US India Relations
US ambassador to India
Richard Verma
'Make in India', 'SelectUSA' mutually compatible:US Ambassador
Asserting that Indo-US economic ties are "not a zero-sum game", Richard Verma has said that 'Make in India' and 'SelectUSA' initiative to attract investment in the United States are "mutually compatible"PTI | October 13, 2015, 17:43 IST
US ambassador to India Richard Verma . (PTI photo)
NEW DELHI: Asserting that Indo-US economic ties are "not a zero-sum game", a top American diplomat has said that 'Make in India' and 'SelectUSA' initiative to attract investment in the United States are "mutually compatible" as evidenced by the increase in bilateral trade.
"We are strongly supportive of the 'Make in India' as we are of other drives like 'Digital India', 'Clean India', financial inclusion...and in 'Make in India' we see several sectors like in advance nuclear energy, among other areas ...and we will continue to support the drive.
"But, it ('Make in India') in no way subtracts or minimises our efforts to attract Indian investment in the US. In fact they are actually very mutually compatible and reinforcing...That is why you see the two-way trade figure going up," US Ambassador to India Richard Verma said.
He was addressing a press conference here on the 'SelectUSA' holding its first-ever road show in India, that kicked off from New Delhi today.
The roadshow from October 13-16 will after Delhi travel to Mumbai, Chennai and Kolkata.
'SelectUSA' a programme under the US Department of Commerce seeks to promote, attract, retain and expand business investments to and within the US.
"It is pertinent that the recent Indo-US Strategic Dialogue that covered a wide range of important issues on framework on which India and the US continue to build bilateral relations.
"And, we have made great progress in a relatively short period of time in the two-way trade...While our bilateral trade in 2000 stood at USD 19 billion, in 2015 it has reached over USD 100 billion and both President Obama and Prime Minister Modi have targetted to raise it to USD 500 billion," Verma said.
On a question as to whether 'SelectUSA' would affect the 'Make in India' vision of the government, he said, "We are growing together in bilateral trade as natural partners... But, this does not have to be a zero-sum game...a winner here and a loser here. We seek to push economic ties in both destinations, and data and the economics has proven it be true."
"Also, the number of Indian companies in the US have risen from less than 50 in 2000 to over 200 in 2015. And, while 4,000 people visited in 2010, 1.2 million people visited this year across categories," Verma said.
Also, a vast majority of Indians constitute for both H1B and L1 visas...and, need for the reform of the immigration system...and encourage strong positioning of India, he said.
Tags : Industry, US India Relations, US ambassador to India, Richard Verma, Narendra Modi, make in India, India economy