NEW DELHI, Oct 13: Asserting that Indo-US economic ties are “not a zero-sum game”, a top American diplomat has said that ‘Make in India’ and ‘SelectUSA’ initiative to attract investment in the United States are “mutually compatible” as evidenced by the increase in bilateral trade.
“We are strongly supportive of the ‘Make in India’ as we are of other drives like ‘Digital India’, ‘Clean India’, financial inclusion…And in ‘Make in India’ we see several sectors like in advance nuclear energy, among other areas …And we will continue to support the drive.
“But, it (‘Make in India’) in no way subtracts or minimises our efforts to attract Indian investment in the US. In fact they are actually very mutually compatible and reinforcing…That is why you see the two-way trade figure going up,” US Ambassador to India Richard Verma said.
He was addressing a press conference here on the ‘SelectUSA’ holding its first-ever road show in India, that kicked off from New Delhi today.
The roadshow from October 13-16 will after Delhi travel to Mumbai, Chennai and Kolkata.
‘SelectUSA’ a programme under the US Department of Commerce seeks to promote, attract, retain and expand business investments to and within the US.
“It is pertinent that the recent Indo-US Strategic Dialogue that covered a wide range of important issues on framework on which India and the US continue to build bilateral relations.
“And, we have made great progress in a relatively short period of time in the two-way trade…While our bilateral trade in 2000 stood at USD 19 billion, in 2015 it has reached over USD 100 billion and both President Obama and Prime Minister Modi have targetted to raise it to USD 500 billion,” Verma said.
On a question as to whether ‘SelectUSA’ would affect the ‘Make in India’ vision of the government, he said, “We are growing together in bilateral trade as natural partners… But, this does not have to be a zero-sum game…A winner here and a loser here. We seek to push economic ties in both destinations, and data and the economics has proven it be true.”
“Also, the number of Indian companies in the US have risen from less than 50 in 2000 to over 200 in 2015. And, while 4,000 people visited in 2010, 1.2 million people visited this year across categories,” Verma said.
Also, a vast majority of Indians constitute for both H1B and L1 visas…And, need for the reform of the immigration system…And encourage strong positioning of India, he said.
Verma also said during the roadshow, “Various government and economic development orgnisations will contact potential investors and participants and sharing the best practice to help tide over issues that may arise in trying to enter the US market.”
Indian-American Vinai Thummalapally, Executive Director, SelectUSA, said the forum also seeks to remove several, both “perceived and real hurdles” seen by firms in entering the US market, and play a substantive role in clarifying and giving the right information at the federal level.
According to an official release by the US Embassy here, India is now the fourth fastest growing source of investment in the US, with USD 11 billion of historical investment and counting.
“India also had one of the largest delegations at the March 2015 SelectUSA Investment Summit, held in Washington. And, please mark your calendars for next Summit in June 2016,” Thummalapally told the participants earlier.
“Besides, there will be National Aerospace Foreign Direct Investment Exposition from Oct 26-28 this year…And, in February 2016 Commerce Department Deputy Secretary Bruce Andrews will be leading a key mission to India with companies that can contribute and share with India,” he added.
On ‘Totalisation Agreement’, Ambassador Verma said, “second round of talks have been held between the two governemnts…And, gaps are now narrowing and we look forward to continue in this direction.”
On Pakistan Prime Minister Nawaz Sharif’s upcoming visit to US, Verma said, “There will be a range of issues that would have to be discussed, from security, to economy and trade…I do not want to pre-judge the subject or the outcome. But, we will remain focussed on our relationship here and and we will see what comes out of the meeting.”
On the ‘Smart City’ initiative, the US Ambassador said, progress has been made on that front too. US has decided to partner with India in developing three cities as smart cities — Ajmer, Vizag and Allahabad. (PTI)
Follow our WhatsApp channel