Shared Values and Value Addition, Strengthen US India Relationship, Stated Honorable Suresh Prabhu in a Webinar Hosted by Nexdigm
Addressing an international webinar promoting the India – US corridor, Honorable Suresh Prabhu, Former Union Minister of Commerce & Industry and Civil Aviation and India's Sherpa to the G20 encouraged US companies to collaborate with Indian states for business. The webinar was hosted by Nexdigm, and supported by the Consulate General of India, Houston, and in collaboration with the US-India Chamber of Commerce DFW.
The virtual event highlighted the significance of India as a robust investment hub for US-based companies due to the relaxations in Foreign Direct Investment (FDI) regulations, progressive macroeconomic landscape, and the educated populace offered by the country. Honorable Suresh Prabhu and Aseem Mahajan – Counsel General of India, Houston, were the key speakers of the session.
Marc Lessem – Senior Executive Director from Nexdigm initiated the session by highlighting three drivers that have led to a steady FDI inflow. These include – Subsidies and Tax Incentives, Respect and Legal Protection of Intellectual Property Rights and Rapid Simplification, and Digitization of Governance Structures.
In his remarks, Honorable Prabhu commented, "The current pandemic has created several challenges – strategically, economically as well as culturally. However, India holds a bright future where we are looking at moving from a USD 3 trillion economy to a USD 10 trillion economy in the coming years. Consumption is bound to increase, and there is a plethora of opportunities for insurance, investment banking, infra, engineering, and logistics, and businesses can leverage upon it and yield rich dividends in the future."
Emphasizing on the US – India trade relations, Honorable Prabhu mentioned, "US and India have unique trade relations, the US is one of the largest trading partners of India. The trade deficit is changing, and India is purchasing more than earlier, especially oil and aircrafts.
He recommends businesses and industries to invest in India, stating that the shared values and value addition form an essential business strategy.
Aseem Mahajan expressed, "With a young, educated population at the forefront and a restructured regulatory framework facilitating the ease of business, India could be the next destination for global enterprises. Major FDI policy reforms are being made in the sectors such as agriculture, auto components, defense, construction development, broadcasting, pharmaceuticals, e-commerce, food processing, and civil aviation. Also, reforms in factors such as dealing with construction permits, trading across borders, resolving insolvency, etc. have also aided the ease of doing business in India."
Neel Gonuguntla – President, US India Chamber of Commerce, DFW moderated the panel discussion where she discussed the Texas-India corridor and greenfield projects in India.
Speaking on the ease of doing business, Chris Morris – Chief Operating Officer, Perennials & Sutherland affirmed, “I challenge anyone to find another country that has climbed up the rankings so fast. I challenge anyone to find another country that has factors like an educated workforce, a large pool of labor, English speaking Western-friendly democracy, from which we have benefitted immensely.”
He shared his experience of setting up their manufacturing operations in India and stated that the entire set up was carried out smoothly in record time, right from procuring the lease to finding the right people and skills. "India's deep artisanal, western friendly, largely English speaking background, along with a pool of highly educated individuals to run the administration of our facility, made perfect sense for us to target India," shared Morris.
“I don’t think any other country in 10 years has progressed rapidly, and right from manufacturing to operations to logistics standpoint, India has made incredible strides,” added Matt Quinn - Regional Director, Commercial Business Development, Bell Helicopter.
"We see a major opportunity in India, and we have been fortunate to find suitable partners with similar values," says John Ackerman - Executive Vice President, Global Strategy and Development, Dallas Fort Worth International Airport.
Guljit Singh – Group Executive Chairperson, Nexdigm, offered his closing remarks by thanking all the speakers and panel members for sharing their valuable insights.
India's investment potential, as the world's largest democracy, with a huge customer base, and a growing middle class is of interest to the current US administration. This webinar is a part the series on "Diversify to Differentiate" and Nexdigm is happy to be a part of your journey on Thinking of India, Thinking Next.