India's economic success good for American companies, says USISPF chief Mukesh Aghi

As India is set to become the third largest economy in the coming years, Aghi lauded the Indian growth trajectory. Terming it as a 'success story', he underscored that America sees it as a win-win partnership.

"I think America sees this as a success story. Because you have to understand that the economic success of India is good for American companies. So, from that perspective, the growing economic strength of India has a positive impact on the US", said Mukesh Aghi in an interview with ANI.

"Today, we have around 272,000 Indian students in the US spending around USD 9 billion in the local economy. So, if you take them up to 500,000, that number will go up. And, what we are seeing is as India gets more affluent, it prefers goods and services which are coming out from the US itself. So, I think US see this as a win-win partnership and tries everywhere to make sure that India continues in the trajectory", he added.

Underlining India's geopolitical importance in fulfilling the shortage of supply chain amid the aim of dependence reduction on China, the USISPF President noted that there is an increased harassment of US companies in China, and so India gradually becomes pivotal for American strategy due to its efficiency and effectiveness.

"It is in the interest of the US companies to protect its assets and supply chain. What we are seeing is increased harassment of US companies in China. They want to be able to supply goods that are efficient and effective, so India becomes pivotal for their strategy", said Mukesh Aghi.

"Gradually, companies are moving production into India. It's not just about the supply chain, it's also about trying to leverage the growing Indian market. 100 million people are affluent Indians. Their purchasing power also creates a market opportunity for these companies. So, it is also supply chain and market opportunity which attracts these companies", he added.

The Chief further noted that it is important that India maintains an economic momentum of 7 per cent growth to become a developed nation by 2047.

Further, calling the trade relationship between the two countries (India and USA) as 'strong', Aghi said that US companies are very excited about India and the India market opportunity.

"The relationship between India and the US is very strong. From a trade perspective, we already crossed USD 200 billion in trade. We're seeing a substantial amount of collaboration and cooperation taking place between the two countries. The US companies are very excited about India, the market opportunity and also the derisking supply chain from China", Aghi said. (ANI)