(Image source from: Firstpost)
India is becoming a “laboratory” for American companies, not only to explain their presence there but also to reinvent themselves in sustainability and disruptive-technology, an expert said during a discussion at ICCR-Houston India conference to boost the bilateral trade investment.
Various other panelists also emphasized that the possible economic ties between India and the United States are limitless and investment in emerging industries such as e-commerce, digital payments, and startups can further boost business on both sides
The third edition of the business event was held under the theme of "Make in India-The Inside Story" earlier this week and was attended by several senior officials from India and Texas.
"India is becoming a laboratory for U.S. companies, not only to explain their presence there but also to reinvent themselves in sustainability and disruptive-technology," Djordjija Petkosk, lecturer and senior fellow at Wharton Legal Studies & Business Ethics, University of Pennsylvania and adviser to World Bank, said.
"Also, an important step to expand business in other emerging economies globally," Petkosk told PTI.
Principal Economic Adviser at India's Ministry of Finance, Sanjeev Sanyal called for the building of a new India, an economy based on innovation and rule of law.
"Economic fundamentals in India are strong, and the challenge is to push it into an even higher growth trajectory," Sanyal said.
The financial inclusion programs such as Jan Dhan Yojan, banking reforms, and Corporate Social Responsibility activities in India was discussed by Sachin Chaturvedi, Director General at the Research and Information System for Developing Countries, an Indian based think-tank.
Sandip Sen, Global CEO of Aegis Ltd, a private entity, called for investment in various areas of emerging industries.
"There are emerging industries and opportunities to invest in it including digital payments, e-commerce, startups, and Artificial Intelligence and Machine Learning," he said.
Consul General of India in Houston, Anupam Ray, talked about the role played by the Houston India conference as a unique platform for the evolution of business.
Pointing out that Houston is the 4th busiest gateway for trade between India and the U.S., Houston Mayor Sylvester Turner emphasized the importance of a direct flight between Houston and India.
"A direct flight will help grow the bilateral trade relations between Houston and India," he said.
Conference Chair and Chief Executive Officer of Expedien, Jiten Agarwal, emphasized on the Liquefied Natural Gas and new shipments of petroleum, in addition to various commercial deals that have occurred as a consequence of the networking during conferences since its inception in 2017.
During the discussion, the experts likewise highlighted on the progress in the business relations between India and the U.S.
"India has progressed from a reactive to a proactive society, which has led to the stability of the economy from a security perspective," Air Vice Marshal (retd) Arjun Subramanian said.
Makarand Paranjape, Director of Indian Institute of Advanced Study, Shimla, India, mentioned that the alliance between the United States and India existed naturally and was defeated by external forces.
"Indian diaspora has become a critical mass in the U.S., that going forward, the friendship between the two countries will only grow further," he said.
-Sowmya Sangam
