US is India's preferred trade partner in journey to be USD 5 trillion economy, says new envoy
The envoy said that Prime Minister Narendra Modi has set the goal for India to grow from a USD 3 trillion economy today to a USD 5 trillion economy by 2024 and a USD 10 trillion economy by 2030.
America is India's preferred trade and business partner in its journey to become a USD 5 trillion economy by 2024 as the relations between the two governments have found a new momentum, the country's new envoy to the US Taranjit Singh Sandhu has said.
The envoy made the comments at a gathering of American business community at a reception hosted in his honour by the US-India Strategic Partnership Forum (USIPF) on Friday. Sandhu said that the potential for cooperation between the United States and India is limitless.
It was an honor and pleasure to welcome Amb. @SandhuTaranjitS @IndianEmbassyUS for his first industry interaction in Washington, DC. We look forward to elevating the #usindia partnership in the coming years. @RichardRVerma @USDAIndia @MukeshAghi #usindiadosti pic.twitter.com/rQPAWJTsQ1— USISPF (@USISPForum) February 7, 2020
He said that Prime Minister Narendra Modi has set the goal for India to grow from a USD 3 trillion economy today to a USD 5 trillion economy by 2024 and a USD 10 trillion economy by 2030.
"In this journey, Prime Minister Modi has made it clear that the US is a preferred partner for trade and business," said the country's new ambassador to the US.
"The relations between our governments have found a new momentum, getting its energy from the warm friendship between our leaders. US President (Donald Trump) and our Prime Minister (Modi) have met four times last year," he said.
Observing that people from the business community across both the countries contribute so much to this relationship, he said, adding that entrepreneurs, businessmen and women have been the key stakeholders of the India-US ties.
More than 2,000 US companies have a presence in India. Over 200 Indian companies have invested USD 18 billion in the US, creating more than 100,000 direct jobs. Two-way investment between India and the US reached USD 60 billion in 2018, Sandhu said.
Bilateral trade is growing at 10 per cent on a year-to-year basis and reached USD 160 billion in 2019, he said.
"This makes me bullish about our relationship. The best is yet to come. When US capital and expertise meet the Indian market and Indian mind, we should aim for nothing less but the sky," Sandhu said in his address.
Referring to his first stint in Washington DC as a young Indian diplomat in 1997, Sandhu said he always sensed the potential of the US-India partnership and wondered how it could move forward.
"We are both vibrant democracies, open and multi-cultural societies based on the rule of law. Our partnership today is as natural …, based on the strong people-to-people connections. We have become global strategic partners and our collaboration cuts across spheres of activity which was unimaginable two decades ago," said the top Indian diplomat.
Sandhu has had two successful stints at the Indian Embassy in Washington DC - the last one being Deputy Ambassador from July 2013 to January 2017.
He succeeds Harsh Vardhan Shringla, who has been promoted as the Foreign Secretary. Sandhu, till last week, was India's High Commissioner to Sri Lanka.