News Year: 2024
Investors expect Prime Minister Narendra Modi to come back to power and they also have confidence in the reform and business-oriented government, US-India Strategic Partnership Forum (USISPF) president and chief executive officer Mukesh Aghi has said.
“Everybody also feels that this time, the elections are more predictable. And that predictable results sends investors coming to India more and more because they feel that the current government is very reform-oriented, is very business-oriented,” the head of the top US-based India-centric business and strategic group told Moneycontrol.
As many as 96 seats are being voting for in the fourth phase of the Lok Sabha elections on May 13. The final and the seventh round of voting will be held on June 1 and votes counted on June 4.
There never has been a dispute over power transition in India once results are declared. “So, you will see the momentum (in investments) picking up regardless of whoever comes in, but at this moment, everybody thinks that Prime Minister Modi will come back,” Aghi said.
Indian elections have become a point of interest not only in the US but also in the rest of the world due to the high voter turnout of 65-70 percent compared to the US’ 50 percent, Aghi said. The high volume of voters is also impressive.
“I think everybody looks at India’s election as a role model and so they feel that India is a good place to invest,” Aghi said.
From one election to the other, Aghi said regardless of whether President Joe Biden secures another term or his predecessor, Donald Trump, returns, the impact on the US-India relationship would be marginal.
“Regardless of who comes in, the relationship between the two countries will steadily be positive and move in the right direction,” he said.
Immigration Reforms
Speaking on immigration reforms, Aghi said the US Congress has to improve processes, so that the world’s largest economy can attract more quality talent. He added the US embassy and the state department are deploying more resources, so that the wait time for visa appointments can be reduced to 30 days from over 200 days.
His remarks come amid concerns over growing waiting time for visa and its adverse impact on talent acquisition. The US embassy issued a record one million visas by March-end in the last 12 months, signalling a positive development in visa processing.
“They’re trying to put in more resources that keep on improving… so these guys are really working hard,” Aghi said.
He also highlighted that the reforms are vital for the US in addressing the shortage of nearly a million software engineers and fulfilling the demand for talent in high-tech sectors.
To attract top-tier talent, Aghi underscored the significance of streamlining visa processes, particularly for Indian IT professionals reliant on H1B visas.
The H-1B visa is a non-immigrant visa issued to recruit overseas workers that allows US companies to hire professionals for jobs that require technical expertise.
IT chiefs on board
Aghi said the recent inclusion of senior executives of IT service companies on the USISPF board is aimed at synergy between American and Indian firms.
Infosys Chief Executive Officer Salil Parekh and his Cognizant counterpart, S Ravi Kumar, joined the USISPF board this year.
“The reason we brought in two large services companies is because both are large exporters of services and human talent to the rest of the world,” Aghi said. “You’ll see more board members coming in from that perspective
Washington, Jan 26 (PTI) India’s Ambassador to the US Taranjit Singh Sandhu has been one of the leading architects of the flourishing India-US relationship, the chief of a top India-centric American business and advocacy group has said.
In his remarks at a farewell reception hosted in honour of the outgoing Indian envoy here on Thursday, Mukesh Aghi, the president and CEO of US-India Strategic and Partnership Forum (USISPF), said Sandhu’s resume of achievements remains long and impressive.
“Ambassador Sandhu has been one of the leading architects of this relationship, which stands at its apex from the deep synergy in clean energy, education partnership, space collaboration, defence, and technology ties,” said at the farewell organised by the USISPF.
Sandhu, 61, retires from the foreign service after 35 years of diplomatic career this month.
However, when Ambassador Sandhu took the helm in Washington in February 2020, ominous times were about to upend the economies and suspend daily lives, Aghi said, adding that a cataclysmic pandemic meant new challenges even for a veteran diplomat.
Sandhu steered through COVID-19, helping Indian students return home, working through visa backlogs for the diaspora, and strengthening vaccine diplomacy between the two countries.
“A post-Covid-era saw the onset of Ambassador Sandhu helping lead the first in-principal Quad Summit in Washington, the restart of the Trade Policy Forum, and then the onset of the I2U2, IPEF, consolidating bilateral ties in multilateral settings,” he said.
The I2U2 is a grouping of Israel, India, the United Arab Emirates and the United States to deepen technological and private sector collaboration in the region and tackle transnational challenges in six focus areas: water, energy, transportation, space, health and food security.
The United States launched the Indo-Pacific Economic Framework for Prosperity (IPEF) along with countries like India, Australia, Indonesia, Japan, the Philippines, Singapore, Thailand, and Vietnam to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for participant economies.
“Today, the Indo-Pacific is a priority as Ambassador Sandhu has overseen new defence partnerships, from iCET to INDUS-X, to drone transfers to jet engine manufacturing deals, from semiconductors to supply chains, ushering in a new chapter in critical technology,” Aghi said.
The highlights of Sandhu’s tenure, he said, would be the historic state visit of Prime Minister Narendra Modi and President Joe Biden’s first visit to India as Commander-in-chief for a momentous G20 summit, and also organising former president Donald Trump’s maiden visit to the country.
However, one must remember that the relationship was not always smooth sailing, he noted.
“Sandhu’s perspicacity was evinced early on, during his first Washington stint as the First Secretary (Political) as he formed crucial relations on Capitol Hill, with both Democrat and Republican lawmakers, during a time of sanctions from the Clinton Administration,” he said.
“Today, the relationship is truly bipartisan, and the India Caucus and the Samosa Caucus, are in deep admiration of Ambassador Sandhu’s diplomatic efforts to steer the relationship from choppy waters then to the pristine seas now,” Aghi said.
His second stint in Washington was as second in command to S Jaishankar, as then DCM Sandhu and Ambassador Jaishankar, wrote the beginning chapters of Prime Minister Modi’s engagement with the United States, he noted.
“But more important than the dossiers, visits, and agreements, have been the intangible bonds of friendship that Ambassador Sandhu has forged with the diaspora. From young students to veteran business leaders, from entrepreneurs to titans, from cultural communities and caucuses, the diaspora across the US has at least one Ambassador Sandhu story,” he said.
“Historians will note that he changed the nature of the relationship, forged new connections, strengthened the strategic partnership, and above all remained affable and humble in challenging and celebratory times,” Aghi said.
Ashley Tellis, a top American expert on India, in his remarks, said that Sandhu has been an insidious contributor to this relationship because he understood right from the beginning how important this partnership is for the future of both countries.
“In his last tenure here in Washington, he had to deal with a very complex environment in terms of our bilateral relationship. But the fact that we have still managed to stay the course and move this relationship ever upward is a great tribute to you, Taranjit,” Tellis said.
Eminent Indian American defence expert Vikram Singh said Sandhu has been a steward of this relationship for an entire generation. “For those of us who have been involved, it’s been one of the best parts of our jobs trying to advance this relationship to have you as our partner. You are sought, kind of irreplaceable because you have this long span of history of the period of growth, dynamism, and transformation of the US-India partnership,” Singh said.
In his remarks, Sandhu recollected the words of Prime Minister Modi at an event hosted by USISPF in the city in which he said that the US-India partnership is not just for convenience, but for conviction, compassion and of shared commitment for a better future. “So our relationship touches the people. It is for development,” Sandhu said.
On the much anticipated electric vehicle (EV) major Tesla’s entry into India, Aghi, who was in India briefly to participate in the Vibrant Gujarat Summit recently, said that there is no discussion on the same as Tesla is awaiting India’s EV policy and that the company’s entry would involve a strong chip manufacturing ecosystem and not just a battery ecosystem. Edited excerpts:
India and the United States (US) have sandboxed the controversy around the alleged plot to assassinate Khalistan separatist Gurpatwant Singh Pannun as both countries are geopolitically aligned — with most US firms such as Apple Inc looking at India to de-risk their supply chain, Mukesh Aghi, President and Chief Executive Officer of the US-India Strategic Partnership Forum told Divya A and Ravi Dutta Mishra.
On the much anticipated electric vehicle (EV) major Tesla’s entry into India, Aghi, who was in India briefly to participate in the Vibrant Gujarat Summit recently, said that there is no discussion on the same as Tesla is awaiting India’s EV policy and that the company’s entry would involve a strong chip manufacturing ecosystem and not just a battery ecosystem. Edited excerpts:
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The U.S.-India Strategic Partnership Forum (USISPF) hosted a closed door roundtable discussion featuring Ambassador Katherine Tai, providing a platform for member companies specializing in collaborations with small and medium-sized enterprises (SMEs). Notable participants included public policy professionals from industry leaders such as Amazon, Meta, Coca-Cola, WinzO Games, JCI, Amway, T-Second, and Educational Testing Services (ETS), along with representatives from their affiliated SMEs.
These companies showcased programs tailored to cater to the unique needs of the SME community. Some participants presented initiatives directly supporting SMEs, while others emphasized their extensive networks and mentorship programs designed to empower SMEs within distinct industry ecosystems.
The roundtable, enriched by the presence of prominent women leaders and entrepreneurs such as Ms. Saumya Rathore (Co-Founder, WinzO Games), Ms. Hoofrish Krishnamurthy (Co- Founder, Gifts of Love), and Ms. Natasha Jog (Head of Public Policy, Instagram), underscored the evolving role of women in the Indian SME ecosystem. The discussion highlighted the significant contributions of women leaders in driving innovation, job creation, and fostering diversity, thereby shaping a more inclusive and dynamic business environment.
Throughout the dialogue with Ambassador Tai, the discussions delved into the evolving needs of SMEs, including startups, and the inherent challenges associated with entering new markets and participating in global trade. The collaborative discourse shed light on innovative approaches and programs implemented by member companies to support SMEs and startups.
The session also explored potential initiatives and policy changes related to U.S. government assistance to Micro, Small, and Medium Enterprises (MSMEs) in India, spearheaded by Ambassador Katherine Tai. The focus was on fostering collaboration between MSMEs and addressing key challenges in the dynamic landscape of global trade.
The US-India Strategic Partnership Forum (USISPF) on Tuesday announced its association as a partner organisation with the Vibrant Gujarat Global Summit 2024 from January 10th to 12th, 2024, in Gandhinagar.
“USISPF is honoured to lead a delegation comprising over 35 Fortune American companies, including Salesforce, Abbott, Blackstone, HSBC, UPS, Micron, Cisco, SHRM, and others. These companies also have plans to increase their investments in Gujarat. The delegation will be led by Lal Karsanbhai, President and CEO of Emerson, and co-led by USISPF President & CEO Dr. Mukesh Aghi,” the USIPF stated in an official release.
At the summit, the focus areas will include leveraging India’s burgeoning momentum in the hi-tech manufacturing space, particularly in avenues of semiconductors and chip manufacturing, as well as critical areas of the energy transition, chemicals and industrial manufacturing, aerospace, and defence.
“The companies are also eagerly exploring opportunities to build on the flagship Gujarat International Finance Tec-Cit (GIFT) City’s economic landscape,” the release added.
As part of the engagement at the summit, USISPF will host two insightful panel discussions on January 11 on the themes of the US-India Innovation Handshake and US-India Partnership.
In the US-India Innovation Handshake, the USISPF will focus on accelerating the Start-Up Ecosystem in partnership with iCreate, this panel will explore avenues to catalyse innovation and foster collaboration in the vibrant start-up ecosystem of both countries.
Additionally, under the US-India Partnership theme, the USISPF will explore Opportunities for Manufacturing and Global Value Chains. This panel will delve into the vast opportunities for collaboration in manufacturing and global value chains, showcasing the potential for growth and mutual benefit.
The president and CEO of USISPF, Mukesh Aghi, said, “It’s wonderful to be back in Gujarat and an honour for us at USISPF to lead a delegation of American companies to invest and contribute to the development of Gujarat, a state with a strong entrepreneurial spirit. Vibrant Gujarat Summit is a flagship program of the Government of Gujarat, and an investor summit whose success was personally spearheaded by Prime Minister Modi during his Chief Ministerial days and it’s commendable how far the summit has come in little over two decades.”
“The tenth edition accentuates the development and socio-economic growth in the western Indian state that epitomizes India’s entrepreneurial spirit and can-do attitude. Today, India is the fifth-largest economy and the fastest-growing major economy in the world, as investors remain optimistic about India’s growth at a time of global headwinds and de-risking supply chains,” he added.
The president and CEO of Emerson, Lal Karsanbhai, said, “I am honored to lead this distinguished delegation from the United States to the Vibrant Gujarat summit. Gujarat has emerged as a beacon of economic growth and innovation, and it is a privilege to witness first-hand the collaborative opportunities that exist between our nations. As we engage in discussions and explore partnerships, we look forward to fostering stronger ties that will not only benefit our businesses but also contribute to the global economic landscape.”
The participation of American companies will strengthen economic cooperation with the state of Gujarat and further deepen the US-India strategic and bilateral partnership.
The US-India Strategic Partnership Forum (USISPF), formed in 2017, is an independent non-profit, non-governmental, and non-partisan organization headquartered in Washington, D.C., with offices across both countries. Through its network of 400+ global companies, USISPF bridges the gap between business and government and fosters closer public-private sector partnerships across all facets of the economy and society in the United States and India.
The Vibrant Gujarat Global Summit was started in 2003 when he was the state’s chief minister.
The tenth edition of the Vibrant Gujarat Global Summit will be held from January 10 to 12. The theme for this year’s event is ‘Gateway to the Future’. The summit will celebrate ’20 Years of Vibrant Gujarat as the Summit of Success’.
The event, this year, will feature 34 partner countries and 16 partner organisations. The Ministry of Development of the North-Eastern Region will also utilise the Vibrant Gujarat platform to showcase investment opportunities in the Northeast.
The summit will feature various events including seminars and conferences on globally relevant topics such as Industry 4.0, Technology and Innovation, Sustainable Manufacturing, Green Hydrogen, Electric Mobility and Renewable Energy and Transition towards Sustainability.
In the Vibrant Gujarat Global Trade Show, which kicked off in the state capital on Tuesday, a range of products equipped with world-class, state-of-the-art technology are being showcased. E-mobility, startups, MSMEs, Blue Economy, Green Energy and Smart Infrastructure are some of the focus sectors of the Trade Show.
Earlier, on December 1, PM Modi met the UAE President on the sidelines of the COP-28 Summit and invited him to the Vibrant Gujarat Summit.
Washington, Thursday, January 11, 2024:
A high-level delegation from the US-India Strategic Partnership Forum (USISPF), led by Dr. Mukesh Aghi, President and CEO, participated in a constructive roundtable meeting with the Honorable Chief Minister of Gujarat, Shri Bhupendra Patel, on the sidelines of the Vibrant Gujarat Global Summit 2024.
Comprising of 35 Fortune American companies, the delegation delved into meaningful discussions regarding investment opportunities within the Gujarat International Finance Tec-City (GIFT) and International Financial Services Centre (GIFT IFSC). Additionally, they explored avenues for collaborative ventures with key stakeholders in Gujarat’s major industrial, business, IT, and FinTech sectors.
Chief Minister of Gujarat Shri Bhupendra Patel expressed enthusiasm about the ongoing collaboration between USISPF and Vibrant Gujarat, emphasizing the consistent efforts since 2017 in leading high-level industry delegations to the summit. Highlighting the significance of the US-India relationship, he noted on X (formerly Twitter) that the USA remains Gujarat’s major export destination. The Chief Minister mentioned that more than 120 American companies have established their base in Gujarat currently. He stated, “Had a fruitful meeting with the delegation of USISPF. Showcased the potential of GIFT IFSCA and the investment opportunities in this smart city.”
Dr. Mukesh Aghi, President & CEO of USISPF, expressed, “It’s an honor for USISPF to lead a delegation of American companies to invest and contribute to the development of Gujarat, a state that epitomizes India’s entrepreneurial spirit and can-do attitude. Our engagement at the Vibrant Gujarat Global Summit reaffirms our commitment to fostering economic ties and exploring avenues for mutual growth and development between the United States and Gujarat.”
The meeting highlights USISPF’s ongoing dedication to boosting US-Gujarat economic ties and unlocking avenues for shared prosperity.
About the US-India Strategic Partnership Forum (USISPF): The US-India Strategic Partnership Forum (USISPF) is committed to creating the most powerful partnership between the United States and India. As the only independent not-for-profit institution dedicated to strengthening the U.S.-India partnership in Washington, D.C., and in New Delhi, USISPF is the trusted partner for businesses, non-profit organizations, the diaspora, and the governments of India and the United States.
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Ankit Jain
Akshobh Giridharadas
The distinguished panelists explored the convergence of technology, investigating how the synergy of technological advancements and collaborations can serve as pivotal drivers for fostering innovation and constructing vibrant ecosystems.
Panellists:
- Parvesh Mittal, Managing Director-India, Howden,
- Anand Jayachandran, Director – Government Engagement, Mastercard,
- Dr. Kiranmai Dutt Pendyala, Corporate Vice President – Human Resources, UPS India Technology Centre
Moderated by: NSN Murty, Partner & Leader, Government & Public Services, Deloitte
Special thanks to our panelists for their valuable insights that will shape the future of technology-driven economic growth.
We had the honour of hosting the USA country session at the Tamil Nadu Global Investors Meet 2024. Our focus was on exploring investment opportunities in Tamil Nadu. Tamil Nadu’s business-friendly environment has attracted investments from several U.S. companies. During the session, we highlighted the importance of continued collaboration and partnerships between U.S. companies, research institutions, and their counterparts in Tamil Nadu. This collaborative effort aims to significantly contribute to the growth of India’s economy and further strengthen the bilateral relationship.
Panellists:
- Christopher Hodges, U.S. Consul General, Chennai
- Bhuvan Anandakrishnan, Vice-President, Caterpillar
- Kuntal Kumar Verma, Chief Manufacturing Officer, First Solar
- Kami Viswanathan, President – Middle East, Indian Subcontinentand Africa, FedEx
Moderator:
Nivedita Mehra, Managing Director, US-India Strategic Partnership
Forum (USISPF)
Thanks to our members and audience for joining the session!