The Road Map to $500 Billion Indo-US Trade by 2025 was the focus of the Annual Convention of the Indo-American Chamber of Commerce, on September 28th and 29th, 2015 in Mumbai. The Convention, addressed by Policy makers and Industry leaders felt that this was a challenging but an achievable target. Addressing the session on Infrastructure and Logistics, Mr. Nitin Gadkari, Hon’ble Minister for Road Transport Highway & Shipping, GOI said that his Ministry is taking quick decisions in finding solutions to infrastructure bottlenecks wherever, they exists to help boost exports and trade. He said that he had funds worth Rs 5 lakh crores and a number of projects to invest in. However, the only bottlenecks he faced was an old system and archaic laws which needed to be changed.
The Convention was addressed by Mr. Suresh Prabhu, Hon’ble Railway Minister, who emphasised on development of dedicated trade corridors for economical and faster movement of goods. He emphasised that railways offer not only economical mode of transport of goods and were environment friendly but also connected the nation. He invited US companies to participate in the development process as it offered huge opportunities. He stated that the railways would invest $140 billion in the next 5 years.
The Guest of Honour Michael J Delaney, Assistant US trade Representative for South Asia felt that the current relations between India and US were very conducive for bilateral trade and investment and Make In India. Although he felt that the target set by President, Obama and Prime Minister Modi was an achievable one, it had to overcome some challenges. For achieving the target, India should look to manufacture in India, (Make in India). This would require more FDI, and sustained efforts need to be made to make India an attractive destination. A responsive bureaucracy, and strengthening the IPR regime would be the facilitating factors.
Indo-American Chamber of Commerce supports the ongoing dialogue for the bilateral investment treaty; eventually leading to a free trade agreement between India and US. On the occasion, the Chamber partnered with Pricewaterhouse Coopers to release a study on the Road Map to $500 billion Indo-US trade.
The Convention was addressed by Mr. Anil Swarup, Secretary Coal, US Consul General, Thomas Vajda in conversation with Industry leaders across Trade; Energy, Defence & Aerospace, Infrastructure and Financial Services sectors. The Governor of Maryland, who could not travel due to his indisposition, sent IACC a message, hailing IACC’s role in strengthening Bilateral Economic Engagement.
IACC’s Illustrious Founder Member and Past President Late Mr. Harish Mahindra was felicitated, on this occasion. The felicitation was received by his son, Mr. Anand Mahindra, Chairman & Managing Director of the Mahindra Group.