New Delhi (India), 7 September : The 47th edition of the U.S.-India Business Council India (USIBC)’s annual meeting and the flagship event, “India Ideas Summit” concluded on Wednesday.
USIBC’s summit was focussed on inclusive growth that is supported by digital connectivity and trade between India and USA. The summit also highlighted the issues of Indo-Pacific region, energy, digital economy as India-US reflect on 75 yrs of partnership and also the recognition of business leaders.
For the substantial contributions to enhancing the India-US partnership, billionaire businessman and Adani Group chief Gautam Adani was honoured with the USIBC Global Leadership award during wednesday.
The award was conferred at the national capital during the India Ideas Summit organised by US-India Business Council. This global leadership award aiming to acknowledge corporate executives started back in 2007.
Addressing the India Ideas Summit organised by US-India Business Council, on the issue of climate emergency Gautam Adani said, “In terms of climate change ,there has been a lot of talk about developed nations supporting developing nations. But far more needs to be done urgently. With signing of US Climate Bill into law,both nations must find a mechanism to benefit from this.”
Speaking at the India Ideas Summit 2022, R K Singh, Minister of Power and New & Renewable Energy, also predicted that India “shall be the biggest manufacturer for green hydrogen and green ammonia in the world” paving the way for Energy Transition and Climate Action.
He further added, “Our esteemed panel expressed their thoughts on how U.S.-India can work together to reach the shared goal of a net zero economy.”
India contributes approximately 3.4% to CO2 emissions against 17.7% of the world population. Despite these numbers, environment is a priority for India. By 2030, we want to increase our non-fossil fuel capacity by 50%, R K Singh, Minister of Power and New & Renewable Energy said.
While speaking at summit, the world’s third richest businessman Gautam Adani said, “Adani Group has already committed $70 billion towards renewable energy”.
“India and US will lead the world GDP growth, Far more needs to be done with regards to climate change”, said Gautam Adani at USIBC’s India Ideas Summit.
Gautam Adani also asserted his confidence in India-US successful and long-lasting partnership. He said, “There can be no disagreement that given the fast-evolving & new emerging global dynamics, the success of partnership between the two largest democracies of India & the US will be one of the most defining relationships of this century.”
In a panel discussion on women’s lead, Minister of Women and Child Development, Smriti Irani, also shared her insights on why up skilling at grass root level in India is still a challenge.
Smriti Irani said., “My wish list through this USIBC’s U.S.-India forum is to see more women in decision-making positions. More involvement in boardrooms to take decisions that change the tide of the companies.”
During the Summit, panelist, experts and ministers also shed light on how India has found its footing in manufacturing sector to become manufacturing hub. And also about digital payments in India and its potential to expand financial inclusion.
Adani group has committed $70Billion to the effort of building three giga-factories in India, leading to the world’s most integrated green energy manufacturing chain.
“We live in a world where chips are essential for everyone. India is the biggest global pool of talent,but yet India has no semi conductor plant. India cannot remain dependent on global supply chains and needs US support”, Gautam Adani said at India Ideas Summit.
While speaking on India’s advanced manufacturing future at the India Ideas Summit, Rajeev Chandrashekhar, minister of state for electronics and information technology said, “India is on the path to become an electronics manufacturing hub.”
He said, “manufacturing is an important pillar in our vision of the trillion dollar economy, in terms of manufacturing & electronic imports we want to reach the $300 billion mark and increase Indian exports.”
“Our approach is very focused on expanding India’s innovation ecosystem. Internet and tech are going to be big enablers in the expansion of our economy”, MoS for electronics and information technology, Rajeev Chandrashekhar said.
However, addressing the future of the 5G rollout in India, A K Tiwari, Director General, DoT (Govt. of India) stated that 5G technology will be available for consumer use by October 2022 to escalate connectivity with M2M technology, IoT, AR, VR, and other technologies.
Explaining Meta India’s vision, Public Policy Director, Sunil Abraham said, “India is not just going to be a consumption economy but a producing economy for metaverse tech. Everything that has been said so far for 5G is imperative for metaverse success.”
The US-India Business Council’s India Ideas Summit was focussed on the theme “India-US Ties and Synergy in Ever Evolving Digital World” and bring high-profile leaders from both the US and India. In two days of high profile summit, External Affairs minister Dr. S Jaishankar, Minister of Finance, Nirmala Sitaraman and also Minister of Road Transport and Highways, Nitin Gadkari marked their presence to share their views with business fraternity .
Nirmala Sitaraman delivered the keynote address at US-India Business Council India Ideas Summit on the theme ‘Maximizing the Next 75 Years of US–India Prosperity’. While Nitin Gadkari shared his vision for India to become the top manufacture of electric vehicles in the world at the India Ideas Summit 2022.
However, Minister of External Affairs,Dr. S. Jaishankar addressed USIBC’s 47th AGM highlighting the important role of U.S.-India business ties in advancing shared priorities in development, supply chain resilience, and climate action.
He said, “From defense and security, societal and businesses, our ties today extend to all facets of of human endeavor.”
In his concluding remark , Atul Keshap, President, USIBC said, “India and the U.S. share a high trust relationship. It’s only fitting that we come together to design the world of the future which is powered by the digital economy, innovation & ease of doing business.”
-Dr. Shahid Siddiqui (PhD)
Follow via @shahidsiddiqui
