Dr. T.V. Nagendra Prasad apprised about the diverse relations shared by India-USA. He mentioned that US firms have an optimistic approach towards investment in India and are looking at India as an engine for growth post-pandemic era.
We have steadily grown our trade relations with each other and working towards making India's vision to become a USD 5 Trillion economy in the near future. Sectors like innovation, entrepreneurship, energy, healthcare, start, service, and aviation have a growing scope that can be explored further.
Giving an overview of the geography and business development of the USA, he talked about the massive Indian population residing in the USA, in particular San Francisco Region of California, that has been contributing towards the business, society, and economy. The USA looks at India as a country where they are connected and expand their businesses.
The pandemic will have different opportunities for the two nations leading to the growth and development of both nations. There will be a change in the business models and how they can leverage where the USA can play a pivotal role. We need to carefully calibrate our responses and witness shared growth with each other, said Dr. T.V. Nagendra Prasad.
Dr. T.V. Nagendra Prasad mentioned that post-COVID-19 there will be an increase in the relations of India-USA with more investments, increase trade share, and expand businesses between the two nations. He discussed the situation of the pandemic in the USA and the measures taken to mitigate the impact.
We need to accelerate the MSME sector to get on to the manufacturing of parts that is an area to be tapped, said Dr. T.V. Nagendra Prasad.
Mr. Sanjay Chadha, Additional Secretary, Ministry of Commerce and Industry, Govt of India while addressing the esteemed delegates mentioned that the trade divergence has always been there and COVID-19 has given it a further push. There has been a self - realization on the fact that over-dependence on a single country is not desirable and the focus needs to be more on the polarity of production, a sentiment which has come to stay for the long term providing opportunities to the world.
Due to this pandemic, our mission is to involve in increasing trade activities to promote trade and look at the opportunities for trade development, added Mr Chadha
Mr. Pradeep Multani, Vice President, PHD Chamber of Commerce and Industry deliberated about the bilateral relation of India-US in major pillars of strategic partnership including energy, security but have extended to bilateral economic engagement and people to people contacts. The bilateral relations have expanded to global partnerships in a multi-fold manner.
Talking about the pandemic, he deliberated about the effect of it on the two nations in terms of humanity, industry, and economy. He lauded the economic package released by Hon'ble Prime Minister Shri Narendra Modi in India. He mentioned that the increase in collaborative activities between both nations can bring opportunities and make recoveries of industries in both economies smoother and faster.
He assured that PHD Chamber of Commerce and Industry has pledged to be the pillar of strength for building a self-reliant India carrying the five pillars of economy i.e. Infrastructure, technology-driven system, vibrant democracy and demand laid by Hon'ble Prime Minister Shri Narendra Modi. We are committed to ease of doing business and stand in full support with our members and countrymen.
Mr. Amitava Ray, Chairman, International Affairs Committee for Americas, PHD Chamber while giving an overview on the trade relationship shared by two nations mentioned that there has been an increase in the import-export between the nations evidencing greater economic ties between the two countries. He said that there is a need to enhance the trade relations, education, and tourism and business establishment between the two countries.
Ms. Rashmi Chopra, Co-Chair, International Affairs Committee for Americas, PHD Chamber mentioned that it is the time to convert challenges into opportunities in these times. She said that it is time that India-USA feeds upon global opportunities looking at the present situation and benefit each other to foster growth and development.
Mr. Saurabh Sanyal, Secretary-General, PHD Chamber gave a formal vote of thanks to all the delegates and participants and assured the CGI that PHDCCI would be keen to do Virtual B2B Meet Sector Specific soon in close coordination with CGI, San Francisco.
The session was moderated by Mr. Naveen Seth, Principal Director, PHD Chamber, and was attended by over 100 industry stewards' around the world.