America is India’s favorite trade and business partner in its own journey to be a USD 5 trillion market by 2024, the nation’s new envoy to the US Taranjit Singh Sandhu has stated.
Addressing a gathering of American small business community in a reception hosted in his honor by US-India Strategic and Partnership Forum on Friday, Sandhu stated that the prospect of collaboration between the USA and India is infinite.
He explained Prime Minister Narendra Modi has established the target for India to develop by a USD 3 trillion market now to some USD 5 trillion market by 2024 plus also a USD 10 trillion market by 2030.
“During this particular journey, Prime Minister Modi has made it crystal clear that the US is a favorite partner for commerce and business,” said the nation’s new ambassador to the United States.
“The connections between our authorities has found a fresh momentum, getting its power in the warm friendship between our leaders. US President (Donald Trump) and our Prime Minister (Modi) have met four times this past year,” he explained.
Discovering that individuals from the company community across the the nations contribute so much for this connection, he stated, adding that entrepreneurs, businessmen and individuals are the important stakeholders of India-US ties.
Over two,000 US businesses have a presence in India. More than 200 Indian businesses have spent USD 18 billion from the united states, generating greater than 100,000 direct occupations.
Bilateral trade is increasing 10 percent on a year-to-year foundation and reached USD 160 billion 2019, ” he explained.
“This leaves me more happy about our connection. When US funds and experience meet the Indian marketplace and Indian thoughts, we ought to aim for nothing but the skies,” Sandhu said in his speech.
Referring to his first stint in Washington DC as a young Indian diplomat at 1997, Sandhu said he felt the possibility of this US-India venture and wondered how it might move forward.
“We’re equally brilliant democracies, open and multi-cultural societies dependent on the principle of law. Our partnership now is as natural as it’s seamless, dependent on the powerful people-to-people connections. We’ve become international strategic partners and our alliance cuts across spheres of action that was unthinkable two years ago,” said the top rated Indian diplomat.
He succeeds Harsh Vardhan Shringla, that has been promoted since the Foreign Secretary. Sandhu, until last week, has been India’s High Commissioner to Sri Lanka.