US capital and technological know-how can help India become a developed nation by 2047; India can be an avenue of de-risking for US companies and providing high returns.
Defence Minister Rajnath Singh highlighted the potential for capital and technological expertise from the US to contribute to India’s aspiration of attaining developed country status by 2047. Speaking at a conference titled ‘Strengthening Indo-US Relationship in Amrit Kaal – Aatmanirbhar Bharat,’ organised on Tuesday by the Indo-American Chamber of Commerce (IACC), Singh emphasised that investments in India can provide American companies with substantial returns and serve as a means of de-risking. He noted that such collaboration represents a mutually beneficial, win-win situation for both countries.
Singh stated that the rapid expansion of India’s economy, coupled with its demographic dividend, skilled workforce, and expansive domestic market, assures substantial returns for US companies. He emphasised that, to effectively address challenges within the rules-based international order and uphold strategic autonomy, it becomes imperative for American businesses to mitigate risks by investing in India. The Minister characterised India and the US as natural partners, urging collaboration in industry and strategic domains amid the prevailing global geopolitical landscape.
“India and the US support a free, open and rules-based international order. Due to this, there is a lot of alignment in our strategic interests. Besides, our economic relationship is a win-win proposition for both countries. The current relationship is driven by twin congruence of shared values and aligned interests, which is a guarantee for long sustainability and robustness of ties,” he said.
The Defence Minister provided details of the Ministry’s initiatives to foster self-reliance, including allocating 75 per cent of the defence capital procurement budget to the domestic industry. As Singh outlined, this measure has contributed to placing the country among the top 25 nations engaged in the export of defence equipment.
“We have made reforms in FDI and labour laws to attract foreign investment and take advantage of our skilled workforce. We are also working on next-generation infrastructure projects. Infra sectors like roads, railways, waterways, and electricity have made unprecedented progress. India is developing a world-class infrastructure,” he added.
Rajnath Singh underscored the interconnectedness of business, commerce, and the country’s security and defence, describing the relationship as profound. He stated that the government places equal importance on defence and security as well as business and commerce, emphasising that in today’s era, progress cannot be achieved by compartmentalising business and strategic interests.
Team BharatShakti
