The stress of COVID-19 has caused a devastating impact on the world economy. This is not a health issue alone, rather a social and economic crisis for which the world together is working on its recovery. India shares a strategic relationship with the US. Together they promote global security, stability, and economic prosperity through trade, investment, and connectivity.
During the India-US CEO Forum, co-chaired by Tata Sons Chairman N Chandrasekaran and James Taiclet, President and Chief Executive Officer, Lockheed Martin. Discussion regarding ways to improve bilateral investment in several sectors was mentioned, which was held in a telephonic conference. The sectors which were focused on was healthcare, aerospace, defence, infrastructure, ICT, and financial services.
Chandrasekaran on his statements underlined the need for a free trade agreement as a natural progression and urged the US government to recognize India’s contribution of human capital to the US economy.
On 22nd June, Donald Trump in his presidential proclamation ordering to block the entry of foreign workers with H1-B visas, L visas and other temporary work permits.
Taiclet highlighted the unrestricted foreign ownership areas and also he hoped the cooperation between the two countries during the pandemic would continue in areas of building infrastructure, which would increase bilateral investments and generating jobs.
A set of new reforms and policy recommendations to amplify bilateral investment opportunities across key sectors of the economy were presented at the meeting, these rules were formulated together by the CEO Forum members.
Since the reconstitution of the forum in December 2014 by India and the US. It is the fifth time this has been summoned.
This is an effective platform to identify the key issues that affect business entities and also identify areas for a mutual alliance that benefits both the economies.
The meeting was lead by Commerce and Industry Minister Piyush Goyal and the US secretary of Commerce Wilbur Ross. In the meeting, Goyal explained how important small business is for both economies and the requirement of upbringing the sector. The US Ambassador to India, Kenneth Juster through his statement brought down the attention of Forum on the unrealised potential lying in the India-US commercial relationship.