17th Indo-US Economic Summit
Union Minister for Road Transport and Highways, Nitin Gadkari, addressed the 17th Indo-US Economic Summit ‘Bouncing Back-Resilient Recovery Path Post Covid-19’ on September 14, 2021.
Highlights
- During the address, minister noted that the bilateral trade between India and the US has increased from $16 billion to $ 149 billion in the last two decades and it is projected to reach $500 billion by 2025.
- According to him, India and the US have an important role to play post-Covid economic recovery.
- He emphasised on taking informed discussion at the various levels because recovery needs new ideas and approaches.
- He noted that more US investors will invest in road & highway projects across India as it is a gold mine for all stakeholders.
- He invited the US investors, especially insurance and pension funds, to invest in road and highway infrastructure of India.
17th Indo-US Economic Summit
This summit was organised by the Indo-American Chamber of Commerce (IACC).
Opportunities for American companies
Government of India is making several efforts for boosting production and adoption of alternative transport fuel like ethanol. Government is also working on last mile connectivity using several modes of transport. Thus, the American companies have the opportunities to invest in research and development of mobility technology in India.
Indo-American Chamber of Commerce (IACC)
IACC was established in 1968. It is the apex bilateral Chamber that synergizes the India-US Economic Engagement. It was started by Ambassador Chester Bowles. It was established with the objective of promoting Indo-American business, trade relations and economic relations. It promotes bilateral trade as well as investment & technology transfer.
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Month: Current Affairs - September, 2021