IACC Celebrates 76 Years of INDO-US Economic Relations

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IACC Celebrates 76 Years of INDO-US Economic Relations
IACC Celebrates 76 Years of INDO-US Economic Relations
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Azadi Ka Amrit Mahoutsav

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West Bengal on Thursday pitched for more employment generation in the state through a US-India partnership.

Over the past 76 years, India has emerged as the fastest-growing large economy in the world, and the partnership between the United States and India has grown to be predominately characterized by alignment in objectives, values, and vision.

India-U.S. bilateral relations have developed into a “Global Strategic Partnership”, based on shared
Democratic values and increasing convergence of interests on bilateral, regional, and global issues. The emphasis placed by the Government in India on development and good governance has created
Opportunity to reinvigorate bilateral ties and enhance cooperation.

US Consul General in Kolkata Melinda Pavek inagurated the economic conclave.
US Consul General in Kolkata Melinda Pavek inaugurated the economic conclave.

Today, the relationship, which has been dubbed as the most important strategic partner of the 21st century, has moved long beyond symbolic platitudes between the world’s oldest and largest democracy to robust engagements across trade, defence, climate, technology, education, and health. As forecasted in 2023, the bilateral relationship would cement even further to address the challenges of tomorrow, continuing to be a partnership for global good.
The Indo-American Chamber of Commerce, East India Council, aims to highlight and uphold, India’s G-20 Presidency and the commonalities that India’s priorities as President have with the US. Through this one-day session, IACC, EIC aims to conduct valuable sessions and engage discussions in further cementing the ties between the nations.

Principal Chief Advisor to West Bengal chief minister Amit Mitra said that the need of the hour is the creation of more employment through exports, strengthening of the MSME sector in the state, and value-chain integration.
Speaking at a session of the Indo-American Chamber of Commerce virtually, Mitra said “During 2022-23, exports from West Bengal to the US increased 55 percent over the previous period.” Mitra, who also holds the rank of a state cabinet minister, said that exports from West Bengal to the US stood at approximately USD 13 to 15 billion.

“Nearly ten percent of India’s exports to the US originates from West Bengal. According to the RBI, West Bengal is the fourth largest economy in the country in terms of net value added (NVA). Merchandise exports from India to the US have overtaken China. This shows the nature of openness of the US-India relationship” he said.

The major items of exports to the US from West Bengal are gems and jewellery, shrimp, human hair for wigs, and industrial gloves among others, he stated.

According to him more technological collaboration between the US and West Bengal is required for increased manufacturing activity in the state.
Citing an example, he said US technology is being used by two companies for the production of coal bed methane (CBM) gas in West Bengal.
The West Bengal government will support the initiative for which collaborative effort is needed, he noted.

Amit Mitra said in the last fiscal, the US has emerged as the largest trading partner of India with two-way trade volumes touching USD 130 billion with a trade surplus in favour of India.

US Consul General in Kolkata Melinda Pavek said that both the two leaders (Joe Biden and Narendra Modi) affirmed the closeness of the relations between the two countries (US and India).
She said India conducts more military exercises with the US than any other country. “The objective of the US-India relationship is for a prosperous, peaceful, and secure future. The US has set a target for issuing one million visas to Indian citizens in 2023. We are well on our way to reaching that target and might also surpass that” Pavek said.

She said US and India are working on critical and emerging technologies, adding that an open accessible eco-system is being worked upon in the areas of space, new-age telecom, artificial intelligence, and semiconductors.
The US government is working hard on reducing bureaucratic and administrative hurdles for a frictionless relationship between the two countries, Pavek said.
The discussion session was graced by the presence of Mr. R. K Chhajer – Chairperson, Ficci Msme State Committee, Wb & Chairman, Arcvac Forgecast Pvt Ltd, Dr. Lalit Bhasin, National President, IACC, Prof (Dr.) Sujoy Kr. Biswas – Ceo, Techno India University, Mr. Pankaj Bohra, Mr. A Sekhar and Mr. Kamal Vohra.

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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