NEW DELHI, Jan 31
The “capital and technological know-how” from the US can help India to achieve its goal of becoming a developed country by 2047 and investments here can give American companies high returns and an avenue of de-risking, Defence Minister Rajnath Singh said on Tuesday.
He was addressing a conference on ‘Strengthening Indo-US Relationship in Amrit Kaal – Atmanirbhar Bharat’ organised by Indo-American Chamber of Commerce (IACC) here.
The minister said the government has laid the groundwork for a strong and self-reliant new India, and the American investments can play a vital role in realising Prime Minister Narendra Modi’s vision of ‘Viksit Bharat’.
Calling it a win-win situation for both the countries, he noted that India’s fast-growing economy, its demographic dividend, skilled workforce and huge domestic market guarantee high returns to American companies. He said to deal with the challenges faced by the rules-based international order and maintain strategic autonomy, it will be necessary for American businesses to de-risk by investing in India.
The conference was attended by US Ambassador to India Eric Garcetti and representatives of IACC, and was aimed at exploring ways to enhance bilateral trade, investments and collaboration in the context of ‘Atmanirbhar Bharat’ initiative, which emphasises promoting domestic manufacturing and reducing import dependency.
Calling India and the US “natural partners”, Singh said “we must move forward together in both business and strategic sectors amidst the current global geopolitical scenario”. “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,” he said. “Besides, our economic relationship is a win-win proposition for both the countries. The current relationship is driven by twin congruences of shared values and aligned interests, which is a guarantee for long sustainability and robustness of ties,” the minister said.
He said India and the US are working together in different fields, including defence technology and space, while making a special mention of the Defence Technology and Trade Initiative through which both nations are working towards further strengthening the defence technology partnership.
Singh said the joint initiative of ISRO and NASA — ‘NISAR’ — will ensure cooperation in many areas such as earth science, disaster management and climate change.
“India is the largest democracy in the world, and the US is another big democracy.
When two big democracies cooperate with each other, it makes the democratic world order stronger,” he said, adding that this will act as a force multiplier for rules-based order across the globe. “Our work together will be beneficial not only for us, but for the entire world,” he said.
Talking about the government’s efforts towards achieving self-reliance, he said the Russia-Ukraine and Israel-Hamas conflicts have not impacted the defence sector much. He said India is a strong country, which can secure national interests and give a befitting reply to anyone who casts an evil eye.
The aim of ‘Atmanirbhar Bharat’, according to the minister, is not to cut off from the global system or work in isolation, but the commitment to collaborate with friendly countries.
“We have made reforms in FDI and labour laws to attract foreign investment and take advantage of our skilled workforce,” he said, adding that the country is also working on next-generation infrastructure projects. “Infra sectors like roads, railways, waterways, electricity have made unprecedented progress.
India is developing a world-class infrastructure,” he said.
Emphasising that business and commerce are correlated to the security and defence of the country, Singh said the government gives equal emphasis to both as it is difficult to move forward keeping both separate.
