Want to participate in India’s economic miracle, a US official declares.

The Biden administration’s point person for South Asia said on Thursday that the US wanted to participate in India’s economic miracle, noting that the more India develops, the better it is for India, the United States, and the rest of the world. India, whose economy is now worth USD 3 trillion and has been among the fastest-growing major countries in recent years despite the global economic slowdown, has now set the audacious aim of reaching USD 10 trillion in GDP and being a developed nation by 2047. Donald Lu, Assistant Secretary of State for South and Central Asian Affairs, said to PTI in an interview on Thursday, “We want to be part of your economic miracle.”

“We firmly support India’s intention to expand its economy in a fair manner. India, the United States, and the rest of the globe will benefit more from India’s growth the more. Lu responded to a question by saying, “A rich India would have greater resources to assist in addressing global issues like climate change and upcoming pandemics. He said that more than 200,000 Indian students are now enrolled in US colleges, and the US is honored to be their home country.

“In fact, just a few days ago, we have preliminary data from the Indian Ministry of Commerce to indicate that our bilateral trade and goods grew by an additional seven percent,” he stated.

This promotes economic growth in both countries and demonstrates that much more advancement is possible, he said.

“Our discussions at the Trade Policy Forum, at the commercial dialogue, and at the CEO’s Forum helped to bring our economies closer together,” the speaker said.

“At the same time, via the Initiative for Critical Emerging Technologies, which was established in January of this year, we want to strengthen our collaboration on future technologies, such as quantum computing, artificial intelligence, and space. The United States benefits from an India that is powerful and rich. We would want to participate in your economic miracle, Lu responded to a query. The expected value of US products and services trade with India was USD 146.1 billion in 2019, and it increased to USD 192 billion in 2022. The United States is now India’s top trade partner after surpassing China this year.

When he was the vice president, President Joe Biden said during a visit to India that the bilateral commerce should aim for USD 500 billion annually.

According to the Ministry of Commerce and Industry of India, India got USD 81.72 billion in FDI during the 2020–21 fiscal year, which is the biggest sum ever.

With FDI inflows of USD 13.82 billion from the US, India’s second-largest FDI source for 2020–21 was the US. One of the top 5 countries for foreign direct investment from India is the US. To improve their economic connections, India and the United States have at least six different channels of communication open to them: Indian-American Trade Policy Forum-Indian-US Commercial Dialogue-US CEO Forum, Information and Communications Technology, the Indo-Pacific Economic Framework [IPEF], and the India-US Economic and Financial Partnership Dialogue.

The India-US Trade Policy Forum, which was established in 2005, is the premier forum for bilateral trade discussions. The India-US Commercial Dialogue focuses on standard-setting collaboration, business-friendly environments, travel and tourism, and other significant concerns of a commercial nature.

The CEO Forum, which was established in 2005, meets concurrently with the India-US Commercial discussion, and its proposals are included into that discussion.

In order to bring together government and business from both sides to explore collaboration in the electronics and IT industries, a Joint Working Group on ICT was created in 2005. The US Treasury Secretary and India’s Finance Minister are in charge of the bilateral economic and financial partnership dialogue. India joined the IPEF in May 2022 and is now constructing an open and adaptable Indo-Pacific Economic Framework with the other 13 Partner nations.

Leave a Reply

Your email address will not be published. Required fields are marked *