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.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
"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.