Observing that the extra India grows, the higher it’s for India, for the United States, and for the world, Biden Administration’s level individual for South Asia on Thursday mentioned that the US desires to be half of New Delhi’s financial miracle.
One of the fastest-growing main world economies for the previous a number of years regardless of the worldwide financial downturn, India, which is now a USD 3 trillion economic system, has now set an formidable purpose of turning into a USD 10 trillion economic system in a decade and a developed nation by 2047.
“We want to be part of your economic miracle,” Assistant Secretary of State for South and Central Asian Affairs Donald Lu informed PTI in an interview on Thursday.
“We strongly support India’s goal to grow its economy in an inclusive way. The more India grows, the better it is for India, for the United States and for the world. A prosperous India will have more resources to help address global problems like climate change and future pandemics,” Lu mentioned in response to a query.
The United States, he mentioned, is proud to host greater than 200,000 Indian college students who’re finding out at US universities.
“In fact, just a few days ago, we have preliminary data from the Indian Ministry of Commerce to indicate our bilateral trade and goods grew by an additional seven per cent,” he mentioned.
This helps each of the economies to broaden and makes clear that there’s room for rather more progress, he famous.
“Our discussions at the Trade Policy Forum, at the commercial dialogue, at the CEO’s Forum, helped to bring our economies closer together,” he mentioned.
“At the same time, we’re looking to deepen our cooperation on the technologies of the future, from space to artificial intelligence to quantum computing, via the Initiative for Critical Emerging Technologies that was launched in January this year. A strong and prosperous India is good for the United States. We want to be part of your economic miracle,” Lu mentioned in response to a query.
US items and providers commerce with India totalled an estimated USD 146.1 billion in 2019 and in 2022 it jumped to over USD 192 billion. This 12 months, the United States has surpassed China to develop into India’s largest buying and selling associate.
President Joe Biden, when he was the vice chairman, throughout a visit to India had mentioned that the purpose of the bilateral commerce needs to be USD 500 billion each year.
According to India’s Ministry of Commerce and Industry, in fiscal 2020-21, India acquired the very best ever overseas direct funding (FDI) amounting to USD 81.72 billion.
The US turned India’s second-largest supply of FDI throughout 2020-21 with inflows of USD 13.82 billion. The US is one of the highest 5 funding locations for Indian FDI.
There are a minimum of half a dozen dialogue mechanisms between India and the United States to strengthen their financial ties: India-US Trade Policy Forum, India-US Commercial Dialogue, India-US CEO Forum, Information and Communications Technology, India–US Economic and Financial Partnership Dialogue and Indo-Pacific Economic Framework [IPEF].
Established in 2005, the India-US Trade Policy Forum is the main bilateral mechanism to focus on trade-related issues. India-US Commercial Dialogue focuses on cooperation in requirements, ease of doing enterprise, journey and tourism, and different necessary points of business significance.
Established in 2005, the CEO Forum meets on the sidelines of the India-US Commercial Dialogue and its suggestions from this discussion board feed into the Commercial dialogue.
A Joint Working Group on ICT was established in 2005 to carry collectively authorities and trade from either side to focus on cooperation within the electronics and IT sectors.
India–US Economic and Financial Partnership Dialogue is led by the Finance Minister and the US Treasury Secretary. India joined the launch of the IPEF in May 2022 and is working with the 13 Partner international locations to construct an inclusive and versatile Indo-Pacific Economic Framework.
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