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India-US partnership has deepened during COVID-19 pandemic: IMC Chamber

The IMC Chamber of Commerce and Industry is organizing the 2-day Indo-US Partnership Vision Summit 2021 with participation from industry and government of both countries.

April 29, 2021 / 11:22 PM IST
Image: Reuters

Image: Reuters

The bilateral relationship between India and the United States has demonstrated the depth of cooperation between the two countries, IMC Chamber of Commerce and Industry has said.

Speaking at the Indo-US Partnership Vision Summit 2021 organized by the chamber on 29 April, IMC leadership including, President Rajiv Podar and Vice President Juzar Khorakiwala have pointed out that the dynamic partnership between both nations continues to deepen and expand.

"India's export of Hydroxycholoquine last year, and now America's demonstration of support through the offering of supplies to help India deal with the second wave, is the testimony of our strong relationship in the face of adversity," Rajiv Podar, President, IMC Chamber of Commerce and Industry, said.

In 2019-20, the bilateral trade between the USA and India stood at USD 88.75 billion. India's large market, economic growth, progress towards development, huge middle-class population and progressive reforms make it an attractive market for USA corporates, Podar pointed out. India accounts for nearly 5 percent of the USA’s services imports from the World. The US is the fifth-biggest source for Foreign Direct Investment into India.

India and the US have continuously strengthened their relationship and all evidence suggests it will become stronger, Jayant Sinha, chairman of Parliamentary Standing Committee on Finance said. "The people to people linkages forged between India and the US are so strong, robust & enduring so we are likely to see our partnership getting stronger & stronger across domains." Sinha said.

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"The United States supports India’s emergence as a leading global power and vital partner in efforts to ensure that the Indo-Pacific is a region of peace, stability, and growing prosperity. The strong people-to-people ties between our countries, reflected in a four million-strong Indian American diaspora, are a tremendous source of strength for the partnership," Juzar Khorakiwala, Vice President at the chamber said.

The 2-day summit focusses on potential possibilities in areas of Education, Finance and Investment, health covering infra, biotech, life science and pharma and trends in emerging technology, among others.

The chamber believes there to be a large scope for two countries to embrace frontier technologies and collaborate on enhancing capabilities in 5G, AI, big data analytics, quantum computing, blockchain and Internet of Things which can accelerate the development and commercialization of modern technological solutions, Podar said.

In the area of health, the chamber believes that India can build on its role as the largest vaccine producer in the world and use that to enhance the bilateral partnership. The country has remained a key contributor of vaccines even before the pandemic. Case in point, Indian pharmaceutical companies supplied over 40 percent of generic demand in the United States in recent years.

"The US is a huge market and a global leader in pharmaceutical research and development. India has a lot to learn from the US to develop its own pharma innovation ecosystem. Digital health technologies provide an even more significant opportunity for U.S.-India cooperation," Podar stressed.

Subhayan Chakraborty
first published: Apr 29, 2021 11:02 pm