Mumbai. 21 September 2018. Stressing the critical importance of United States as strategic trade partner for India, the Union Commerce and Industries Minister, Suresh Prabhu said a vital India-US strategic commercial dialogue will be held in New Delhi in December, 2018.
“The commerce secretary and high level delegation from US will come to have detailed discussion with their Indian counterparts to strengthen the commerce tie-up and chart our future agenda for both the nations”, Prabhu said here in his inaugural speech at the Indo-Amercian Chamber of Commerce. The Annual convention theme for IACC this year is “Indo-US Economic Relations” Building a Durable Partnership”.
“We have identified key industries and sectors, where we can work in tandem with US and utilize their high-end technology”, the minister said.
The minister said that the government will unveil the new industrial policy soon. A key thrust in the proposed policy, which will replace the Industrial Policy of 1991, is to reduce regulatory hurdles and encourage adoption of technologies of the future such as artificial intelligence and robotics.
India will become $5 trillion economy in the next 7-8 years and $ 10 trillion by 2035, Shri Prabhu said.
Stating that relationship with US is extremely critical for India, the minister said “India’s response was measured and it did not levy any retaliatory duties in response to US sanctions on steel and aluminum importing countries. Instead we had positive discussions with our US counterparts”.
Stressing the need for best trading relationship with US, Shri Prabhu said “organization like Indo-American Chamber of Commerce can play a vital role in boosting the trade and commerce ties between both the countries”.
Speaking on the occasion, Kenneth I. Juster, US Ambassador to India, said ““India can seize the strategic opportunity—through trade and investment—to become an alternative hub for U.S. business in the Indo-Pacific region.” He stressed that “further opening India’s market to U.S. trade and investment will spur our collaboration on many emerging technologies that will drive and protect our economies, including those related to advanced manufacturing, cyber security, and artificial intelligence.”
Earlier, P.P. Chaudhary, Union Minister of State (Law & Justice and Corporate Affairs) said cooperation in the field of Science and technology between the scientific communities of the two countries is a pillar of vibrant India-US relationship. “American cooperation in this field will catalyse India’s start-up ecosystem. This area is also the key driver for innovation and job creation in both the countries and hence, it needs to take a centre stage”, he said.
The minister further said “Collaboration in information technology, nano- and gene-editing technology will have positive impact on education sector”, adding that “Besides, knowledge generated through mutual cooperation needs to be capitalised to fuel innovation and to create entrepreneurial class.”
Chaudhary said both India and US are fully committed to clean energy. “We are also looking forward to full implementation of the civil nuclear energy partnership and collaboration between Nuclear Power Cooperation of India Limited and Westinghouse Electric Company for the establishment of six nuclear power plants in India. Once operational, these power plants will go a long way in solving our energy woes and will also help in the conservation of environment”, he added.
In his address at the inaugural session, Vasant Subramanyan, National President, IACC, said “the theme Indo-US Cooperation: Building a Durable Platform,has been selected with wider consultation among stakeholders to make it reflect the present trajectory that the bilateral relationship is passing through”.
IACC, which is celebrating its 50th year of formation, will continue to strive to take Indo-US economic relations to greater heights as visualized by the founders of the organization, he said.
Those present on the dais included Edgard D. Kagan, Consul General, US Consulate, Mumbai, Dr. Lalit Bhasin, Executive Vice-President, IACC, Nanik Rupani, IACC Convention Co-Chair, Rajyalakshmi Rao, Executive Vice President, IACC and Madhulika Gupta, Regional President, WIC, IACC.
