\nNew Delhi, Aug 10 (PTI): India needs at least USD100 billion of foreign direct investment every year to reach its target of a USD5 trillion economy from the current USD2.7, the head of a top India-centric American business advocacy group has said. The group made the observation, asserting that a major chunk of this FDI is going to come from the United States. \u201dIndia needs to grow its economy from the current USD2.7 trillion to USD 5 trillion. It will need a lot of FDI coming in \u2014 at least USD100 billion dollars a year to fuel that growth,\u201d Mukesh Aghi, president of US India Strategic and Partnership Forum told PTI in a recent interview. \u201dI believe that is going to come mainly from the US,\u201d he added. India, he observed, \u201dneeds to look at what it needs to do to get that FDI coming in and have the technology coming in, to fuel this growth\u201d. \u201dFrom a US perspective, it needs to leverage India on vaccination diplomacy, have Indian factories produce these vaccines so they can ship it to the rest of the world, and they can make this vaccine much, much cheaper than anybody else can get,\u201d he said.<\/p>\n
Last week, USISPF, which now has more than 300 Fortune 500 companies as its members, celebrated its fourth anniversary. Four years ago, Aghi, along with several top American corporate leaders established USISPF after they had sharp differences on key issues with the then leadership of US Chambers of Commerce.<\/p>\n
Aghi then was the head of the US-India Business Council or USIBC, which he left along with the entire board member of USIBC to set up USISPF. In just four years, USISPF has emerged as the top India-centric advocacy group for American companies, having hosted top leaders from both the United States and India, including Prime Minister Narendra Modi. \u201dWe have a fantastic board which is quite engaged, involved and who are the most prominent boards, especially between India and the US,\u201d he said.<\/p>\n
Responding to a question, Aghi said four years ago, one of the goals of his and the board members was to build an institution which \u201dbecomes a pillar, between two countries or independent institutions, which is not tied to any political party,\u201d and looking at the interests of both countries. For the last four years, that has been the focus, he asserted. \u201dIt has not just been business to business. It could be a cultural aspect. It could be on technology. It could be geopolitical itself,\u201d he said.<\/p>\n
Going forward, he said the India-US relationship is going to evolve positively. \u201dWhen I say positively (it is) because you already have 4.5 half million Indian Americans. They play an influential role, and we have roughly 800,000 gaining green cards. So, I see people\u2019s culture gaining more momentum itself. That means, you will see a positive impact between two countries,\u201d he said. But there are challenges as well, be noted. \u201dBut I think, there\u2019ll be enough maturity on both sides to handle issues. For example, when (Secretary of State) Tony Blinken was in India, he talked about human rights. But he also said we are not perfect, we are still trying to understand how to manage this. So, he spoke about it but at the same time said, we\u2019re not here to give you a lecture because our house is not in order also,\u201d he said.<\/p>\n
The relationship will continue moving in a positive direction, he asserted. Responding to a question, Aghi said in the first six months of this administration, nothing on the issue of trade was pushed forward. \u201dBut on the geopolitical alignment in a very cohesive matter, the USA worked with India, to make sure that QUAD continues,\u201d he said. \u201dI think on the security side, one gap which I see which took place was India\u2019s non-involvement in the Afghanistan withdrawal. I see India getting left out on the appliance issue. But overall, geopolitically the approach has been very strong and very positive,\u201d Aghi said.<\/p>\n
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New Delhi, Aug 10 (PTI): India needs at least USD100 billion of foreign direct investment every year to reach its target of a USD5 trillion economy from the current USD2.7, the head of a top India-centric American business advocacy group has said. The group made the observation, asserting that a major chunk of this FDI […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-168840","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/168840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=168840"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/168840\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=168840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=168840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=168840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}