United States Treasury Secretary Janet Yellen on Saturday stated that know-how firms like Apple and Google have expanded their cellphone manufacturing in India, and because the US seems ahead to the long run, she is keen to deepen ties in the know-how sector.
United States Treasury Secretary Janet Yellen was talking on the roundtable with US and Indian Tech Business Leaders in Bengaluru on the sidelines of the primary Finance Ministers and Central Bank Governors assembly underneath the India’s G20 Presidency.
“I am eager to deepen out ties in the technology sector. The US is advancing an approach called “friendshoring” to bolster the resilience of our supply chains. We are doing this by strengthening integration with our many trusted trading partners-including India. We are seeing progress, as an example, technology companies like Apple and Google have expanded their cellphone manufacturing in India,” Yellen stated.
Janet stated by means of the Partnership for Global Infrastructure and Investment (PGII), the US is investing in digital applied sciences that may drive inclusive and resilient development in India.
Under PGII, the US has introduced funding in agri-tech to allow climate-smart agricultural manufacturing, and in digital funds methods for micro-entrepreneurs, Yellen stated, including that these stand alongside investments, in renewable power, well being and different infrastructure sectors in India.
Overall, the secretary stated the US goals to mobilise $200 billion (practically Rs. 16,58,500 crore) by means of 2027 for PGII and the US seems ahead to partnering with India to proceed investing in future.
The Roundtable was attended by high chief executives like Sandip Patel from IBM, Nandan Nilekani from Infosys, Nivruti Rai from Intel, Rishad Premji from Wipro, Josh Foulger from Foxconn, Vikram Rai from GE, Rekha Menon from Accenture, Alexander Slater from US India Business Council (USIBC) and Nivedita Mehra from US-India Strategic Partnership Forum (USISPF).
Yellen’s stated that US is India’s largest buying and selling associate.
“In 2021, our bilateral trade was over $150 billion (nearly Rs, 12,43,900 crore). Our people-to-people ties affirm the closeness of our relationship. 2 lakh Indians are studying in America and enriching our schools and universities,” she stated, including, “We depend on each other on a daily basis. Indians use WhatsApp to communicate and many American companies rely on Infosys to operate.”
Yellen’s final go to to India was in November for the US-India Economic and Financial Partnership.
Nandan Nilekeni, Non-Executive Chairman, Infosys, stated Infosys has 330,000 international workforce.
Infosys has robust base in the US.
A world-class coaching centre in Indianapolis meant for under American individuals.
Nilekeni stated, “We have recruited 7,000 fresh graduate this year. We work with all the US universities and have education institutes with 1,200 teachers in the US and we want to expand that.”
Nilekani stated that Infosys runs India tax system at backend. “Entire income tax and goods and services tax (GST) system is run by Infosys at the backend which is all digital and paperless,” he added.
He additionally stated that US has invented web and international positioning system (GPS). “We realised that if we enable public infrastructure through the government at scale and make it open standard at the level playing field and being innovator at top, magic like Aadhaar, Unique Identification Authority of India (UIDAI) happens,” Nilekani added.
Sandip Patel, Managing Director, IBM India/South Asia stated that it was nice to satisfy and talk about the strengthening India-US trusted know-how partnership.
“Proactive policy measures on critical and emerging tech will bolster friend-shoring and benefit economy and people of both nations,” he added.
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