

Washington DC [US], September 29 (ANI): Indian Ministers S Jaishankar, Piyush Goyal, Jyotiraditya Scindia, among others are scheduled to virtually address the fourth Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF), which is set to begin on Wednesday.

USISPF is organising its fourth Annual Leadership Summit, titled “Looking Ahead: Strengthening Resilience, Expanding Prosperity” from September 29 to October 1.

As per the agenda of the summit, there will be various strategic discussions between USISPF’s board members, ministers and senior government officials from both India and US and Fortune 500 CEOs during the course of three days.

From India, the Cabinet Ministers who are scheduled to be part of the programme include Minister of External Affairs S Jaishankar; Minister of Textiles, Commerce and Industry Piyush Goyal; Minister of Education, Civil Aviation Minister Jyotiraditya Scindia; Minister of Information and Broadcasting, Youth Affairs and Sport Anurag Thakur; Minister of Education Dharmendra Pradhan and Minister of State for Electronics and Information Technology Rajeev Chandrasekhar.

From America, Senator Chuck Schumer, Majority Leader, US Senate; Samantha Power, Administrator, United States Agency for International Development; and Kurt Campbell, Deputy Assistant to the President and Coordinator for Indi-Pacific Affairs, National Security Council among others.

As per the agenda of the summit, USISPF will honour Natarajan Chandrasekaran, Executive Chairman of Tata Sons, Punit Renjen, CEO of Deloitte Global, and Rajesh Subramaniam, President, COO and Director, FedEx Corp., with the USISPF Global Leadership Award 2021 on Thursday for leading the corporate community in their heroic efforts of responding to India’s second wave of Covid-19.

Various top Indian Bureaucrats are also scheduled to address the meeting including Amitabh Kant, CEO, NITI Aayog, Rita Teaotia, Chairperson, FSSAI, Ambassador Taranjit Sandhu, Ambassador of India to United States.

The US-India Strategic Partnership Forum (USISPF) is a non-profit organization, with the primary objective of strengthening the India-US bilateral and strategic partnership through policy advocacy in the fields of economic growth, entrepreneurship, employment-creation, and innovation. (ANI)

A US flag flies near containers stacked high on a cargo ship at the Port of Los Angeles on Tuesday. Indian commerce minister Piyush Goyal has proposed an ambitious target of $1 trillion for India-US bilateral trade over the next 10 years. (AFP)

Indian commerce minister Piyush Goyal has expressed frustration with the failure of the two countries to conclude a trade agreement after numerous rounds of discussions most of which happened on his watch, specially over 2019 and 2020.

Indian commerce minister Piyush Goyal on Wednesday proposed an ambitious target of $1 trillion for India-US bilateral trade over the next 10 years even as he expressed frustration over the failure of the two sides to conclude an agreement after multiple rounds of talks with the earlier Trump administration.

India-US bilateral trade in goods and services stood at $146.1 billion in 2019, according to the latest update by the US Trade Representative’s office.

“India and the US can be two countries which should be looking at a balanced future trade upwards of $1 trillion in the next 10 years,” minister Piyush Goyal said at the virtual annual leadership summit of the US-India Strategic Partnership Forum, an advocacy group, that started on Wednesday.

“Unless we keep some very ambitious targets, we’ll never get there. I’m happy to look at a trillion-dollar target for the next 10 years between the US and India. I’m happy to engage with the US, and look for expanding our economic partnership.”

India-US trade is up against another ambitious target, one that was fixed by President Joe Bidden when he was vice-president in the administration of President Barack Obama. In a speech at the Bombay Stock Exchange during his 2012 India visit, Biden had suggested a “five-fold” increase in the volume of the bilateral trade, which had then stood at $100 billion.

Piyush Goyal on Wednesday also expressed frustration with the failure of the two countries to conclude a trade agreement after numerous rounds of discussions most of which happened on his watch, specially over 2019 and 2020. “We had actually concluded discussions maybe three or four times, but would always get stuck somewhere in the red tape and for a change,” the minister said, adding, “India was not responsible.”

India and the United States were expected to sign an interim trade agreement – leaving a comprehensive trade agreement for a later date – during former President Donald Trump’s visit to India in February 2020. But the two sides failed to conclude talks in time for the visit and vowed to come up with something later in the year, which never happened as the US went into elections and Trump lost.

Piyush Goyal had said at the time a deal was just a few “phone calls away” to reflect how close the two sides were to an agreement. Indians have blamed the US side for failure by the two sides to get a deal saying American negotiators kept changing the goalpost constantly, making fresh and additional demands.

Trade talks have remained stalled since then. Goyal and his US counterpart Katherine Tai have spoken but there have been no discussions about a trade agreement.

The two sides decided to start talking during the first bilateral summit of Prime Minister Narendra Modi and President Joe Biden here in Washington DC last week. “They looked forward to reconvening the India-US Trade Policy Forum before the end of 2021, to enhance the bilateral trade relationship by addressing trade concerns, identifying specific areas for increased engagement and developing an ambitious, shared vision for the future of the trade relationship,” said the joint statement issued by the two sides.

More information
https://www.hindustantimes.com/world-news/piyush-goyal-moots-1-trillion-target-for-india-us-trade-101632939203121.html

He added that a free trade agreement, with 11,000 product lines, will take much longer time, and that would be pursued and finished over next few months, but India and Australia are going for the early harvest pact so that businesses can start enjoying the fruits of this partnership.

New Delhi, September 29: India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America, Commerce and Industry Minister Piyush Goyal said on Wednesday. He also called for setting an ambitious bilateral trade target of USD 1 trillion in the next 10 years.

Addressing the 4th Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF), Goyal said though a lot of effort had gone into negotiating a trade agreement between the two countries during the previous US administration, unfortunately it did not work out.

The minister said India is negotiating an early harvest agreement with Australia, “so now it is left to the US and India to engage in a much bigger way. I would urge all of you to also impress upon your administration (that) India is ready and willing to expand our economic partnership in the spirit of reciprocity and equality After Meeting PM Narendra Modi: Ties with India Destined to Be ‘Stronger, Closer and Tighter’.

While the bilateral trade in goods and services has seen significant growth in the last 10 years, “I do believe that the potential has not even been started,” he added.

I think India and the US should be looking at a balance mutual trade of a trillion dollar in the next 10 years and unless we keep some very ambitious target, we will never get there… “I am happy to engage with the US and look for expanding our economic partnership so then all 4 members of the Quad (comprising Japan, India, Australia and the US) would have very strong economic ties with each other,” he noted.

On the trade agreement with Australia, the minister said it is progressing fast and the next round of discussions is on September 30. “We hope to conclude very quickly our early harvest agreement, in which we have identified a few issues, may be 100-200 product lines, some services, some investment areas, which are of pressing interest to both the countries,” he said.

He added that a free trade agreement, with 11,000 product lines, will take much longer time, and that would be pursued and finished over next few months, but India and Australia are going for the early harvest pact so that businesses can start enjoying the fruits of this partnership. US Needs Better Ties with India to Keep China, Taliban Under Check: Congressman.

Talking about India’s single window clearance system, he said “we will make sure that sitting in Minnesota (in the US), you can identify land you want to buy, pay for it, and ensure all your approvals.”

More information
https://www.latestly.com/agency-news/latest-news-india-ready-to-expand-economic-partnership-with-us-goyal-2901441.html

The post-COVID world presents a ”Y2K-like” moment for Indian IT firms, and the industry needs to play a bigger role in tackling skilling-related challenges to ensure that this huge opportunity can be seized, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Wednesday.

The minister also highlighted how the fintech segment in the country has expanded the economy, created unicorns, and put India in a leading position in terms of the platforms and solutions that are being developed.

Speaking at the Global FinTech Festival (GFF) 2021, Chandrasekhar said the IT industry “needs to invest a little bit more capital in this (skilling), and invest a lot more smarts, in terms of predicting which direction the skilling requirements need to come from”.

He noted that there is some “misreading or under the reading of demand” and tech companies that had huge bench strength and were complaining about not having enough work to do a few years back, are now hiring from overseas and pay large amounts to retain talent.

“The world has dramatically changed the rapid pace of digitisation has just gone through the roof, and therefore the demand for digitisation and talent is also going to commensurately go sky high…we must recognise that we are in the post COVID world, in almost a Y2K-like moment for the Indian tech space,” he said.

The minister further said: “We are at an unprecedented inflection point in terms of opportunities for growth. If we don”t make the move quickly, somebody else will take this breakfast and lunch”. Post Y2K, India became one of the biggest IT destinations for enterprises globally with its pricing competitiveness and quality talent.

Chandrasekhar emphasised that the approach towards skilling and talent creation “has to be very proactive and industry-led”, and added that the government has extended support by creating a network of training centres around the country.

“…industry and industry associations have to step up, I think, and do a lot more, especially in this post COVID era. We are 100 per cent committed to putting our money into the budget for training and skilling, expanding the network…the industry needs to seize this opportunity and look at skilling as a big challenge for which they need to play a bigger role,” he said.

Talking about the fintech segment, Chandrasekhar said the financial sector has “dramatically transformed to include fintech as a very critical, integral component of the financial economy”.

“It has expanded opportunities for entrepreneurship, innovation, and jobs. Without doubt, it is now receiving large doses of investment – both domestic and foreign, it has created entrepreneurship, unicorns, leading-edge, confident, ambitious entrepreneurs who are going out there and unambiguously leading the world in terms of the platforms and solutions that they are putting out there,” he added.

Chandrasekhar said he considered fintech to be a “classic example of a combination of government policymaking and the power of entrepreneurship, working to deliver on more than one objective”.

“The qualitative improvement in the quality of our economy, quality of our financial economy has not been written about enough…this (fintech) is a great emerging space, and I hope we continue to see innovation leadership…” he said.

More information
https://timesofindia.indiatimes.com/india/post-covid-world-presents-a-y2k-like-moment-for-indian-it-industry-rajeev-chandrasekhar/articleshow/86611962.cms

“We can look at a trillion dollar trade target over the next 10 years,” Piyush Goyal said at the U.S. India Strategic Partnership Forum

India’s Commerce Minister Piyush Goyal on Wednesday exhorted U.S. businesses to convince the administration of the need for a trade agreement that would enhance the bilateral flow of goods and services.

“We already have an FTA (free trade agreement) with Japan; we are working on an early harvest agreement as part of FTA talks with Australia,” Mr. Goyal told the U.S. India Strategic Partnership Forum (USISPF). “I would urge all of you to impress upon your administration as well that India is ready and willing to expand our economic partnership in the spirit of reciprocity and equality.” 

The minister’s remarks assume significance as they come a month after he told Indian exporters that the US has indicated the India-US FTA is off the table ‘as of now’. “But we will look at working with them on market access issues on both sides,” Mr. Goyal had said in August. 

“While our trade in goods and services has grown significantly in the last ten years, I believe the potential hasn’t been tapped fully yet. I think India and US can look at a balanced, mutual trade of about a trillion dollars in the next ten years and unless we keep some very ambitious targets, we will never get there,” he asserted in response to a query from USISPF board member George R. Oliver, who is the chairman and CEO of Johnson Controls.     

“I am happy to look at a trillion-dollar target for India-US trade and happy to engage with the US and look for signing a economic partnership with the US so that all four members of the Quad will have very strong economic ties with each other,” the minister said.  

On whether India feared being left out of global trade once it walked out of the Regional Comprehensive Economic Partnership (RCEP), Mr Goyal said India had engaged with partner countries on the RCEP for almost seven-eight years.  

“I was made the trade minister in 2019 and left with just three-four months before the final round of discussions that were to culminate in an announcement on the RCEP on November 4 (2019). But I am very much used to getting into micro details when it comes to these subjects,” he recalled.  

“When I started digging into the entire discussion, dialogue and the agreement that was sought to be finalised, I realised that India was being short-changed and it would have proved to be a tremendous disadvantage vis-à-vis some countries and we would have effectively killed India’s manufacturing sector,” Mr Goyal noted, emphasising that ‘it’s very difficult to understand what could go wrong if you are working with an opaque system at the other end’.  

Despite India’s abstention from the RCEP, the country is sealing several regional and bilateral economic partnerships that should hold it in good stead and make US investors interested in partnering Indian businesses.  

“We already have an ASEAN-India FTA, where ten South East Asian countries are covered. With Japan and Korea, we have an FTA. With Australia, before the end of the year or by January and February, we will have a framework for an FTA with an early harvest to be implemented by May or June. We have signed an FTA with Mauritius. We have our SAFTA arrangement,” he listed out.  

“So, in some sense, we are well set, and we do believe that where there are equal and reciprocal, honest partners, we will be there to partner. As we speak, we have launched negotiations with the UAE. We are already in dialogue with the UK at an advanced stage and will launch negotiations formally for an advanced and comprehensive trade partnership from November,” the minister pointed out.  

The European Union and India have also decided to restart start discussions on a comprehensive economic partnership agreement, the minister said. “India is working with like-minded countries, democracies, transparent rules-based eocnomies and therefore, I think we will neither be left out but will actually be at an advantageous position also for US companies to come and work with us in India,” he concluded.  

Highlighting that the COVID-19 pandemic has exposed the fact that supply chains should not just be based on cost of manufacturing, but also on trust, Mr Goyal said that future generations will hold ‘us responsible’ if India and the US don’t work together as two large democracies to ensure the well-being of the world at large.  

“The US and India are natural allies. No two economies can have the kind of synergy, brotherhood, understanding of each other, and also the respect for rule of law, democratic traditions, concern for the lesser privileged, interest to engage with technology and innovation, as well as promote entrepreneurship, like the US and India do,” he averred. 

More information
https://www.thehindu.com/business/Industry/piyush-goyal-urges-us-firms-to-push-for-trade-agreement/article36743266.ece

The minister also highlighted how the fintech segment in the country has expanded the economy, created unicorns, and put India in a leading position in terms of the platforms and solutions that are being developed.

The post-COVID world presents a ”Y2K-like” moment for Indian IT firms, and the industry needs to play a bigger role in tackling skilling-related challenges to ensure that this huge opportunity can be seized, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Wednesday.

The minister also highlighted how the fintech segment in the country has expanded the economy, created unicorns, and put India in a leading position in terms of the platforms and solutions that are being developed.

Speaking at the Global FinTech Festival (GFF) 2021, Chandrasekhar said the IT industry “needs to invest a little bit more capital in this (skilling), and invest a lot more smarts, in terms of predicting which direction the skilling requirements need to come from”.

He noted that there is some “misreading or under the reading of demand” and tech companies that had huge bench strength and were complaining about not having enough work to do a few years back, are now hiring from overseas and pay large amounts to retain talent.

“The world has dramatically changed the rapid pace of digitisation has just gone through the roof, and therefore the demand for digitisation and talent is also going to commensurately go sky high…we must recognise that we are in the post COVID world, in almost a Y2K-like moment for the Indian tech space,” he said.

The minister further said: “We are at an unprecedented inflection point in terms of opportunities for growth. If we don”t make the move quickly, somebody else will take this breakfast and lunch”. Post Y2K, India became one of the biggest IT destinations for enterprises globally with its pricing competitiveness and quality talent.

Chandrasekhar emphasised that the approach towards skilling and talent creation “has to be very proactive and industry-led”, and added that the government has extended support by creating a network of training centres around the country.

“…industry and industry associations have to step up, I think, and do a lot more, especially in this post COVID era. We are 100 per cent committed to putting our money into the budget for training and skilling, expanding the network…the industry needs to seize this opportunity and look at skilling as a big challenge for which they need to play a bigger role,” he said.

Talking about the fintech segment, Chandrasekhar said the financial sector has “dramatically transformed to include fintech as a very critical, integral component of the financial economy”.

“It has expanded opportunities for entrepreneurship, innovation, and jobs. Without doubt, it is now receiving large doses of investment – both domestic and foreign, it has created entrepreneurship, unicorns, leading-edge, confident, ambitious entrepreneurs who are going out there and unambiguously leading the world in terms of the platforms and solutions that they are putting out there,” he added.

Chandrasekhar said he considered fintech to be a “classic example of a combination of government policymaking and the power of entrepreneurship, working to deliver on more than one objective”.

“The qualitative improvement in the quality of our economy, quality of our financial economy has not been written about enough…this (fintech) is a great emerging space, and I hope we continue to see innovation leadership…” he said.

More information
http://www.businessworld.in/article/Post-COVID-World-Presents-A-Y2K-Like-Moment-For-Indian-IT-Industry-Rajeev-Chandrasekhar/29-09-2021-406593/

(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 its fourth Annual Leadership Summit, titled “Looking Ahead: Strengthening Resilience, Expanding Prosperity,” which will convene virtually this year from September 29-October 1. The program will include a range of strategic discussions between USISPF’s board members, including Fortune 500 CEOs and senior government officials from both countries.

On Thursday, USISPF will honor Natarajan Chandrasekaran, Executive Chairman of Tata Sons, Punit Renjen, CEO of Deloitte Global, and Rajesh Subramaniam, President, COO and Director, FedEx Corp., with the USISPF Global Leadership Award 2021 for leading the corporate community in their heroic efforts of responding to India’s second wave of Covid-19.

• As part of these contributions, Punit Renjen led Deloitte’s efforts in donating oxygen concentrators to the Indian Red Cross and initiating an innovative program named “SanjeevaniPariyojana” (the life project) to expand the hospital ward, helping patients with mild to moderate COVID-19 recover at home so hospitals can be freed up to treat the most critically ill.

• FedEx donated three Boeing 777F charter flights of oxygen concentrators, PPE, and other critical supplies to India in May and June 2021. Under Raj’s leadership, the FedEx charters flew into Mumbai and New Delhi. In all, FedEx moved more than 50,000 oxygen concentrators to India in collaboration with non-profit partners and customers.

• Natarajan Chandrasekaran led Tata in procuring medical equipment from other domestic and international sources. Tata Sons procured and distributed 1300 ventilators, 11,250 oxygen concentrators, in addition to many other medical supplies. Overall, Tata Sons committed Rs 1,000 crore (over USD $135 million) expenditure to COVID-19 response and related activities.

Congratulating the awardees, John Chambers, Chairman of the USISPF Board, said, “The COVID-19 pandemic has impacted all of us in so many ways since the start of 2020. When the U.S. experienced the height of the pandemic, India stepped up to help us, sending critical medicines to Americans. It was amazing to then see that help reciprocated during the second wave of COVID in India. Partnership is built on trust, collaboration, and people-to-people connections. This year’s three awardees exemplify qualities of true leadership, as demonstrated by their tremendous individual efforts to help India in their time of need earlier this year. We are incredibly grateful for their courage, integrity, and hard work during this time of uncertainty, and are inspired by their actions to build a stronger U.S.-India partnership and more resilient global community.”

Mr. Natarajan Chandrasekaran, Executive Chairman of Tata Sons said, “I am honored to accept the USISPF Global Leadership Award 2021 on behalf of my colleagues in the Tata Group working tirelessly on the Covid frontlines. I would also like to compliment my fellow award recipients for their contributions during the pandemic. USISPF has demonstrated remarkable leadership, strengthening the US-India partnership through a pivotal moment for our generation.”

Mr. Punit Renjen, CEO of Deloitte said, “I am deeply honored to be recognized by the Forum and to be included among such an esteemed and select group of honorees. Business leaders in the United States and elsewhere are near unanimous in their belief in India’s future and are eager to invest in its people and productive capacities. This can be attributed largely to the Forum and their work amplifying India’s message and communicating its strengths to the business community in the U.S. and beyond.”

Mr. Rajesh Subramaniam, President, COO and Director, FedEx Corporation, said, “Uniting with the broader business community to mobilize COVID relief for India was a deeply meaningful experience that will stay with me for the rest of my career. More than anything, this recognition from the USISPF honors the FedEx team members who have worked tirelessly in the U.S., India, and throughout our network to keep the world moving through the pandemic.”

Together, the US-India Strategic Partnership Forum and its members mobilized the US-India Friendship Alliance, to donate 31,026 oxygen concentrators to 28 states and 8 union territories, along with 2 million rapid antigen tests and countless other medical supplies during India’s second wave of Covid-19.

The awards ceremony will take place on Thursday, September 30th beginning at 10:20 a.m. ET/7:50 p.m. IST, followed by a panel discussion with the honorees. To attend the awards ceremony and other sessions during USISPF’s 4th Annual Summit, please RSVP here.

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.outlookindia.com/newsscroll/usispf-to-honor-n-chandrasekharan-punit-renjen-and-rajesh-subramaniam-with-2021-global-leadership-award/2167874

Synopsis

USISPF, which is non-profit organisation committed to creating a powerfulstrategic partnership between the US and India, said that the Cabinet Minister who have confirmed to address the meeting include Minister of Textiles, Minister of Commerce and Industry Piyush Goyal, Civil Aviation Minister, Jyotiraditya Scindia, Sports Minister Anurag Thakur and IT Minister Rajeev Chandrasekhar.

American political leaders, including House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer along with four senior Indian ministers and a galaxy of corporate executives would be addressing the annual summit of US India Strategic and Partnership Forum (USISPF) to be held this week, organisers said on Sunday.

The fourth Annual Leadership Summit of USISPF to be held from September 29 to October 1 would also present the Global Leadership award to Natarajan Chandrasekaran of Tata Sons, Punit Renjen of Deloitte Global and Rajesh Subramaniam of FedEx.

USISPF, which is non-profit organisation committed to creating a powerful strategic partnership between the US and India, said that the Cabinet Minister who have confirmed to address the meeting include Minister of Textiles, Minister of Commerce and Industry Piyush Goyal, Civil Aviation Minister, Jyotiraditya Scindia, Sports Minister Anurag Thakur and IT Minister Rajeev Chandrasekhar.

George R. Oliver, chairman and CEO of Johnson Control; Ajay Singh, chairman and managing director of SpiceJet; Nik Deogun, CEO of the Americas and US Senior Partner of Brunswick Group; Nelson Cunningham, president and co-founder, McLarty Associates; are among other speakers from the corporate sector.

Several top Indian bureaucrats are also scheduled to speak at the summit. Prominent among them being Prof. VK Paul, member, NITI Aayog, Dr Randeep Guleria, Director of All India Institute of Medical Sciences, Rita Teaotia, chairperson, Food Safety and Standards Authority of India, Dr Renu Swarup, Secretary, DBT, and S. Aparna, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers.

More information
https://economictimes.indiatimes.com/news/india/usispf-tatas-chandrasekaran-deloittes-punit-renjen-senior-ministers-in-guest-list/articleshow/86523513.cms

Indian Prime Minister Narendra Modi, US President Joe Biden, Australian Prime Minister Scott Morrison and Japanese Prime Minister Yoshihide Suga at Quad Leaders’ Summit. (Twitter/PMO)

By Mukesh Aghi

High profile visits and summits are synonymous with Washington, but there is a first for even the World’s Oldest Democracy as it plays host to the inaugural Quad in-person Summit. This week, President Joe Biden presided over this inaugural meeting with guests Prime Minister Narendra Modi of India, Prime Minister Yoshihide Suga of Japan, and Prime Minister Scott Morrison of Australia.

As I previously wrote in an article for another publication, since its inception in 2007, the Quadrilateral Security Dialogue, better known as the “Quad,” has had a sense of nebulousness about it. In the years before, it was seen as an amorphous loose grouping, almost missing the oomph that it needed. The four had different approaches. Tokyo initially spoke about the democratic identity of the four nations, while New Delhi was happy with its functional cooperation and Canberra was hesitant on an alliance of sorts that would irk its relationship with Beijing.

Enter China, as a more belligerent Beijing has rapidly accelerated the Quad’s functionality. The momentum of the Quad has escalated rapidly from a joint naval exercise last year, the first in a decade, to a foreign ministers meeting, to a virtual meeting of the respective heads of government, to an ambassadorial meet, to this week’s first in person meeting of the four leaders.

In a recent talk, Foreign Minister S. Jaishankar highlighted the role of the Indian Ocean, accentuating how the water body is today as important as the Pacific Ocean in the centrality of water bodies in global geopolitics. The Foreign Minister spoke about the Indian Ocean as a region endowed with a rich history of culture, diversity, and coexistence. He emphasized that, to preserve the multipolarity of Asia, one needs to preserve the multipolarity of the Indian Ocean and subsequently the Indo-Pacific.

This can be done through the four democracies, who not only share the salient aspects of democracy and cooperation but have also been at diplomatic crosshairs with Beijing. For Washington, this partnership comes naturally, Canberra and Tokyo are long term treaty allies, and New Delhi is a very important strategic partner. The Obama administration outlined the pivot towards Asia, the Trump administration gave impetus to the Indo-pacific, and the Biden administration is expanding the Quad’s agenda, highlighting the shared bipartisan agenda towards the region.

From maritime cooperation that began between the Quad members shortly after the Indian Ocean tsunami of 2004, to now upholding the sacrosanctity of the UN Conventions on Law of the Sea (UNCLOS), all four countries espouse a free and open Indo-Pacific.

Despite the hostility in the Indo-Pacific, particularly in the South China Sea, the Quad agenda is far from an Asian NATO. Washington, New Delhi, Tokyo, and Canberra are all committed to working on a broader agenda beyond just security and touching on key economic and health issues.

As of 2021, leaders in all four countries have become more aligned in their shared concerns about China’s increasingly assertive behaviour in the region and are more willing to define a constructive agenda of cooperation.

The four countries have formed key working groups on COVID-19 vaccines as vaccine diplomacy takes precedence. Today, the race to continue vaccinating millions in developing countries has become priority, with the rapid spread of the highly contagious Delta variant and threat of other emerging variants. Along with vaccines, the importance lies in mitigating the harmful effects of climate change, creating more robust supply chains and more technological investments in the region. All of these topics tie in well with President Biden’s Build Back Better World (B3W), who along with the US’ G7 partners agreed to launch the bold new global infrastructure initiative (B3W), to counter some of the Belt and Road Initiative (BRI) plans, as B3W highlights high-standard and transparency in its infrastructure investments in the emerging market.

The news of the Australia-U.K.-U.S. (AUKUS) Indo-Pacific grouping last week has raised questions, particularly if the role of the Quad has been mitigated or if the summit will see diminished importance with AUKUS still hot off the press as a new development. The tri-pact of anglophone members constitute three of the Five Eyes Intelligence Oversight and Review Council (FIORC).

These theories are far from the case. While AUKUS brings Britain more closely into the Indo-Pacific, the trilateral alliance is militaristic in nature, with a key feature of the new grouping being that the U.S. and the U.K. will share nuclear submarine technology with Australia, helping Canberra possess a fleet of nuclear-powered submarines. What AUKUS will actually do is to grant Australia rights as the member of an exclusive club of only six world powers (the U.S., U.K., France, China, India and Russia)that are able to counter Beijing’s adventurism in the Indo-Pacific.

AUKUS is now dubbed as “the most significant security arrangement between the three nations since World War Two.”

To reiterate, the Quad is far from a military pact and as Dr. Jaishankar himself stated recently, the Quad is a robust partnership of “democratic polities, market economies and pluralistic societies”, that believe in upholding a free and open Indo-Pacific, or as Prime Minister Modi dubbed it,“SAGAR”, the Hindi word for Ocean,also abbreviating the phrase,“Security and Growth for All in the Region.”

Furthermore, U.S. Secretary of Defense Lloyd Austin followed up on his successful visit to New Delhi earlier and called his counterpart, Defence Minister Rajnath Singh, thanking India for its cooperation throughout the evacuation mission in Afghanistan. He went on to reiterate the U.S.’ commitment to ensuring the Indo-Pacific region remains free and open and highlighted how AUKUS will not detract from either the bilateral cooperation with New Delhi or the multilateral agreement of the Quad.

Ironically, India benefits from AUKUS without being part of it. For one, India also possesses nuclear weapon capabilities and a nuclear submarine program of its own. It also has a robust bilateral Civil-Nuclear agreement in place with the United States, where India receives American assistance for its civilian nuclear energy program and expands U.S.-India cooperation in energy and satellite technology.

Secondly, the Galwan Valley clashes in Ladakh last year epitomized a sense of power posturing redolent of Xi Jinping’s assertiveness. The AUKUS trilateral is a more overt security arrangement by close strategic partners of New Delhi to counter China in the Indo-Pacific, and consequently serves New Delhi’s interests for a stable balance of power in the Indo-Pacific, without having to directly participate.

On the multilateral front, smaller pacts have better outlined vision and mission as compared to a single large NATO umbrella, which may lose its focus with the shifting sands of geopolitics. Lastly, India gets to maintain its strategic autonomy and will not be roped into a security pact. As New Delhi prefers to iron out all border and larger diplomatic disputes bilaterally, membership in a security pact against Beijing could impinge its membership on the Beijing led Shanghai Cooperation Organization (SCO).

As a security-focused alliance, AUKUS very clearly relieves the Quad of that notion of being an Asian NATO and New Delhi can focus on the economic and health initiatives such as Vaccine Maitri in its global vaccine distribution.

Through the Quad working group, New Delhi can work towards developing critical and emerging technology, particularly the rollout of 5G network in the emerging market world and securing data privacy and strengthening cyber security. Furthermore, New Delhi through the Quad can work towards creating alternate supply chain networks to shift the monopoly away from Beijing. New resilient supply chains are needed to withstand the harmful effects of this pandemic and to withstand other future health crises.

For India, any grouping that enhances the security of the Indo-Pacific region enables New Delhi to focus on its own strategic interests while maintaining complete strategic autonomy.

More information
https://www.financialexpress.com/defence/heres-why-the-quad-matters/2337489/

The number 2020 represents clarity of vision, foresight and perspicacity, yet no one could predict how seminal the year 2020 would be; with countless lives lost, economies derailed, and countries redefined during a national security crisis. A country’s fragility can often be seen through an external lens in large Intercontinental Ballistic Missiles (ICBMs) capable of destroying cities. In this case, a tiny microbe unseen to the naked eye stalled and brought the world’s largest economy to a grinding halt, taking more lives than any missile has ever taken.

Both India and the United States continue to grapple with the COVID crisis as the Delta variant wreaks havoc worldwide. The pandemic has consumed five million lives around the world, and sadly India and the US have shared ownership of the highest number of cases globally, not a list either vibrant democracy wants to be part of.

Over the past few weeks, Washington and New Delhi have added yet another crisis to the agenda. COVID-19 in 2020 temporarily dislodged Climate Action as the most pressing global issue given the rapid urgency of the pandemic. Now, the escalating crisis in Afghanistan has become as urgent as tackling the pandemic, and both Washington and New Delhi are confronted with coordinating their respective responses to this catastrophic issue.

As the 20^th anniversary of 9/11 approaches, the US exit from Afghanistan is nearing completion. India and the US are evacuating their respective citizens and Afghans who have worked closely with military forces and the embassies. The death toll has mounted as Kabul recently witnessed a horrific bomb blast near its airport, targeting those trying to flee the country. The US stated that they retaliated in self-defense with an unmanned over-the-horizon (drone) airstrike on a vehicle in Kabul, eliminating another threat from ISIS-K.

Both Washington and New Delhi have long been committed to regional security and stability in Afghanistan.  While the US relationship with Afghanistan is largely seen through the lens of a prolonged war, trillions of dollars spent, and the cost of conflict, New Delhi and Kabul have a special relationship not defined by governments, but instead forged by close cultural and historic links that precede Indian independence.

While India has been committed to regional security, it has done so without any boots on the ground, largely due to a doctrine that is deep-rooted in strategic autonomy and aversion of involvement in external conflicts, haunted by the Indian Peace-Keeping Forces’ (IPKF) imbroglio in Sri Lanka in the late 1980s.

President Joe Biden may have stated that nation-building is no longer a priority for the US, but nation-building has been the hallmark of India’s involvement in Afghanistan by way of significant infrastructure investments totaling $3 billion (Rs 224 crore), including the construction of a new parliament building, later inaugurated by Prime Minister Modi in Kabul 2015 and the Salma Dam in 2016. Since the first fall of the Taliban, India has significantly contributed to Afghan development by providing scholarships to students, enabling food assistance, electrification, building dams, roads, highways, schools, and hospitals.

Biden’s predecessors no doubt focused on security concerns in the Middle East and the long war in Afghanistan, but the current administration has concentrated on a domestic agenda that includes restarting an economy grappling with the ongoing pandemic, investing in infrastructure, vaccinating millions of Americans, and ending a 20-year-old war in Afghanistan which cost the lives of over 2,000 US soldiers and contributed $ 2 trillion worth of investments into the country.

While many in New Delhi understand that Washington’s decision to leave was fait-accompli and there was little room for influence in the matter, the strong strategic and military partnership between the two also brings with it looming security threats to each country.

India had cordial relationships with successive Afghan governments prior to the rise of the Taliban and continued relations with the Karzai and Ghani governments, as most of the leaders have strong connections with India and consider it a second home. Nonetheless, both New Delhi and Washington know the perils of a security vacuum in Afghanistan. As a close neighbor to Afghanistan, India has seen the pernicious hostility of nefarious elements being abetted by state and non-state actors to fuel insurgencies in India, gathering steam shortly after the Soviets left Afghanistan.

This is a new rendition to an old chapter. The US shifting focus away from Afghanistan saw a power vacuum, soon usurped by the Taliban in 1996. Lack of American foreign policy oversight preceding the “Af-Pak” strategy saw the Taliban in cahoots with Al-Qaeda, and then the horrors of 9/11, a sobering reminder as we approach the 20^th anniversary of the terror attacks.

President Biden’s former boss, President Obama, had emphasized Washington’s pivot to Asia, further laying the groundwork for President Trump’s “Free and Open Indo-Pacific” Strategy. With the shifting sands in Kabul, it’s important for Washington to know that while the Indo-Pacific serves as one bulwark to any belligerence from Beijing, the absence of a strong security partnership in Afghanistan sees Beijing and Moscow gain a stronger foothold in the country.

The pandemic has posed the biggest global security challenge taking nearly 5 million lives across the world. Now, the other concern for both democracies is that, while the Indo-Pacific helps preclude a Beijing foothold in the region, the absence of a strong democratic government in Afghanistan could see China emerge as a powerful shaper of the economic and military arrangements in Af-Pak and West Asia and strategic gains for Pakistan, Russia, and Iran as well.

The last time Washington looked away from Afghanistan, what transpired was a restive region that posed security threats to the neighborhood in India and transformed the global discourse on countering violent extremism post 9/11. Together, Washington and Delhi remained invested for two decades in helping rebuilding Afghanistan and skilling young Afghans, where the median age of the country remains just 18. A generation of Afghans grew up on hope with a democratic setup and have little experience of knowing what it’s like to live under the Taliban. The epitome of two democracies that helped build another fledgling democracy, but watching it fade away will pose grave concerns not just for Afghans, but also for India and the US in the long run.

—Mukesh Aghi, is the CEO & President of US- India Strategic Partnership Forum. The views expressed are personal.

More information
https://www.cnbctv18.com/world/view-the-covid-19-pandemic-and-the-prolonged-afghan-war-10636231.htm

Trade, investment, and supply chain security need to be high on the agenda of the four-nation grouping.

Since its inception in 2007, the Quadrilateral Security Dialogue, better known as the “Quad,” has had a sense of nebulousness about it. But while the COVID-19 pandemic has wreaked insurmountable havoc on the global economy and has taken close to 5 million lives globally, it has perhaps inadvertently galvanized the momentum around the Quad, accentuating its global presence.

In November 2020, for the first time in nearly a decade, the navies of the four Quad nations participated in a joint naval exercise. And earlier this year, the Quad received fresh impetus on two fronts. There was a high-profile delegation of foreign ministers in February, which was furthered bolstered by the virtual meeting in March of the respective heads of government: Prime Ministers Suga Yoshihide, Scott Morrison, and Narendra Modi, along with U.S. President Joe Biden. Recently in Washington, top envoys of India, Japan and Australia and Indo-Pacific coordinator Kurt Campbell had a Quad ambassadorial meeting. Within his first hundred days in office, Biden has prioritized the Quad, signaling his administration’s foreign policy priorities.

The Indo-Pacific region has gained significant importance considering the geopolitical implications of an increasingly belligerent China and its attempts to establish itself in a pivotal role in the region and globally. Beijing’s bellicosity will no doubt continue to reinforce the importance of the Quad. However, in addition to countering China, there are three critical areas on which the leaders of the Quad countries have chosen to focus, including the creation of a Vaccine Experts Quad Group, a Quad Critical and Emerging Technology Group, and a Quad Climate Working Group.

While the first two fit well into the overall objective of the Quad, the significant issue of climate change should be addressed through other existing international platforms, as this grouping can make little progress without the participation of key Asian economies such as China, South Korea, Vietnam, Indonesia, and the Philippines. Perhaps the elephant in the room, which should take priority in the higher echelons of the Quad’s strategy, is the promotion of trade and commerce, which could subsequently mitigate the geopolitical trade kerfuffle between Washington and Beijing.

Currently, the combined GDP among the Quad countries sits at a whopping $34 trillion, with Washington making up the lion’s share, followed by Tokyo, New Delhi, and Canberra, all of which have recently been in Beijing’s crosshairs. An established trade architecture amongst the Quad grouping will help counter the economic challenges that China poses in the Indo-Pacific. Not only are these countries well-equipped in resources; they also have the balancing capacity to fulfill each other’s needs and make up for their respective economic weaknesses, For example, India, an energy dependent economy that needs to constantly upgrade its infrastructure, could rely heavily on subsidized imports from Australia, a commodity rich economy.

Given the ongoing geopolitical and security challenges in the Indo-Pacific, dependence on China for raw materials and other resources, and the critical nature of maritime trade routes through the South China Sea, there is an urgent need to add a trade component to the Quad’s agenda. While bilateral trade may be more viable, a multilateral trade partnership would help build diversified supply chains and promote economic stability in the post-pandemic era.

Currently, among the four Quad countries, the total share of trade within the grouping stands at 41 percent for the U.S., 34 percent for Japan, 14 percent for India, and 11 percent for Australia. There has been some resistance to establishing free trade agreements between the Quad nations, but such agreements could pave the way for enhanced trade cooperation and commercial activity.

During the March summit, the Quad leaders also committed to expanding the global vaccine supply for the Indo-Pacific in order to end the devastating impact that COVID-19 has had on the health sector, economy, and supply chains across sectors, impacting the movement and manufacturing of critical medical equipment and drugs. Struggling to meet domestic demands, countries amended their existing policies on procurement and exports to focus on their own populations. This seismic shift stems from an overdependence on China, specifically during the pandemic, which has led to massive disruptions in global supply chains. With a trade partnership, the Quad nations could pave the way for the creation of new supply chains across the dynamic Indo-Pacific region.

The four powers have also made a commitment to set up a Vaccine Experts Quad Group comprised of prominent scientists and government officials from all four countries. The mandate for the group is to impart each government’s COVID-19 planning to ensure last-mile delivery in difficult-to-access communities, and support organizations such as the World Health Organization and its COVAX initiative, which is currently playing a critical role in vaccine management and distribution.

In March, the Quad made a commitment of delivering up to 1 billion doses of COVID-19 vaccines to the ASEAN nations by 2022. So far, there has been little progress on the financing and manufacturing uptake in the vaccine production within the grouping. Most countries in the region are struggling to vaccinate their populations as COVID-19 variants continue to mutate and once again set countries on the backfoot. The immediate execution of the vaccine group’s commitments should thus become a priority for the Quad.

Despite the commitment made by the Quad leaders, there are certain obstacles preventing them from meeting these goals. For instance, India, the world’s largest pharmaceutical manufacturer, still awaits a steady supply of active pharmaceutical ingredients and other raw materials from the U.S., the key in diversifying drug manufacturing and in fighting the ongoing COVID-19 pandemic. For the past 18 months, the U.S. Food and Drug Administration has stalled inspections in India, leading to delays in drug manufacturing and innovation, which has been cataclysmic as India battled its horrendous second wave. Such roadblocks not only impact trade between the U.S. and India, but also impact global supply chains and the existing partnership in the healthcare space.

The Quad leadership acknowledged that for a free, fair, and open Indo-Pacific to flourish, technology would need to be a crucial element. A Critical and Emerging Technology Working Group was established to generate dialogues on important technology supply chains, support diversification of equipment suppliers, support cooperation in communications, monitor trends and opportunities in varied fields of technology, and coordinate standards for technology development both at the national and global levels.

However, it is also important that contentious issues like data privacy and data localization are not the focus of this group. The intent is to build a partnership, not to create barriers and walls, which would defeat the purpose of the Quad, leading to friction and mistrust among the four nations. The current data policy and regulatory landscape in India is leading to doubts and mistrust. Building data-related walls will only lead to disintegration in the grouping at a time when sharing data and technology is critical to the partnership. Without trust, the Quad will stagnate and lose sight of its key goals at the time when the world order is in a state of flux.

The Quad’s intent is clear, as demonstrated by the three pillars of cooperation that the leaders of the four countries have spelled out. It is vital now to accelerate the pace of implementation in the areas of cooperation and beyond, adding trade, investment, and global supply chains to the mix. These aspects need to play a significant role in the discussions and planning of the Quad’s agenda.

Geopolitically, the landscape in the Indo-Pacific is rapidly evolving. The four Quad countries should now set the pace to implement the agreed upon deliverables from March and present initial outcomes at the next leadership summit scheduled this fall in Washington, D.C. The key element of trust needs to be nurtured among the Quad nations, otherwise it will defeat the very purpose for which it has been created. Without trust, the Quad will turn into yet another grouping with no concrete objective, but just mere symbolism.

More information
https://thediplomat.com/2021/08/why-the-quad-needs-to-improve-its-economic-game/

Modi government must become more transparent in policy-making and open for business, says Mukesh Aghi

The Biden administration’s moves to pull out troops from Afghanistan and Iraq mean there will be more American focus on dealing with China, and India could benefit from U.S. investment that is leaving China if the Modi government becomes more transparent in policy-making and “open for business”, said Indo-U.S. trade body chief Mukesh Aghi. However, he said there isn’t as much interest in concluding an Indo-US Free Trade Agreement as there was during the Trump administration and India must also put aside its hopes of having its “GSP status” restored, which was cancelled in 2019. Both sides must work on more deliverable goals.

“If [India] makes GSP a central issue, and the U.S. side makes human rights, labour rights a central issue, then it’s a non-starter. Look at other bigger challenges we have,” Mr. Aghi, President and CEO of the Washington-based US India Strategic Partnership Forum (USISPF) told The Hindu in an interview.

Fast rising exports

Last week, Commerce Minister Piyush Goyal had said in a speech the U.S. had indicated it was “not looking” for a new trade agreement, but wanted to work on improving market access issues that have become a sore point. However, despite the cancellation of India’s GSP status, exports to the U.S. are the fastest rising than to any other country, indicating the GSP status, which New Delhi has been pushing for, may not have affected demand.

Mr. Aghi was in Delhi for meetings with several Ministers including Mr. Goyal, External Affairs Minister S. Jaishankar who is a “Board Member Emeritus” of the USISPF, as well as Ministers of Information Technology (MEiTY), Civil Aviation, Sports, Health and Education ahead of a planned visit by Prime Minister Narendra Modi to the United States in a few weeks.

The USISPF has invited Mr. Modi to address a special annual meeting of its members in Washington, where President Biden is expected to hold the first in-person ‘Quad’ summit with the leaders of India, Australia and Japan.

Quad to discuss economic cooperation

The summit, which is yet to be confirmed by all the leaders, is likely to be held on September 26-27, a day after PM Modi delivers an address to the U.N. General Assembly. The four countries are likely to discuss economic cooperation on issues like critical and emerging technology, countering climate change and a COVID-19 vaccine partnership that they had set up working groups about during the last meeting in March. The meeting will also be significant as it would come shortly after the U.S. completes its pull-out from Afghanistan.

“I think pulling out from Afghanistan and Iraq will give resources to the strategists in the U.S. side and they will start looking at putting resources on dealing with China. So I think you will see Quad getting more stronger from that perspective, with more focus. And hopefully, it will go beyond the geopolitical to looking at the economic agenda,” Mr. Aghi said.

Mr. Aghi also said with India-China tensions growing and the Modi government blocking Chinese FDI (foreign direct investment) proposals, India will need to depend on other countries like the U.S. to realise the PM’s hopes of a “5-trillion dollar economy”, as well as a possible economic trade agreement on the lines of the “Trans-Pacific Partnership.”

“India needs $100 billion a year investment, if it wants to be a $5-trillion economy. So it has to communicate better to the world that, hey, we are open for business, while at the same time, we’re trying to become self-reliant. We’re trying to bring in more secure supply chains and reduce our dependence on China,” Mr. Aghi said.

Communication problem

Mr. Aghi said India still has a “communication problem” among U.S. businesses, as it is not seen as investor-friendly on issues like consultative policy making; legal protections like the indemnity issue holding up the import of U.S.-made vaccines and arbitration and dispute resolution, referring to the Cairn Energy dispute which won a $1.2-billion settlement against the Indian government, which is yet to be resolved.

“The USISPF publicly applauded the government’s withdrawal of retrospective taxes… [but] dispute resolution is a critical part of any large investment coming into the country. And it’s important that India sends a message that if you agree to arbitration, or if you agree to International Court of Justices, that it will be honoured whatever the decision is,” Mr. Aghi said.

More information
https://www.thehindu.com/news/national/india-could-benefit-from-us-investment-that-is-leaving-china-says-trade-body-chief/article36165446.ece

Washington, D.C., United States & New Delhi, Delhi, India:  On Tuesday, August 24, 2021, the US Trade and Development Agency (USTDA) and US-India Strategic Partnership Forum (USISPF) launched the US-India Climate Technologies Action Group (CTAG), which aims to bring together major private and public sector stakeholders from both the countries on concrete initiatives that can contribute to advanced global action on climate.

The launch event brought together senior government officials and business leaders from India and the United States who engaged in a high-level dialogue on the “Accelerating the Adoption of Climate Technology in India.”

Mr. Brian Heath, Acting Deputy Chief of Mission, US Embassy-New Delhi, Mr. Thomas R. Hardy, Director for Program Management, US Trade and Development Agency and Dr. Mukesh Aghi, President and CEO, US-India Strategic Partnership Forum, made initial remarks amidst industry leaders such as Mr. Atul Arya, Senior Vice President and Chief Energy Strategist, IHS Markit, Mr. Mike Train, Senior Vice President and Chief Sustainability Officer, Emerson and Mr. Visal Leng, President-Asia Pacific, Johnson Controls, to name a few.

Delivering the initial remarks, Mr. Thomas R. Hardy, Director for Program Management, US Trade and Development Agency said, “I am optimistic that USTDA’s support will help connect India to innovative technologies and cutting-edge solutions from the United States that will have a meaningful impact on India’s clean energy future.”

“With the Intergovernmental Panel on Climate Change’s latest report issuing a global code red, the establishment of the US-India Climate Technologies Action Group (CTAG) is extremely significant and timely. USISPF, in collaboration with USTDA, is committed to advancing the two world’s largest democracies’ shared climate ambition. We look forward to establishing opportunities for businesses on both the sides to advance climate action, accelerate the deployment of clean technologies and climate-smart infrastructure in India, and improve the lives of millions,” said Dr. Mukesh Aghi, President and CEO, US-India Strategic Partnership Forum.

The event also marked the launch of the workshop series, titled “Energy Resiliency Workshop Series – India,” led by USTDA, IHS Markit, and USIN Foundation. The workshop series will provide an opportunity for the US and India energy sector to establish facts, forecasts, and scenarios of the energy resilience in the wake of the COVID-19 impacts on the global oil and gas business and aid in the capacity building of the Indian oil and gas sector in terms of carbon capture and hydrogen technologies.

About Climate Technologies Action Group – CTAG

The Climate Technologies Action Group aims to integrate private and public sector inputs on concrete initiatives that can contribute to advanced global action on climate, facilitate US industry input on the latest climate-resilient technologies, share US business models with the Indian market to accelerate the development of the clean energy sector, mobilize capital for climate-smart infrastructure projects in India and strengthen the US-India bilateral relationship.

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https://www.businesswireindia.com/us-trade-and-development-agency-and-us-india-strategic-partnership-forum-launch-the-us-india-climate-technologies-action-group-74604.html

India needs to grow its economy from the current $2.7 trillion to $5 trillion. It will need a lot of FDI coming in — at least $100 billion dollars a year to fuel that growth, Mukesh Aghi, president of US India Strategic and Partnership Forum said

India needs at least $100 billion of foreign direct investment every year to reach its target of a $5 trillion economy from the current $2.7, the head of a top India-centric American business advocacy group has said. The group made the observation, asserting that a major chunk of this FDI is going to come from the United States.

India needs to grow its economy from the current $2.7 trillion to $5 trillion. It will need a lot of FDI coming in — at least $100 billion dollars a year to fuel that growth, Mukesh Aghi, president of US India Strategic and Partnership Forum told PTI in a recent interview.

I believe that is going to come mainly from the US, he added. India, he observed, needs to look at what it needs to do to get that FDI coming in and have the technology coming in, to fuel this growth .

From a US perspective, it needs to leverage India on vaccination diplomacy, have Indian factories produce these vaccines so they can ship it to the rest of the world, and they can make this vaccine much, much cheaper than anybody else can get, he said.

Last week, USISPF, which now has more than 300 Fortune 500 companies as its members, celebrated its fourth anniversary. Four years ago, Aghi, along with several top American corporate leaders established USISPF after they had sharp differences on key issues with the then leadership of US Chambers of Commerce.

Aghi then was the head of the US-India Business Council or USIBC, which he left along with the entire board member of USIBC to set up USISPF. In just four years, USISPF has emerged as the top India-centric advocacy group for American companies, having hosted top leaders from both the United States and India, including Prime Minister Narendra Modi.

We have a fantastic board which is quite engaged, involved and who are the most prominent boards, especially between India and the US, he said.

Responding to a question, Aghi said four years ago, one of the goals of his and the board members was to build an institution which becomes a pillar, between two countries or independent institutions, which is not tied to any political party, and looking at the interests of both countries.

For the last four years, that has been the focus, he asserted. It has not just been business to business. It could be a cultural aspect. It could be on technology. It could be geopolitical itself, he said. Going forward, he said the India-US relationship is going to evolve positively.

When I say positively (it is) because you already have 4.5 half million Indian Americans. They play an influential role, and we have roughly 800,000 gaining green cards. So, I see people’s culture gaining more momentum itself. That means, you will see a positive impact between two countries, he said.

But there are challenges as well, be noted. But I think, there’ll be enough maturity on both sides to handle issues. For example, when (Secretary of State) Tony Blinken was in India, he talked about human rights. But he also said we are not perfect, we are still trying to understand how to manage this. So, he spoke about it but at the same time said, we’re not here to give you a lecture because our house is not in order also, he said.

The relationship will continue moving in a positive direction, he asserted. Responding to a question, Aghi said in the first six months of this administration, nothing on the issue of trade was pushed forward. But on the geopolitical alignment in a very cohesive matter, the USA worked with India, to make sure that QUAD continues, he said.

I think on the security side, one gap which I see which took place was India’s non-involvement in the Afghanistan withdrawal. I see India getting left out on the appliance issue. But overall, geopolitically the approach has been very strong and very positive, Aghi said.

More information
https://www.businesstoday.in/latest/economy/story/india-needs-at-least-100-bn-fdi-every-year-to-become-5-tn-economy-usispf-303737-2021-08-10

US-India Strategic and Partnership Forum (USISPF) on Thursday applauded the Indian move to withdraw the retrospective law relating to tax on indirect transfers. “Yesterday’s Bill introduced by the Finance Ministry will only encourage more international investments into India and is a welcome relief for companies who have long invested in the country. The USISPF is proud to have worked on this issue for many years”, Mukesh Aghi, President and CEO of the USISPF said.

USISPF applauds India’s move to withdraw the retrospective tax amendment relating to tax on indirect transfers, he said in a statement. The 2012 decision of the UPA government to impose retrospective tax has been a black mark on India’s reputation as a predictable investment destination, he said.

Also Read:
Retrospective taxation – A ghost put to rest!

Prime Minister Narendra Modi inherited this bad legislation. And today we are delighted to see that he has finally decided to nullify it, Aghi said in his statement.

Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The bill provides for the withdrawal of tax demand made on “indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being).”

More information
https://www.cnbctv18.com/finance/usispf-hails-indian-govts-move-to-withdraw-retrospective-tax-law-10274181.htm

Industry associations, including those that count ecommerce majors Walmart-owned Flipkart and Amazon India as members, have sought the revision of a host of contentious clauses in India’s draft ecommerce rules including the deletion of those seeking to include related parties and logistics service providers within the definition of an ecommerce entity, ban flash sales and mandate the listing of local alternatives while selling imported goods or services.

In a submission to the department of consumer affairs on Wednesday, USISPF (US-India Strategic Partnership Forum) said that the draft proposals are “problematic and fail to take into consideration that not all marketplaces are alike and may not share similar relationships with buyers and sellers, negating the need for or effectiveness of prescriptive measures”. The submissions by the Internet and Mobile Association of India (IAMAI) and IndiaTech were also on similar lines.

The USISPF has sought the deletion of clauses to include ‘related parties and service providers for order fulfilment’ as ecommerce entities as well as those banning flash sales, registration requirements with DPIIT (Department for Promotion of Industry and Internal Trade) and the fall-back liability on online marketplace – where platforms have to be liable if a customer is unhappy with the products.

ET has reviewed the submissions made separately by each of the groupings.

The draft proposals were first announced on June 21 triggering an immediate reaction with online platforms, brands and select sellers criticising it. Offline traders and smaller online sellers have welcomed some of the proposals but have also demanded greater clarity.

Following an uproar from the industry, the government extended the deadline for stakeholders to submit their feedback to Wednesday, July 21.

Read our newsletter here for more on the recommended changes

Onerous Clauses
Terming the mandate to classify goods and services based on the country-of-origin and, for online marketplaces to offer locally made alternatives to consumers at pre-purchase stage as “onerous”, the USISPF said it would lead to increased costs and impede innovation ‘without a clear policy justification, since it is not apparent why consumers would require such a filter mechanism’. It sought the retention of the current framework without further changes.

Last year, following a border clash between India and China, the Centre had directed etailers to update product listings with information on the country-of-origin.

However, ecommerce companies and sellers are yet to comply as it’s cumbersome to update millions of listings online, according to industry executives who point out that a single product can include parts made in multiple places. Besides, a trader may buy an imported product locally.

“The proposed amendments deal with issues which have no nexus with aspects of consumer protection, and most of the suggested changes do not seem to further consumer interest being the core objective of the Consumer Protection Acts (CPA) and its related proposed amendments,” USISPF said in its note to the department of consumer affairs.

In a statement to ET, Susan Ritchie, VP – trade and technology policy, USISPF, said the forum supports consumer protections for brick-and-mortar and digital sales channels alike and that such protections should apply regardless of where or how purchases are made. “The proposed rules, however, create an artificial distinction between physical sales and digital sales channels that are only designed to inhibit the growth of digital sales rather than to protect consumers,” she said.

IAMAI, which has attended government meetings held earlier this month, also highlighted its concerns over policy changes that do not provide a level-playing field between online and offline retailers.

The amendments also “fail to recognise the different ecommerce models such as inventory/marketplace”, it noted. Clubbing the two would “impact businesses as well as consumers and will create a high level of uncertainty in an industry that is still in its growth stages and can benefit from light-handed regulation,” the industry lobby stated.

Also Read: New India e-commerce rules and their impact, explained

Etailers have also strongly objected to the attempt to ban online flash sales, arguing that such a move would be anti-consumer and, if at all mandated, should be applicable to both online and offline retailers.

Meanwhile, the Rashtriya Swayamsevak Sangh (RSS) affiliate Swadeshi Jagran Manch (SJM), which also counts offline traders among its members, has suggested the government should not put a blanket ban on flash sales. Instead, it should clearly define what would count as ‘price manipulation’ and discourage marketplaces to favour sellers related to ecommerce platforms, SJM said.

Soon after the draft laws were first published, the government came out with a clarification saying it won’t ban all flash sales but only ‘conventional flash sales’. Etailers, sellers and brands are still unclear about what is being defined as ‘conventional’.

The SJM note to the government, however, proposes tighter monitoring and regulation of ecommerce platforms and further protection for merchants selling on ecommerce platforms.

Ambiguities Persist
On July 5, ET reported that firms like Amazon India, Flipkart and the Tata Group had raised concerns with the government in a meeting over issues like “related-party clause”, the proposal to not allow an ecommerce platform from using its name in its private brand, among others.

A common theme in the submissions made on Wednesday were aspects pertaining to antitrust and data-related clauses with the industry groupings requesting that such clauses be left out of the purview of the ecommerce policy while other concerned departments or ministries address it.

“The amendments raise several concerns and ambiguities from an ecommerce business standpoint, which are also likely to have the unintended negative consequences for consumers ultimately,” IAMAI stated.

“We humbly submit that in their current form, the amendments seek to regulate aspects of the ecommerce sector that have no bearing on consumers’ interests at all, and in doing so, could impact consumer interest negatively.”

IndiaTech, which also represents Indian online platforms that offer services, has sought more clarity on applicability of these proposed rules. It has asked for exemption of services, such as cab-hailing, travel, gaming and insurance from the ambit of these proposed amendments as many of these are governed in detail by their respective regulations and may have separate regulators.

“The rules transgress from consumer welfare into various domains such as FDI, trade, competition, personal data protection, data sharing, related party, aggregator guidelines, Insurance etc. which technically do not fall under the ambit of Consumer Protection and have been adequately addressed by other laws, regulators and ministries, said Rameesh Kailasam, CEO, IndiaTech.

“Ideally a reference to those existing provisions and their validity should now be prescribed by the ministry for those respective sectors to ensure avoidance of such conflicts with existing regulations and regulators,” he said.

More information
https://economictimes.indiatimes.com/tech/technology/industry-groupings-seek-major-changes-in-draft-ecommerce-rules/articleshow/84624570.cms

Hi, Digbijay here. We here at ETtech have been closely tracking all the important developments around the much-talked and debated draft proposals for e-commerce in India.

Today, we are reporting on all the recommendations from top industry groupings like US-India Strategic Partnership Forum (USISPF), Internet and Mobile Association of India (IAMAI), IndiaTech and Rashtriya Swayamsevak Sangh (RSS) affiliate Swadeshi Jagran Manch (SJM) which were submitted on Wednesday.

What’s worrying the industry? They say the recommendations in the draft policy are not under the purview of the Department of Consumer Affairs. Changes suggested like inclusion of “related parties” and logistics service providers within the definition of an e-commerce entity, ban of flash sales and mandatory listing of local alternatives while selling imported goods or services will hurt the sector, they say.

Also Read: New India e-commerce rules and their impact, explained

Please delete: While many recommendations are asking for the draft rules to be diluted, USISPF has asked for some of the most-talked-about clauses to be completely deleted.

• Flash sales
• Local alternatives while selling imported goods or services
• Inclusion of related parties and service providers for order fulfilment as e-commerce entity

Who said what?

USISPF’s submissions: “The proposed amendments deal with issues which have no nexus with aspects of consumer protection, and most of the suggested changes do not seem to further consumer interest being the core objective of the Consumer Protection Acts (CPA) and its related proposed amendments.”

Susan Ritchie of USISPF told ET: “The proposed rules create an artificial distinction between physical and digital sales channels that are only designed to inhibit the growth of digital sales rather than to protect consumers. As proposed, the draft guidelines exceed the provisions of the underlying legislation, the Consumer Protection Act, 2019 and should be aligned to implement the law as written,” she said.

RSS affiliate SJM’s submissions: SJM has also sought a better definition of what would be construed as ‘price manipulation’ in the context of flash sales. SJM, which has been critical of etailers and counts offline traders among its members, is seeking tighter monitoring of e-commerce platforms and its practices like alleged biased treatment of select sellers by a marketplace.

IndiaTech to ET: IndiaTech, has been closely working with many online platforms offering services, instead of just selling goods. The group’s CEO Rameesh Kailasam told us this: “The rules transgress from consumer welfare into various domains such as FDI, trade, competition, personal data protection, data sharing, related party, aggregator guidelines, insurance, all of which technically do not fall under the ambit of consumer protection and have been adequately addressed by other laws, regulators and ministries.”

What’s next? The Department of Consumer Affairs has held the view that its proposals are in line with some of the international markets like the US, Europe among others. In fact, at a meeting with e-commerce firms earlier this month, officials from the department told these platforms that the proposals weren’t as stringent as the ones globally. Clearly, e-commerce companies don’t think as much. Now that all the feedback is with the government, we’ll have to wait for the final contours to be drawn up in what’s arguably the most significant event for the nascent industry.

More information
https://m.economictimes.com/tech/newsletters/morning-dispatch/e-commerce-draft-policy-recommended-changes/amp_articleshow/84622756.cms

The contributions include an unspecified donation to the PM-CARES Fund which was termed as a part of “the government of India’s national effort to fight COVID-19 and help the fellow citizens affected by this health crisis”

Global buyout major KKR on Wednesday said it has contributed Rs 30.5 crore for COVID relief in the country. The firm established a ‘KKR Relief Fund’ last year and over the past 15 months offered assistance on a variety of medical and humanitarian programmes, as per an official statement.

The contributions include an unspecified donation to the PM-CARES Fund which was termed as a part of “the government of India’s national effort to fight COVID-19 and help the fellow citizens affected by this health crisis”. It also included funding for oxygen concentrators arranged by the US-India Strategic Partnership Forum, contributions to the non-profit ACT Grants India along with investee companies, long-term development assistance to International Justice Mission and Teach for India, it said.

“Our ties go well beyond our investments — India is home to our employees and their families. The donations made by KKR and other global corporations have supported India to get through the worst of the pandemic,” its chief executive for the country Gaurav Trehan said.

He added that there is much more to do before the country can recover and the firm wants to be part of a long-term solution. KKR has invested over $5.7 billion in the country since its first bet in 2006.

More information
https://www.businesstoday.in/amp/latest/corporate/story/kkr-contributes-rs-305-crore-for-covid-19-relief-in-india-302012-2021-07-22

‘It will create hurdles to ease of doing business in India’

The US India Strategic Partnership Forum (USISPF), which has Deloitte’s Global CEO Puneet Renjen, Adobe’s CEO Shantanu Narayan and former Cisco chief John Chambers on its board, has expressed concerns over the proposed amendments to the e-commerce rules, stating that it will create hurdles to the “ease of doing business” in India.

“A disabling regulatory framework could significantly impede the growth of the sector. This is the context that should be considered while bringing in any changes to the rules governing this rapidly evolving sector,” the USISPF stated in its 11-page submission to the Ministry of Consumer Affairs.

The not-for-profit body urged the authorities for a “serious consideration” of the growth potential of the e-commerce industry, as well as its contribution to the Indian economy during the pandemic. It also pointed out that the e-commerce industry has been a critical aspect to generate foreign investment in the sector. This, according to the institution, is a “direct result of a light-touch regulation”.

‘Rules are confusing’

On the proposal to broaden the definition of e-commerce, it said that the rules are extremely vast, confusing and lead to additional compliances. “This is problematic and fails to take into consideration that not all marketplaces are alike and may not share similar relationships with buyers and sellers, negating the need for or effectiveness of prescriptive measures,” said the USISPF.

On the issue of mandated registration of all e-commerce entities, the industry body pointed out that it is a hurdle to the “ease of doing business”. Thus, it recommended that the registration requirement should be deleted, since the existing rules already require the e-commerce platform to provide comprehensive disclosures.

“Several new prohibitions on e-commerce entities give rise to the concern that the Proposed Amendments create a discriminatory regulatory environment, where obligations are imposed on digital platforms that do not apply to their brick-and-mortar counterparts,” it said.

There are several examples: first, marketplaces now have to index products and sellers by country of origin, build search functionalities, employ experts to assess all products in the inventory of their sellers (not even their own inventory). To impose a similar obligation on a mall owner, for example, might appear highly incongruous, said the USISPF.

More information
https://www.thehindubusinessline.com/economy/us-india-strategic-partnership-forum-red-flags-proposed-e-commerce-policy/article35450548.ece/amp/

The Reserve Bank of India (RBI) has imposed a ban on Mastercard Asia Pacific from issuing any new debit or credit cards.

According to the central bank, the action follows a violation of the RBI’s norms on the storage of payment systems data. The ban will come into effect starting from July 22 with the RBI clarifying that this action will not impact existing Mastercard customers.

The move comes less than three months after the RBI barred American Express and Diners Club International from issuing new cards due to similar violations. Also in focus are the government’s draft e-commerce rules, where the Centre has decided to extend the deadline for public comments on the proposed rules to August 5.

For context, the rules seek to ban fraudulent flash sales as well as bar-related companies from selling their products directly on the platforms. They also make it mandatory for e-commerce companies to appoint grievance and compliance officers.

To discuss this, CNBC-TV18’s Parikshit Luthra spoke to Mukesh Aghi, president of USISPF.

More information
https://www.cnbctv18.com/videos/business/ban-on-mastercard-and-new-draft-e-commerce-rules-send-wrong-message-to-investors-usispf-10015321.htm

The severity of the Covid-19 crisis in India has had a profound effect on millions of people, and it has led to an outpouring of global aid and support

The severity of the COVID-19 crisis in India has had a profound effect on millions of people, and it has led to an outpouring of global aid and support.

With more than 15,000 colleagues in the region, here is how American Express is supporting their colleagues, their families, and communities as they grapple with this challenge.

Their actions to provide direct COVID-related support and resources for their colleagues including:

Running vaccination camps for colleagues and their dependents in Gurugram, New Delhi, Bengaluru, Mumbai, Chennai, Hyderabad, Kolkata and Pune. Around 4,256 of the company’s colleagues, contractors and their dependents took advantage of these events. The company is continuing to work with leading hospitals to expand the coverage of vaccination camps to other cities as well.

Securing and deploying a number of oxygen concentrators that are being provided, free-of-charge to colleagues and their dependents who have been prescribed the equipment to deal with health issues associated with COVID-19.

Providing at-home testing and collection of COVID-19 RT-PCR tests for all colleagues and their families.

Establishing a 24*7 COVID-19 hotline dedicated to Amex colleagues and their dependents to help them find doctors, hospitals, isolation facilities, ambulances, and other medical assistance.

American Express has also made a number of significant improvements to their health and benefits plans to assist their colleagues. All these benefits can be availed by families in India of American Express colleagues with Indian origin residing anywhere in the world.

The company has increased financial assistance by allowing them to claim loans from their retirement accounts and extending a 45-day salary advance to most full-time colleagues to help them through this period.

American Express improved its insurance plans to cover all COVID-19 testing costs, home quarantine, ICMR recognized hotel isolation cost, hospital care cost, ambulance charges and mental health support. The company has also expanded medical coverage to include parents and partners of LGBTQ+ colleagues.

To support the bereaved families of American Express India colleagues, the company has increased their ex gratia benefit to two-years’ base salary or Rs15 lakhs, whichever is greater. This benefit is also being extended retroactively from January 2020 when the pandemic began, regardless of the cause of death.

Beyond the company’s continued support of colleagues in the region, American Express is also supporting local relief efforts to help boost the health infrastructure of India. The company has assisted in funding portable hospitals, patient home management and quarantine facilities for COVID patients, and oxygen plants in the most affected areas.

Manoj Adlakha, SVP and CEO, American Express Banking Corp. India, said, “The situation in India is improving, but we are by no means in the clear. Our company is continuously evaluating new ideas and resources to help us look after ourselves and each other. We will continue to seek the feedback of our colleagues, partners and communities to ensure we are helping as best we can.”

So far, American Express has pledged US$2.9 million to support various organizations such as Dastkar, the American India Foundation, the NASSCOM Foundation, Goonj, Save the Children, and the Society of Nutrition, Education and Health Action (SNEHA) to help with COVID relief efforts in the underserved communities. This includes a donation of US$350K to USISPF for disbursing 1000 Oxygen concentrators and setting up a 100-bed portable hospital in partnership with the Government of India to address critical healthcare infrastructure needs in the most affected areas.

The company has also made it possible for their colleagues outside of India to contribute to these efforts through a global giving campaign dedicated to COVID relief in India. American Express will double the impact of this initiative by matching eligible donations.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

More information
https://www.business-standard.com/article/current-affairs/american-express-commits-5-mn-to-support-covid-19-relief-efforts-in-india-121071500586_1.html

Finance Minister Nirmala Sitharaman said India is committed to forge a long term relationship with U.S. investors and proposes to meet them twice a year

COVID-19 and its aftermath has proven the Indian economy’s resilience, Union Finance and Corporate Affairs Minister Nirmala Sitharaman told U.S. investors in a meeting on June 24, adding that India’s fiscal situation is not only under control, but also expected to improve further.

Addressing a global investors’ meet hosted by the U.S.-India Strategic Partnership Forum (USISPF), Ms. Sitharaman said that the government has shown a strong record of ‘reform implementation in the last six years’ and showcased the ‘strong relief and reforms undertaken during the pandemic times’.

“Macro-economic stability, infrastructure-led economic growth opportunities, financial sector reforms and positioning as a strong player in global supply chains are just some of the ways India continues to rise as a global economic powerhouse,” she said, stressing that there was a significant decline in new COVID-19 infections and a decline in the second wave.

At the meeting attended by global investors such as Mastercard, Metlife, Prudential, Dell, Softbank and Warburg Pincus, the broad messaged conveyed by the Finance Minister included the vision to make India ‘self-reliant and modern’ through the Aatma Nirbhar Bharat programme and driven by 5 ‘I’s – Intent, Inclusion, Investment, Infrastructure and Innovation.

The Finance Minister said India is committed to forge a long term relationship with U.S. investors and proposes to meet them twice a year. “The continuous reforms make India a great place to do business and the highest ever GST collections shows the bright spot — more formalisation of economy and tax compliance,” Ms. Sitharaman told investors as per an official statement.

Emphasising India’s ‘continued macro-economic stability and resilience in economic recovery in the recent months’, the Finance Minister said India’s wide-ranging reforms continue to position the country as an attractive destination for foreign investors. There are ‘new opportunities emerging for foreign investors with recent FDI reforms, privatisation policy and PLI (production-linked incentive) scheme’, she pointed out.

“Innovation and R&D got a great potential. New opportunities emerging for foreign investors with recent FDI reforms privatisation policy and PLI scheme,” the Finance Ministry said in a statement, summarising her message at the USISPF meeting.

According to the Ministry, First Solar CEO Mark Widmar applauded ‘the effort done already towards the investment opportunities in India, especially with the combination of industrial policy and the trade barriers that have enabled this initiative’. He was also encouraged to see the vaccination and economic progress, the statement said.

Ms. Sitharaman underlined that India had 15 new unicorns in 2021, reflecting its growing startup ecosystem ‘to be amongst the best in the world’. Economic Affairs Secretary Ajay Seth told investors about the broad themes of the Union Budget and the far-reaching changes brought about.

More information
https://www.thehindu.com/business/Economy/usispf-covid-19-proves-indian-economys-resilience-fm-nirmala-sitharaman/article34958538.ece

The Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman today participated in the Global Investors Roundtable organised by the US-India Strategic Partnership Forum (USISPF) through video conferencing which witnessed participation from some of the largest foreign investors, including Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank and Warburg Pincus amongst others.

The event provided investors with an opportunity to engage with the Union Finance Minister and senior officials of Indian Government to discuss potential investment opportunities and deliberate on the role of ongoing policy reforms that will enable greater Ease-of-Doing-Business in India.

Smt. Sitharaman discussed India’s opportunities for growth and investment pertaining to India’s wide-ranging reforms which continues to position the country as an attractive destination for foreign investors. The Finance Minister remarked that macro-economic stability, infrastructure-led economic growth opportunities, financial sector reforms, and positioning as a strong player in global supply chains are just some of the ways India continues to rise as a global economic powerhouse. The broad messages conveyed to the investors were:

• Significant drop in new COVID infections in the country
• Strong Relief and Reforms undertaken by Government during the pandemic times
• Continued macro-economic stability and resilience in economic recovery in the recent months
• Vision to make India Self-Reliant (Aatma Nirbhar Bharat)
• Steps taken for Infrastructure led economic growth
• Creating multi-sectoral opportunities for investorsf. Creating multi-sectoral opportunities for investors
• Strong track record of reform implementation in the last 6 years
• Other strengths/advantages of India as an investment destination
• Opportunities for investment in Climate, ESG and Sustainability focused investments.

In her concluding remarks, Smt. Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India driven by 5 “I’s” viz. Intent, Inclusion, Investment, Infrastructure and Innovation. The Finance Minister stated that the country is committed for long term relationship with US investors and proposes to meet twice yearly.

• The continuous reforms make India a great place to do business.
• Covid and its aftermath has shown Indian economy’s resilience.
• Highest ever GST collections shows the bright spot-More formalisation of economy and tax compliance
• Innovation and R&D got a great potential.
• New opportunities emerging for foreign investors with recent FDI reforms privatisation policy and PLI scheme.
• Fiscal situation is under control and expect to improve further.
• 15 new unicorns in first 5 years of 2021 itself reflecting growing startup ecosystem to be amongst the best in the world.

Economic affairs Secretary Shri Ajay Seth highlighted about the broad themes of Budget 2021 and how changes made are far reaching and set the tone of interactive discussion that followed.

Shri Ajay Banga, CEO, mastercard mentioned, “When United States and India, along with the best of the private sector, work together with a level playing field and fair competition to drive innovation and progress in India and for India, a great deal can be accomplished. “

Mr George Oliver, Chairman and CEO, Johnson Control, mentioned, “We are extremely excited about the growth opportunity in India and expand further in India, one of the fastest emerging global economies. India has made significant progress and is expected to double its energy demand by 2040 and we are keen to support this growth story.”

Mr Mark Widmar, CEO, First Solar, said, “Applaud the effort done already towards the investment opportunities in India, especially with the combination of Industrial policy and the trade barriers that have enabled this initiative. Also, encouraged to see the vaccination and economic progress”

About USISPF

The US-India Strategic Partnership Forum (USISPF) is a non-profit organization, with the primary objective of strengthening the India-US bilateral and strategic partnership through policy advocacy in the fields of economic growth, entrepreneurship, employment-creation, and innovation.

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https://ibgnews.com/2021/06/24/finance-minister-fm-addresses-us-india-strategic-partnership-forum-usispf-board-of-directors-investment-roundtable/

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https://www.livehindustan.com/international/story-due-to-india-s-efforts-the-world-is-getting-an-understanding-of-how-to-deal-with-corona-virus-says-america-4090520.html

America’s top infectious disease specialist Dr Anthony Fauci on Thursday said his country is eager to involve Indian investigators in global clinical trials to evaluate the safety and efficacy of COVID-19 therapeutics.

The National Institute of Allergy and Infectious Diseases has a long history of collaboration with its counterpart agencies in India, Dr Fauci said during a conversation organised by the US-India Strategic and Partnership Forum.

Under the long-standing Indo-US vaccine action programme, we will continue to work with India on research related to SARS-CoV-2 (Severe Acute Respiratory Syndrome Coronavirus 2) vaccines. We also are eager to involve Indian investigators in sites in global clinical trials to evaluate the safety and efficacy of various COVID-19 therapeutics, he said.

The partnerships between the NIH and India’s Department of Biotechnology as well as what the Indian Council of Medical Research have helped produce important scientific and public health discoveries in the past.

I am confident they will continue to do so in the future. India’s contributions to global scientific knowledge are well known to all. With strong governmental support and a vibrant biopharma private sector, this knowledge already is yielding solutions to COVID-19 prevention and care, Dr Fauci said.

India’s Ambassador to the US Taranjit Singh Sandhu said as India ramps up vaccine production to cater to its needs and those of the world, it relies on the support of the United States in ensuring raw materials and component items are available in good supply.

Vaccinating the world is our best bet against another wave of the pandemic, and the ideal way to speed economic recovery, he said.

Observing that India-US health collaboration is not new, he said under the longstanding Vaccine Action Programme between both nations, they developed a vaccine against rotavirus, which causes severe diarrhea in children.

Indian companies have also manufactured, highly cost-effective HIV drugs for use in African countries, building on cooperation between US organisations and the private sector, he said.

Looking ahead, we need to invest in preparing for the future. Future global resilience will depend on how well prepared we are in dealing with future pandemics. We need to work to further expand our bilateral programmes in areas such as epidemiology, digital health and patients’ safety to tackle communicable, and non-communicable diseases and improve infectious disease modelling, prediction and forecasting.

Similarly, the sharing of clinical expertise, standards, and experiences of hospitals, in the management of infectious diseases, especially COVID-19, would add to the knowledge base, Sandhu said.

I think it’s important to understand when the US went through a crisis last year, it was India which kept up to support the US from critical medicine. And India is going through his own challenges us stepped up. So, it is a reciprocal partnership, USISPF president Mukesh Aghi said.

Sandhu said last year, as the pandemic hit, India ensured the integrity of health supply chains, providing essential medicines to the US.

This year, when the US supported India during the second wave, President Biden recalled India’s help. Companies such as Gilead and Merck present here today have been critical in supplying essential medicines to India which has helped us fight the pandemic and saved innumerable lives, he said.

More information
https://www.business-standard.com/article/current-affairs/us-eager-to-involve-indian-investigators-in-clinical-trials-on-coivd-fauci-121060400109_1.html

One of the aspects of the partnership between India and The U.S besides health, education, and trade is an investment: @MukeshAghi, (President, US India Strategic and Partnership forum-USISPF) on S Jaishankar visit to the U.S. Watch #News360 with @SiddiquiMaha

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EPISODE 8:

MUKESH AGHI, PRESIDENT AND CEO OF THE US-INDIA STRATEGIC PARTNERSHIP FORUM (USISPF)

India is the most strategic partner in the world to the U.S. – and our friends in India urgently need our help fighting the ongoing COVID-19 pandemic. As experts have said, this pandemic is truly not over for anyone until it is over for everyone. In this episode of “Chambers Talks: A Podcast Series with John Chambers,” Mukesh Aghi, President and CEO of USISPF, shares what large companies around the world are doing to ensure supplies are delivered to India on a daily basis, as well as what you can do to give back. Listen for more, and consider donating anything you can at: https://usindiaalliance.org/

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https://www.jc2ventures.com/chambers-talks/2021/5/24/episode-8

India is currently struggling with a second wave of the pandemic with more than 3 lakh daily new coronavirus cases being reported in the past few days

Washington, April 28

America’s corporate sector has stepped up its efforts to help India in its battle against the Covid pandemic and ensure that lives are saved, the head of an India-centric American business advocacy group has said.

India is currently struggling with a second wave of the pandemic with more than 3 lakh daily new coronavirus cases being reported in the past few days, and hospitals are reeling under a shortage of medical oxygen and beds.

“The other whole objective is, what we need to do to save and sustain life,” Mukesh Aghi, the president of the US India Strategic and Partnership Forum, said.

“All I can say is all hands are on deck. US corporations have stepped up and you will see the speed and things coming to India very fast,” Aghi told PTI in an interview.

Representing several hundred American companies having a footprint in India, Aghi who has been coordinating with both the US and Indian governments said that these organisations are concerned about the situation as most of them have large employee bases in India.

Over the past few days, CEOs of various companies have been holding daily virtual meetings to discuss and coordinate their relief efforts in India.

Many of these announcements have come out in the public domain, for instance, MasterCard contributing USD 10 million, and Google announcing USD 18 million in new funding for India.

Google is helping India with tracking Covid in India.

Aviation giant Lockheed Martin is sending helicopters and cargo flights to move equipment to small towns in India.

And many firms have offered their empty offices in India to be used as vaccine centres.

UPS and United and Delta have already volunteered flights to take equipment to India. Amazon is coordinating ventilators distribution.

FedEx on Tuesday flew 1,000 oxygen concentrators to India.

Air Products announced plans to allocate resources and assets from its operations around the world to support and maximise the supply and distribution of oxygen within India during this period of crisis.

“From IBM to Amazon to Chase all, I would say, most of them, have stepped up. The CEOs have stepped up and made tremendous contributions to ensure that lives are saved,” he said in response to a question.

“What we have agreed, is basically look at multiple areas to support India. First is bringing in oxygen concentrators. As of now, we have almost 1,000 oxygen concentrator devices landing in India between today and tomorrow. We are targeting to bring at least 25,000s of them and have been resourcing around the world to be shipped to India,” Aghi said. PTI

More information

https://www.tribuneindia.com/news/nation/corporate-america-steps-up-efforts-for-covid-relief-in-india-us-forum-chief-245391

Other Sources: Times of India, The Wire, and The First Post 

Washington: In a show of solidarity, the CEOs of about 40 top American companies have come together to create a first-of-its-kind country-specific global task force to mobilise resources and coordinate efforts to help India fight the battle against COVID-19.

A collective initiative of the US-India Business Council of the US Chamber of Commerce, and the US-India Strategic and Partnership Forum and Business Roundtable, the task force during its meeting here on Monday committed to get 20,000 oxygen concentrators to India in the next few weeks, Deloitte CEO Punit Renjen told PTI.

The new US public-private partnership to provide India critical medical supplies, vaccines, oxygen, and other life-saving assistance amid an unprecedented surge in coronavirus cases is called the ‘Global Task Force on Pandemic Response: Mobilising for India’.

The first-of-its-kind country-specific global task force to address a public health crisis in another country was addressed by US Secretary of State Tony Blinken.

The conversation showed how the United States and India can leverage the expertise and capabilities of the US private sector towards solutions for India’s COVID-19 crisis, Blinken said in a tweet.

“A number of American companies have come together over the weekend. We are focused on doing our very best to help in any way that we possibly can. As the prime minister said, we were very confident, our spirits were up after successfully tackling the first wave, but this storm has shaken the nation. It is up to us to help in any way possible,” Renjen said in response to a question.

More information

https://zeenews.india.com/companies/ceos-of-40-top-american-companies-create-global-task-force-to-help-india-fight-covid-19-2357903.html

Other Sources: Business Today, Republic World, The Hindu, Economic Times, The Tribune, and Business World 

India had supported multiple countries when they were battling the COVID-19 pandemic throughout 2020 and early 2021. And now, as India fights an unprecedented health crisis, support has started pouring in from different corners of the world.

International governments and private companies are pitching in to help India overcome the shortage of oxygen and medicines needed to fight the virus. The US government has promised to immediately supply essential raw material required to manufacture Covishield and will also send oxygen generation equipment to India.

US President Joe Biden said in a tweet: “Just as India sent assistance to the US as our hospitals were strained early in the pandemic, we are determined to help India in its time of need.”

The US National Security Advisor Jake Sullivan spoke to India’s NSA Ajit Doval about the spike in COVID-19 cases in India and offered assistance across the board. Among other countries, the UK has announced that it is sending over 600 medical devices including oxygen concentrators and ventilators, while Germany, France and Russia said they would provide oxygen support and other medical help to India.

India’s Reliance Group, Adani Group, Amazon and the Tata Group along with Singapore’s Temasek have been arranging supplies including oxygen containers and concentrators, some of which have already started to arrive on Indian shores.

Global business leaders have also extended their support to India. Google’s Sundar Pichai said, “Devastated to see the worsening COVID crisis in India. Google & Googlers are providing Rs 135 crore in funding to give India and UNICEF for medical supplies, organisations supporting high-risk communities, and grants to help spread critical information.”

Microsoft’s Satya Nadellla tweeted, “I am heartbroken by the current situation in India. I am grateful the US government is mobilizing to help. Microsoft will continue to use its voice, resources, and technology to aid relief efforts, and support the purchase of critical oxygen concentration devices.”

To discuss the worldwide support India is receiving, CNBC-TV18 Managing Editor Shereen Bhan spoke to Nisha Biswal, President of USIBC; Mukesh Aghi, President of USISPF; Walter Lindner, German Envoy to India and Ugo Astuto, EU Ambassador to India.

More information

https://www.cnbctv18.com/videos/healthcare/covid-19-2nd-wave-the-world-come-to-indias-aid-9071351.htm

Washington, Apr 25 (PTI) An India-centric American trade advocacy group on Sunday said it has placed orders for one lakh portable oxygen concentrators and is working to airlift oxygen cylinders to New Delhi and other cities, in addition to sending shipment of vaccines directly from companies.

“Fighting the pandemic effectively will require concerted action on all fronts. At this time, the need is enormous, and all resources have to pooled,” said US-India Strategic and Partnership Forum (USISPF) president and CEO Mukesh Aghi.

The USISPF is working closely with the Government of India to ensure seamless movement of critical equipment and supplies, he said.

“USISPF will be soon setting up a dedicated web portal to centralize the efforts of individuals and other companies,” Aghi said.

Giving details of the efforts by USISPF, Aghi said India will soon receive at least a dozen ISO containers that will help transport oxygen within the country. These containers are being shipped or airlifted from different parts of Asia. Another dozen containers have already been identified for shipment to India and efforts are on to triple this number, he said.

USISPF members are working on airlifting oxygen cylinders into Delhi and a few other states that face shortage of oxygen supply.

Through generous donation of its member companies, USISPF has placed orders to source 100,000 portable oxygen concentrators for use at home and hospitals to be shipped to India immediately, he said, adding that USISPF is already in touch with manufacturers in the US, Mexico, Malaysia and China.

“India will soon also receive a significant shipment of vaccine directly from pharmaceutical companies,” he said.

USISPF has also approached companies in the US to supply and/or donate ICU beds, Covid-Test kits, N-95 Masks and other medical equipment. We expect the shipments to begin as early as Tuesday/Wednesday of the coming week.

On the ground, USISPF is working with member companies and NGO partners to set up vaccination and medical centers on corporate campuses.

In a statement, USISPF appreciated the efforts by leaders across the US government at the highest level to identify concrete steps the United States can take to assist India through this crisis.

“We look forward to announcements soon that will support India’s efforts to fill needs like oxygen, medicines, medical supplies, and vaccines,” USISPF said.

“This should include a waiver of current restrictions on the export of vaccine raw materials to ensure production of vaccine in India can continue uninterrupted. USISPF and our members stand ready to support assistance efforts of the US government at this critical time,” it said. PTI LKJ ZH ZH

More information

https://www.outlookindia.com/newsscroll/usispf-says-it-has-placed-orders-for-one-lakh-portable-oxygen-concentrators-for-india/2071179

Other Sources: Business Wire, India Today, Business Line, ANI News and Millennium Post

America’s relationship with India continues toascendin the Biden administration. The productive engagement by Prime Minister Modi and President Biden at the first Quad Summit was followed by a successful visit by U.S. Secretary of Defense Lloyd Austin III to India.

America’s relationship with India continues to ascend in the Biden administration. The productive engagement by Prime Minister Modi and President Biden at the first Quad Summit was followed by a successful visit by U.S. Secretary of Defense Lloyd Austin III to India. Even as White House occupants change and new priorities emerge, the U.S.-India relationship, built on common interests, shared values and wide spread linkages, continues to deepen and broaden to new areas of cooperation.

This week Special Presidential Envoy for Climate John Kerry will meet with senior officials in New Delhi prior to President Biden’s Leaders Summit on Climate, which Prime Minister Modi and 39 other leaders will attend. Since Mr. Kerry’s last official visit to India as Secretary of State in 2016, India has worked hard to achieve its Paris climate commitments. It is on track to decrease the carbon intensity of its economy by 33-35 percent from 2005 levels to 2030 through adoption of renewables and natural gas, forest restoration and conservation and incentives to encourage the sale of electric vehicles, among other efforts. India’s energy consumption per capita is only a third of the global average, but as it approaches a $5 trillion economy, rising energy usage will drive up emissions unless more aggressive abatement measures are implemented.

India must provide low-cost energy access to millions to break the cycle of poverty and support long-term growth. If Washington accepts this imperative, low-carbon energy can be the next strategic pillar in the U.S.-India partnership. India’s energy choices must be affordable and accessible so more Indians can benefit. They must also be sustainable to protect India’s environment and the planet and scalable to meet the rising needs of 1.5 billion Indians by 2030. Achieving these conditions will require international dialogue, government support and active industry involvement.

Three opportunities are particularly promising:

• continuing the impressive deployment of renewables;
• increasing natural gas usage;and
• introducing new technologies to develop India’s own sources of fossil fuels and then to abate their emissions.

India has made major strides in deploying renewables, with 136 GW of installed renewables capacity now representing 38 percent its installed electricity generation. India intends to expand its renewable energy capacity to 450 GW by 2030. Launched in 2009, the U.S.-India Partnership to Advance Clean Energy (PACE) was expanded by Prime Minister Modi and former President Barack Obama and will become a cornerstone of the strategic energy partnership between Minister of Petroleum and Natural Gas Dharmendra Pradhan and U.S. Energy Secretary Jennifer Granholm.

Recognizing the value of natural gas in Indian homes, transportation and industry, Prime Minister Modi has committed to nearly triple India’s use of natural gas by 2030. The United States enables India’s quest for cleaner energy with supplies of liquefied natural gas (LNG)that have climbed from zero in 2015 to more than 124,000 million cubic feet last year. And under the auspices of the U.S.-India Gas Task Force, American and Indian companies are innovating to get cleaner burning fuel to otherwise stranded Indian businesses. For example, ExxonMobil is partnering with Indian Oil Corporation and Chart Industries to create virtual pipelines to deliver LNG on intermodal containers by road, rail and waterways not connected by physical pipelines to demand centers that otherwise must rely on more costly energy sources with higher emissions. The result will be more Indian manufacturing, more Indian jobs and lower Indian emissions.

The United States also can supply advanced technology to help meet India’s dual challenge of obtaining more affordable and reliable energy while reducing environmental impacts. India now relies heavily on crude imports that drain foreign currency reserves and create security vulnerabilities. But India may have abundant oil and gas reserves in its vast maritime territory. With governmental support, India should be able to attract international companies with proven expertise in deep-sea and ultra-deep-sea exploration. American firms also can help India implement carbon capture and storage (CCS), the process of capturing CO2 that would otherwise be released into the atmosphere and injecting it into deep geologic formations for safe and secure storage. CCS is a promising way to abate emissions in industrial sectors such as chemicals, cement and steel. Hydrogen is another option to reduce emissions in hard-to-mitigate industrial and transportation applications. Hydrogen is a versatile fuel that can be made from renewables, gas and coal.

In each of these areas, U.S. companies will be essential to drive the U.S.-India partnership to new heights. By making low-carbon energy a strategic pillar of the bilateral relationship, India and the United States can transform their common challenges into shared opportunities.

(The author is President and CEO, U.S.-India Strategic Partnership Forum. Views expressed are personal and do not reflect the official position or policy of the Financial Express Online.)

More information

https://www.financialexpress.com/defence/low-carbon-energy-the-next-strategic-pillar-in-us-india-partnership/2229097/

Kerry made the comment while delivering the keynote address at the annual leadership summit of South Asia Women in Energy — a platform launched in 2019 by the US India Strategic Partnership Forum (USISPF), in partnership with United States Agency for International Development (USAID). 

Calling India a “red hot investment opportunity” because of the country’s efforts to increase the share of renewables in the energy basket, special US presidential envoy for climate John Kerry said on Tuesday that “global investment in new clean power capacity is set to exceed $10 trillion through mid-century, more than six times the investments in dirtier options”.

Kerry made the comment while delivering the keynote address at the annual leadership summit of South Asia Women in Energy — a platform launched in 2019 by the US India Strategic Partnership Forum (USISPF), in partnership with United States Agency for International Development (USAID).

Kerry, who is the former US secretary of state, is touring Abu Dhabi, New Delhi, and Dhaka, between April 1-9 for consultations on increasing climate ambition, ahead of US President Joe Biden’s Leaders’ Summit on Climate scheduled in April 22-23.

“I want to see India flourish as a clean tech hub of Asia, producing and deploying clean technologies and playing a critical role in global clean supply chains,” Kerry stated. Earlier in the day, Kerry met Prakash Javadekar, the Union minister of environment, forest and climate change.

“In 2021, we stand at the precipice of a rare opportunity to create new technologies and new markets,” Kerry said, adding that “India sees this and India is seizing this opportunity.” India has set a target to raise the capacity of installed renewable energy generation plants from the current level of 93 giga-watt (GW) to 450 GW by 2030. About 35 GW is under various stages of implementation and 30 GW under various stages of bidding. If the 45.7 GW of hydro and 6.8 GW of nuclear capacities are included, the target under the Paris climate change accord of having 40% of installed power generation capacity from non-fossil fuel sources can be achieved by 2022 itself.

More information

https://www.financialexpress.com/economy/india-red-hot-investment-opportunity-for-clean-energy-kerry/2228273/

John Kerry met with Environment Minister Prakash Javadekar and External Affairs Minister S. Jaishankar on Tuesday

India is a “red-hot” investment opportunity because of its “clean energy” shift, said U.S. special envoy, suggesting that having the US as a partner in tackling climate change is a unique advantage. In his first public address after reaching Delhi for a four-day visit to prepare for U.S. President Joseph Biden’s Climate Change Summit on April 22, Mr. Kerry said the U.S. is committed to bringing emissions to below 1.5 degrees Celsius, and hoped to help India cut emissions as well.

Mr. Kerry met with Finance Minister Nirmala Sitharaman, External Affairs Minister S. Jaishankar, and Environment Minister Prakash Javadekar on Tuesday. He is expected to meet with Prime Minister Narendra Modi, Petroleum minister Dharmendra Pradhan and Minister of State for Renewable Energy R.K. Singh on Wednesday.

“FM underscored the need to enhance financial flows to developing countries beyond $100bn to strengthen climate action,” a Ministry of Finance statement said, underscoring the need for developed countries’ to keep their $100 billion commitment per year to developing countries.

While it is unclear whether he will make any announcements on restoring some of the funding for India that the Trump administration had cancelled, Mr. Kerry is understood to be discussing how to deepen India’s targets for renewable energies, and laying the ground for the COP-26 summit in the UK later in the year as well.

“India has an advantage that we didn’t have in the US as we were developing… Not just the benefits of decades of scientific and technical advancements. You also have the United States as your friend and partner. And we are here to support you on this path to a sustainable future,” Mr. Kerry said in a videotaped message to the U.S. – India Strategic Partnership Forum (USISPF) at a virtual conference for South Asian women involved in the energy industry.

“India has the opportunity to both elevate women’s empowerment, and to avoid the mistakes made by other countries like ours. Instead of building a modern and sustainable society that is the envy of the world, some of us have contributed too much to the problem that we’re living through today,” he added, commending India for its leadership of the International Solar alliance, working towards targets of 450 gigawatts of renewables by 2030, and becoming a global market leader of solar energy storage by 2040.

Calling for more innovation and cooperation between India and the US in order to make a “net zero energy transition”, Mr. Kerry said that the world needs to phase out coal or thermal energy “five times faster” than it has in the period 2013-2018, ramp up renewable energy six times faster and transition to electric vehicles at a rate 22 times faster in order hold global warming increases at 1.5 degrees Celsius.

“I want to see want to see India flourish as a place of green tech hub of Asia, producing clean technologies and playing a critical role in global clean supply chains. I believe our two nations, the world’s two biggest democracies have a great deal to gain from joining hands for global leadership to confront the climate crisis and meet the moment,” Mr. Kerry said.

More information

https://www.thehindu.com/news/national/india-has-the-advantage-of-us-as-a-partner-in-fighting-climate-change-kerry/article34255841.ece

Issues of global health, climate change, and regional security challenges are rightly front and center at the moment, but economic security remains the lynchpin of the entire effort.

“The Quad has come of age.” Narendra Modi, Prime Minister

When the leaders of India, the United States, Japan, and Australia met virtually in the first-ever Quadrilateral Leaders’ Summit on Friday, they committed to strengthen their cooperation on the defining challenges of our time. Issues of global health, climate change, and regional security challenges are rightly front and center at the moment, but economic security remains the lynchpin of the entire effort.

The first Quadrilateral Dialogue took place in 2004 to coordinate the humanitarian response to a devastating tsunami. In the years since, the Quad has focused largely on maritime security, with regular meetings of senior defense officials, joint military exercises, and steps toward greater defense system interoperability. Though each Quad country has its own domestic political and geostrategic interests to consider, they all recognize a shared common interest in peace and physical security in the Indo-Pacific.

In light of the global COVID19 pandemic, the Quad leaders have enlarged their vision to encompass a free, open, inclusive, and healthy Indo-Pacific region within which countries enjoy the security to pursue bilateral interests and cooperate on transnational issues. Their commitment to expand vaccine production and equitable distribution across the region is especially timely and important, and shows the value of the Quad partnership of like-minded democracies.

Yet the current crisis also reminds us that economic security in the Indo-Pacific is equally fundamental. The pandemic showed how fragile economic supply chains can be and the extent to which a health crisis can disrupt an economy and undermine a nation’s broader national security. Along with the immediate challenge of defeating the virus, the Quad leaders know they must also deliver a robust and sustainable economic recovery. The time is ripe, then, for them to embrace a Quadrilateral Economic Dialogue.

The IMF projects the four Quad economies will rebound in 2021, with the advanced economies enjoying 2-3 percent growth and India perhaps three times above that. Though impressive, such growth is insufficient to replace that which was lost during the pandemic year. To achieve the levels of economic activity necessary for a full recovery these countries must embrace even greater trade, investment, and economic cooperation.

Given the COVID-induced strain on public finances, private capital and foreign investment are the critical elements necessary to unleash this economic potential. India would especially gain from enhanced cooperation with its Quad partners in this respect. Before the pandemic India’s bilateral trade in goods and services with the Quad countries totaled nearly $200 billion and net direct foreign investment in India from the Quad exceeded $50 billion. With cooperation and the right policy framework these numbers could grow exponentially in the coming years.

Recent efforts in India to strengthen the business climate and support private investment are positive and welcome, but more is needed. India should work with its Quad partners to reverse the counterproductive tariff policies of the past four years and show that “self-reliant India” is an invitation rather than a barrier. At home, it should further reduce impediments to investment in sectors that would benefit from greater foreign capital and know-how, and resolve long-standing tax disputes that are a drag on commercial activity.

Furthermore, the Quadrilateral dialogue will be especially useful for addressing the economic issues posed by climate change that will deeply affect India in coming years. In their joint statement the four leaders committed to redouble Quad engagement in areas such as infrastructure investment and climate finance. All four countries agree that climate change poses serious structural challenges to economic and physical security and have committed to strengthen their actions on climate mitigation, adaptation, and resilience. India should work with its Quad partners to deliver on its ambitious renewable energy goals, scale up financing for green infrastructure investment, strengthen its existing supply chains, and provide adequate financial insurance against the risk of extreme weather events.

A regular Quadrilateral Economic Dialogue would help advance all of these fundamental goals. The Quad leaders have committed their Foreign Ministers to meet together at least once a year; Finance Ministers should make a similar commitment, as a start. By focusing on economic issues in the Quadrilateral setting, India and its like-minded partners can meet the economic challenges of this unique moment and achieve the economic security necessary for a free, open, and thriving Indo-Pacific.

(The author is Senior Vice President, Financial Services, USISPF. Views expressed are personal and do not reflect the official position or policy of the Financial Express Online. )

More information

https://www.financialexpress.com/defence/quads-coming-of-age-toward-a-quadrilateral-economic-dialogue/2212379/

Listen in to what @USISPForum’s Head, Dr Mukesh Aghi (@MukeshAghi) has to say on #COVID19 vaccine initiative discussed in the Quad Summit.

Watch #World360 with @SiddiquiMaha.

More information

https://www.facebook.com/cnnnews18/videos/184689353460316/

The first historic Quad leaders’ summit kicks off. Addressing the summit, PM Modi, US President Biden, Australian Prime Minister Morrison and Japanese Prime Minister Suga emphasised the need for co-operation amid the Covid-19 pandemic. Indian Prime Minister Narendra Modi says that we are united by our democratic values. We are committed to a free, open and inclusive Indo-Pacific. Our agenda today is covering areas like vaccines, climate change. Quad a force for global good. We will work together, closer than ever before. Will promote a secure, stable & prosperous Indo-Pacific. But, how will the summt affect the geopolitical landscape? Watch the debate with Tamanna Inamdar, Tanvi Madan, Director – The India Project & Senior Fellow – Foreign Policy, Brookings Institution, Mukesh Aghi, President & CEO, US India Strategic Partnership Forum  (USISPF) and Ambassador Leela K Ponappa, Former Career Diplomat & Former Dy NSA.

More information

https://www.timesnownews.com/videos/et-now/shows/what-s-on-the-agenda-for-the-first-quad-meet-india-development-debate/92061

On March 4, 2021, US-India Strategic Partnership Forum led a timely session on“Learnings from the Pandemic and Future of US- India Collaboration in Bio-Pharmaceuticals” at the Global Bio India 2021 conference. Senior leaders from United States along with representatives frommultinationals who are global leaders in developing vaccines, biologics, and advanced therapies joined the session including Pfizer, J&J, Thermo Fisher Scientific, Sanofi Genzyme, Cytiva, and Covance.

Participation from the government of India included:

• Dr Alka Sharma, Scientist G, Department of Biotechnology, Ministry of Science & Tech, Government  of India
• Dr V G Somani, Drug Controller General India, CDSCO, Ministry of Health and Family Welfare
• Dr Jyoti Malik Logani, Scientist E, DBT, Ministry of Science and Technology, Govt. of India
• Dr. Shirshendu Mukherjee, Mission Director PMU, BIRAC
• Dr Manish Diwan, Head, Strategic Partnership and Entrepreneurship Development, BIRAC

The discussions at the USISPF organised session saw several notable industry recommendations, which included:

• Regulatory harmonisation and eliminating regulatorybarriers to simplify healthcare service delivery and create an ecosystem for innovation.
• Adopt best practices employed during the pandemic to achieve growth and innovation in the healthcare sector
• Need to develop a systematic disease surveillance system in order to create a single and reliable source of information and epidemiological data.
• Innovation through collaboration as the key to overcoming healthcare challenges and introduce new innovations in the market.
• Necessity to explore inter-industry and inter-governmental strategic partnerships to achieve healthcare goals.
• The government must also facilitate collaborations between the industry and the academia to pool in their expertise for a robust knowledge system
• Need for patient registries in the interest of Indian patients and recommendation for public-private collaboration to develop a single source to help plan better trial placement in India.
• Establishment of a Centre of Excellence for Cell and Gene Therapy at DBT to identify areas to facilitate innovation and creation of an ecosystem within India to become the global leader in the field of cell and gene therapy. 
• Adult immunization against VaccinePreventable Diseasesneed enhanced focus in post pandemic era to achieve goals on preventive and promotive health.

The Drug Controler General of India, Dr. V.G. Somani assured the participants companies that the department will look into establishing an institutionalised patient registry. He also underlinedthe government’s efforts to promote advanced therapies and products. Additionally, Dr. Somani assured industry members that the department is striving to work in cooperation with the regulatory bodies and regulatory harmonisation is a priority.

Dr. Alka Sharma said that the DBT has been instrumental in the funding and consolidation of efforts to curb the pandemic. She emphasised on the need to elevate knowledge and technology cooperation between India and the US to collectively fight the current pandemic.

Above: Katherine Tai speaks during her confirmation hearing in Washington, D.C. on Feb. 25. Source: Bloomberg

On February 25, 2021, the Senate Finance Committee held hearings on the nomination of Katherine Tai to become the next United States Trade Representative. Ms. Tai currently serves as the Chief Trade Counsel for the US House Committee on Ways and Means. As the Chief Trade Counsel, she has played a significant role in the House’s negotiations with the former Trump administration regarding the US-Mexico-Canada Agreement (USMCA).

In her opening remarks, Tai stated that her first priority would be to help American communities emerge from the pandemic and related economic crisis. With regard to trade specifically, she discussed the importance of a worker-focused trade policy. 

Some key responses on questions related to US-India bilateral trade:

• Market access: India is a key market for Washington state apples, and prior to the imposition of tariffs of up to 70% by India, the value of the market for Washington apples was $120 million – today the value of the market is around $4.9 million. India has called for the requiring of certification that export shipments are free of genetically engineered crops, additionally, India will close its market for apples originating in the US on March 1^st if no agreement has been reached between the two countries. Under the former Trump administration, India’s preferential trade status under the GSP program was terminated. When questioned by Senator Cantwell (D-WA) about ensuring India keeps its markets open to the US apples market as well as reducing their tariffs, Tai responded positively, stating she “understand[s] the detrimental effects that India’s tariffs have had on Washington apple exports…” and is looking forward to working to support Washington’s growing apple industry.

• Digital Services: There is concern regarding India’s recent wave of digital protectionist policies, especially with regard to their move to restrict foreign investment in e-commerce, sweeping requirements to localize data, and proposals to expropriate proprietary information from US companies. The USTR Section 301 report criticizing India’s discriminatory digital tax was also brought up. When questioned by the committee, specifically by Senator Cornyn (R-TX), on committing to making digital trade and services commitments a priority for bilateral economic engagement with India, Tai responded by saying, “If confirmed, I will work with my colleagues at the Treasury Department to address the digital services taxes in the context of the multilateral effort to limit tax competition and address base erosion and profit shifting through the OECD/G20 process.”

• In response to further questioning on India’s growing digital protectionism, Tai responded by acknowledging India’s fast-growing economy, the opportunity it presents for American exporters, and the ongoing challenge of balancing the interests of the United States with that of India’s.

• Economic Reforms: Deepening the relationship with India is necessary to counter China’s growing influence, but it was noted that India needs to make a range of market access and liberalization reforms before any progress on FTA negotiations can be made. Senator Warner (D-VA) brought up the issue of the numerous trade barriers in the Indian market related to agriculture, digital trade, and other significant issues, to which Tai responded by further acknowledging the importance of India as one of America’s largest trading partners as well as addressing the fact that the, “Indian government has erected a number of trade barriers that unfairly disadvantage American exporters…strengthening our trade and economic relationship serves the interest of both countries.”

• Trade Agreements: Senator Young (R-IN) agreed with President Biden’s comments on how the US should be setting global trade policies and how he will not sign new trade agreements unless India increased investments in the US. Current trade talks between the two countries are at a stand-still as the Biden Administration is focused on recovering the domestic economy. When pressed further on how the Biden administration will improve trading relationships with India as well as potential for broader trade agreement negotiations and trade issues that will be prioritized, Tai remained firm in her commitment to engaging with India to resolve many of these issues in order to serve the interest of both countries.

Noted as an ‘experienced trailblazer who deserves swift confirmation’, if confirmed to the position of US Trade Representative, Katherine Tai would be the agency’s first woman of colour to take up the mantle in a historic nomination.  

The three contentious farm laws passed by the Narendra Modi government will enable farmers to reach out directly to American multinational firms such as Amazon and Walmart, said Mukesh Aghi, president and CEO of the ……

Source: CNBC-TV18
Source Link: https://www.pscp.tv/w/1yNxaWwMAaQGj

For one, many Indian citizens, whether motivated politically or through genuine concerns were against such a partnership with fears that the market would be flooded with cheaper imported goods against which…

Source: Financial Express
Source Link: https://www.financialexpress.com/defence/india-must-start-playing-a-bigger-role-on-the-world-stage/2138139/lite/

The outcomes of the presidential election will not act as a barrier in Indo-US ties and are believed to further deepen the bilateral relationship.

Source: Financial Express
Source Link: https://www.financialexpress.com/economy/will-modi-need-to-build-new-road-to-us-after-trumps-exit-no-market-potential-will-drive-trade-ties/2125259/

In this news, we discuss the Restoring India’s GSP Status, A Small Indo-American Trade Agreement To Send A Very Strong Signal: Aghi

Source: Economic Times
Source Link: https://economictimes.indiatimes.com/news/economy/foreign-trade/restoration-of-indias-gsp-status-a-small-indo-us-trade-deal-to-send-very-strong-signal-mukesh-aghi-usispf/articleshow/79145211.cms

Dr Mukesh Aghi, President & CEO of USISPF (US-India Strategic Partnership Forum) shares his insights…

Source: Youtube
Source Link: https://www.youtube.com/watch?v=HTp6V1X4Kk4&feature=youtu.be

NEW DELHI: US lawmakers’ six-hour grilling of the CEOs of Facebook, Google, Amazon and Apple on Wednesday renews…

Source: Times of India
Source Link: https://timesofindia.indiatimes.com/business/india-business/how-fair-are-practices-of-tech-giants-in-india/articleshow/77295546.cms

Taranjit Sandhu, Indian ambassador to the US, says it’s a win-win proposition & ‘our leadership has given direction’…

Source: The Print
Source Link: https://theprint.in/diplomacy/india-and-us-are-nearer-to-a-smaller-trade-deal-than-ever-before-says-envoy-sandhu/457888/

NEW DELHI: A key cross-national industry body has pitched for an economic partnership deal between India, the United States, Japan and Australia…

Source: Economic Times
Source Link: https://economictimes.indiatimes.com/news/economy/foreign-trade/india-must-try-for-quadrilateral-fta-after-closing-us-trade-deal-suggests-usispf/articleshow/77161365.cms

India has offered an opening to US dairy imports through a quota-based system, the report says…

Source: LiveMint
Source Link: https://www.livemint.com/news/india/india-us-trade-deal-new-delhi-seeks-preferential-treatment-on-drugs-other-goods-11595254064465.html

The US Elections are poised on a knife’s edge and a few swing states hold the keys to the White House.

Source: CNBC-TV-18
Source Link: https://www.cnbctv18.com/videos/world/us-election-2020-donald-trump-and-joe-biden-locked-in-a-tight-race-experts-analyse-key-trends-7398471.htm