New Delhi, Jan 30 (IANS) Capital and technological know-how from the US can help India achieve its goal of becoming a developed country by 2047, while investments here can give the American companies high returns and an avenue of de-risking, Defence Minister Rajnath Singh said on Tuesday.
Addressing a conference on ‘Strengthening Indo-US Relationship in Amrit Kaal – Aatmanirbhar Bharat’ organised by the Indo-American Chamber of Commerce (IACC) here on Tuesday, the Defence Minister asserted that it is a win-win situation for both the countries.
India’s fast-growing economy, its demographic dividend, skilled workforce, and huge domestic market guarantee high returns to US companies, he said.
Singh added that 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 minister described India and the US as natural partners who must move forward together in both business and strategic sectors amid 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. Besides, our economic relationship is a win-win proposition for both the 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 enumerated the decisions taken by the Ministry of Defence to promote self-reliance, such as earmarking 75 per cent of the defence capital procurement budget for domestic industry, which has helped the country find a place among the top 25 countries which export defence equipment.
“The Russia-Ukraine and Israel-Hamas conflicts have not much impacted the defence sector. India has become a strong country, which is capable of securing national interests and giving a befitting reply to anyone who casts an evil eye,” he added.
Singh listed out the sweeping changes made in every sector in India to keep pace with friendly countries.
“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, electricity have made unprecedented progress. India is developing a world class infrastructure,” he added.
The conference, attended by Ambassador to India Eric Garcetti and representatives of IACC, was organised to bolster the economic and diplomatic ties between India and the US.