The United States is committed to India’s continued, and accelerated, economic growth and prosperity. “We welcome India’s rise,” said Under Secretary for Economic Growth, Energy and the Environment, Catherine Novelli. “It is good for the United States, and good for India.”
Since the beginning of the 21st century, trade between the two countries has grown five-fold. And, U.S. President Barack Obama and India’s Prime Minister Narendra Modi committed to raising bilateral trade by another five-fold. We can do this, said Under Secretary Novelli, by seizing on the unrealized potential in our economic relationship.
Prime Minister Modi‘s government has already taken a number of steps to boost growth, such as improving education levels and healthcare outcomes, increasing agricultural productivity and manufacturing output, expanding retail markets, financial access, digital connectivity and physical infrastructure, and investing in urbanization.
For our bilateral trade to reach this ambitious target, India will also need to amend its laws to remove obstacles to foreign investment, make it easier for U.S. companies to conduct business in India, and promote intellectual property rights protection and enforcement.
“We believe U.S. investment into India could double if India continues to liberalize its investment regime. More U.S. companies could bring their comparative advantages in technology, expertise, and capital to India, to help India grow and create jobs,” said Under Secretary Novelli.
“The United States and India each have strong comparative advantages that become stronger when we work together,” said Under Secretary Novelli. “The United States and India have shared values and a shared commitment to democracy. Together, we are partners in upholding an international, rules-based order that ensures global peace, security, and prosperity. We want to seize this moment and bring to fruition the unrealized potential that still exists between our economies, for the betterment of the lives of all our citizens.”