The US Secretary of Commerce, according to a CII statement, said that she believes that businesses can act as key bridges between the two nations and their economies and they can be the cornerstones of friendship and sources of strength for the US-India relationship.
Owing to her association with Indian partnerships during her career with the private sector, Pritzker said that she completely understands the huge important of business connections. She emphasized that the actions of her team will continue in the rest of the week with the Strategic Dialogue, which is a mechanism to reinvigorate, re-energize and strengthen the US-India economic relationship.
According to Pritzker, developing infrastructure, improving manufacturing and encouraging government to create a business climate that is more open to global investments are the three key areas that US would like to focus on for its initial efforts.
She said that these objectives are in line with the priorities set by the new government led by Indian PM Narendra Modi. Pritzker assured that the US is willing to support India by sharing its best practices and all possible knowledge and expertise to succeed in these areas.
She expressed optimism that the bilateral trade between India and the US that currently stands at USD 96 billion has the potential to grow in multiples. She urged Indian business leaders to come forward and take the lead for the same.
Ajay Shriram, President CII and Chairman & Senior Managing Director, DCM Shriram Ltd. said that the results of the 2014 general elections spell the aspiration for stability and growth. He lauded the new Prime Minister's initiatives and his maiden budget.
Expressing the government's clear intent to promote India as an investor friendly destination, Shriram said that the investment relation between the two nations is strong in both directions and both have contributed significantly to each other in terms of investment capacity, skill sets, employment opportunities and social development.
He added that CII believes that bilateral economic engagement can jump-shift rapidly in the wake of the US economy's recovery and Indian economy pulling through a trough.
The US is India's second largest trading partner, and India ranks 11th in USA's list of trading nations. The two-way trade grew more than five-fold since 2000 and currently stands at more than $96 billion. American and Indian companies invested over USD 28 billion and USD 9 billion in India and US, respectively, resulting in significant job creation.