The head of a top India-centric US group said that India needs a minimum of $100 billion of foreign direct investment annually to reach its target of a USD5 trillion economy from the current USD 2.7.
Also, the group members observed that a major part of this FDI will come from the United States of America. Mukesh Aghi (the president of US India Strategic and Partnership Forum told PTI that “India needs to grow its economy from the current USD2.7 trillion to USD 5 trillion. It will need a lot of FDI coming in — at least USD100 billion dollars a year to fuel that growth.”
He also added to his statement that “I believe that is going to come mainly from the US.” He observed that “needs to look at what it needs to do to get that FDI coming in and have the technology coming in, to fuel this growth”.
Moreover, he said that “From a US perspective, it is required to leverage India on vaccination diplomacy. Indian factories produce these vaccines so they can provide it to the rest of the world, and they can make this vaccine much, much cheaper than anybody else can get.”
Last week, USISPF now has 300+ Fortune 500 companies as it’s celebrated its fourth anniversary. Four years ago, Aghi and several top American corporate leaders established USISPF. At that time, Aghi was the head of the US-India Business Council or USIBC, and he left along with the entire board member of USIBC to establish and set up USISPF.
Now, after four years, US-India Strategic Partnership Forum has become one of the top India-centric advocacy groups for American companies. It has hosted top leaders from both India as well as the United States, including Prime Minister Narendra Modi.
He said that “We have a fantastic board which is quite engaged, involved and who are the most prominent boards, especially between India and the US.”