The head of the US-India Business Council (USIBC) has proposed the creation of structures and legal frameworks to ensure the digital economy’s continued vitality and growth in the United States and India.
On Sunday, Mr. Atul Keshap, President of the USIBC, spoke on the panel “Commerce & Industry 2.0” at the 7th India Ideas Conclave in Bangalore. It was hosted by the India Foundation. Mr. Keshap spoke about India’s remarkable growth and the success of government-led digitization efforts. Also, he mentioned the country’s position as the world’s fastest-growing large economy.
Digital economy trade between the two nations is indeed the golden goose. Mr. Keshap, a former top American diplomat, said, “My appeal to you is that we ensure that we create the structures, regulations, and legal framework to ensure the continued vitality and growth of the digital economy in the United States and India.”
India is going through a massive transformation that will benefit India, America, and the entire world. He also mentioned that after centuries of disruption, “India is reclaiming its historic status as one of the world’s largest, most dynamic, and prosperous economies.”
The former State Department diplomat, who most recently served as the US Embassy’s Chargé d’affaires in India, was speaking about infrastructure, economic policy, and the digital economy, among other topics.
The worldwide crisis
Mr. Keshap expressed optimism during the panel discussion that US-India cooperation could help address some of the world’s economic challenges.
“We can have a definitive impact in building a dependable, resilient, free world supply chain. Also, he mentioned all of the things we need — critical materials for fueling, powering, and supporting innovation societies, such as semiconductors and rare earth.”
Furthermore, Mr. Keshap responded to questions by emphasizing that the main imperative for India is to continue to attract global investment. Thus, strengthening trade ties with the US is to create an enabling and predictable policy landscape.
“An investor wants stability, predictability, transparency, ease of doing business, simple procedures, and also a level playing field,” he stated.
Mr. Keshap also emphasized the digital economy as a space for future growth and opportunity. A press release issued here reaffirmed the USIBC’s vision of a $500 billion US-India trade partnership.
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