Deputy Secretary William J. Burns today reported that India is projected to become the world’s third largest economy by 2030.
In his opening remarks at U.S.-India CEO Forum, Mr. Burns said Indian companies, and the private sectors have succeeded in fostering historic trade relations among our two countries.
“2010 was a record-breaking year in U.S.-India trade, with trade in goods up 30% to a high of some $49 billion, moving India up two notches to become our 12th largest trading partner. This is excellent progress. But we all recognize that the potential for our relationship is so much greater.” -Mr. Burns
He stressed that India will obviously need sustained growth over the coming years, and the U.S. will have to be part of that equation if India is to realize this potential.
“Prime Minister Singh has remarked that U.S. prosperity is in India’s national interest, and the same is also true for us – India’s rise and its continued economic growth is deeply in the American national interest.” -Mr. Burns
He noted that the CEO Forum is a unique channel that allows each of U.S. and Indian governments to hear from a diverse representation of the private sectors of both countries.
“Your recommendations have informed us, and challenged us, to tackle the persistent hurdles we oftentimes face in implementing our shared vision of ever greater U.S.-India cooperation.” -Mr. Burns
He cited that both countries have created, and continue to create, new opportunities for greater interconnectedness between their economies, such as their historic civil nuclear deal; the decision of President Obama to remove Indian government entities from our export control lists; the rapid growth in defense sales and cooperation; their Partnership to Advance Clean Energy; and their bilateral aviation safety agreement.
“And as industry leaders, you continue to play a critical role in highlighting the importance of our ties to our two publics and to the U.S. Congress and Indian Parliament. Tens of thousands of jobs are created in the United States, and surely as many in India, by our respective investments in each others’ economies. This needs to be better understood.” -Mr. Burns
He stressed that at this time of global economic anxiety, both countries are committed to working together in fora such as the G20. He highlighted that India’s dynamic economy will be the cornerstone and the engine of prosperous future.