Prime Minister Narendra Modi’s recent visit to the United States has opened up new opportunities for cooperation and mutual growth between the two largest democracies in the world, according to Dr. A. Sakthivel, President of the Federation of Indian Export Organizations (FIEO).
The visit strengthened the already-strong partnership between the US and India, both of which share common values such as democracy and pluralism. The two nations have agreed to more robust economic ties with bilateral trade expected to reach USD 500 billion by 2030, and have pledged to enhance cooperation in areas such as technology, innovation, and the development of resilient supply chains, as well as trade and investments.
Dr. Sakthivel has applauded the move to settle the trade dispute between the two nations bilaterally, with the withdrawal of additional duty on steel and aluminum expected to increase their exports in the US market. Discussions on export promotion schemes will also help India to further explain their compatibility with the agreement on subsidies and their relevance in promoting India’s exports led by SMEs.
The visit has also unplugged new collaborations on renewable energy projects and clean technology development to reduce greenhouse gas emissions. Both countries have pledged to have further cooperation in space exploration, satellite technology, and earth observation, paving the way for knowledge sharing, research partnerships, and human resource development.
Furthermore, Critical Mineral Support (CMS) for ensuring the supply of important and vulnerable minerals, including cobalt, nickel, lithium, rare earth, etc., is expected to enhance industrial production. Additionally, the innovation handshake agreement between the Department of Science and Technology (DOS&T) and the Ministry of Electronics and Information Technology (MEITY) with US organizations/companies will help by giving a push to science, technology, electronics, and information technology in the country.
Dr. Sakthivel further reiterated that H1B Visa endorsements in the US will tremendously benefit Indian professionals, and the opening of more Consulate offices by both India and the US will help establish more people-to-people contact, giving a boost to businesses.
The Prime Minister’s efforts also resulted in a historic pact between GE Aerospace and Hindustan Aeronautics Limited (HAL) to jointly produce fighter jet engines for Light Combat Aircraft of India, the purchase of General Atomics MQ-9 Reaper armed drones, and the decision to join the Artemis Accords for space exploration, which is expected to have a phenomenal and long-lasting impact on the strategic partnership between both nations.
The FIEO President’s comments indicate the scope of cooperation between the two nations is wide-ranging and encompasses a broad spectrum of possibilities that will result in mutual benefits. The recent visit is expected to have a profound impact on the economic growth of both nations and strengthen their already-strong partnership, providing new opportunities for shared prosperity.
