14th June 2023 (7 Topics)
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Economic ties at heart of India-U.S. strategic partnership
Context
While addressing at the annual India Ideas Summit of the US-India Business Council (USIBC), US Secretary of State stated that trade between the two nations hit a record $191 billion, making the US India's largest trading partner.
Key highlights:
- Investment in India: American companies have invested at least $54 billion in India - from manufacturing to telecommunications.
- Investment in United State of America: Indian companies have invested over $40 billion - in IT, pharmaceuticals and more, supporting 4,25,000 jobs from California to Georgia.
- Trade: Air India is purchasing more than 200 Boeing aircraft that will support estimated one million-plus jobs.
- Investment Plan: The United States and India are making revolutionary investments in their respective countries, like the United States' $1.2 trillion Bipartisan Infrastructure Act and India's $100 billion infrastructure plan, to make their respective economies more productive and appealing to investors.
- Under the Indo-Pacific Economic Framework, "India has joined three pillars of our new Indo-Pacific Economic Framework - committing to build more resilient supply chains, seize clean energy opportunities and combat corruption".
- Collaboration in the field of artificial intelligence to quantum computing.
- Initiative on Critical and Emerging Technologies: Indo-US are elevating and expanding the strategic technology partnership between governments, businesses, and academic institutions in the U.S. and India because we believe how technology is designed and used should be informed by democratic values and respect for human rights.
Indo-US partnership and recent investments:
- Solar facility in Tamil Nadu: The US International Development Finance Corporation committed $500 million to enable a renowned US corporation develop a solar manufacturing facility in Tamil Nadu.
- This project will power over 30 million light bulbs in homes, schools, and businesses throughout India, create over a thousand employment for Indians and Americans, and transfer a critical component of the United States' clean energy supply chain to a close partner.
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- Indian investment with tech companies: The Tar Heel State has become a hub for Indian investment with tech companies such as HCL creating 2,400 jobs and training American high-schoolers for careers in the IT industry.
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