December 14, 2024 09:53 (IST)
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India, USA can transform world with trade and trust: Rajnath Singh
Hyderabad, June 3 (IBNS): Union Home Minister Rajnath Singh on Friday said that India and USA are natural allies and could transform the world with trade and trust.
He was addressing the inaugural session of the Indo-American Chamber of Commerce’s (IACC) National Conclave-2016 in Hyderabad.
Singh said Prime Minister Narendra Modi and US President Barack Obama have added a new and successful chapter in Indo-US bilateral relations.
The US-India trade value was $90 billion during 2009-10. It rose to $100 billion in 2014-15.
“Now we should focus on the goal to achieve the $500 billion Indo-US trade value soon,” Singh said.
“India has enormous potential than any other country in this direction and the ongoing IACC Conclave would deliberate extensively on this,” he added.
The Union Minister said that under the dynamic leadership of Modi, India is now the fastest growing economy in the world.
"At present, all indicators are in the right direction and the country is the most attractive destination for investments. The government is laying emphasis to achieve double digit growth, by following proactive, holistic and integrated approach. To facilitate US investments under the fast track mode, the government has setup ‘One shop investment platform," he said.
Singh said the recent meetings held by PM Modi with heads of top corporates in the USA were great success resulting in attracting FDIs from these companies.
"Indian pharma companies are capable of producing affordable generic medicines and the USA needs to permit import of generic medicines to bring down the healthcare costs," he said.
"India and the USA can explore opportunities in the untapped rural infrastructure development sector. Besides, the youth were being trained under the Skill India programme and the US companies can benefit by utilizing this manpower," said Singh.
There are ample of opportunities in the Agriculture sector too for both countries to improve economic ties, he added.
The Union Home Minister informed that he will be visiting the United States next month for the dialogue on Homeland Security.
“More investments are needed for the Police Modernization programme,"Singh said adding that Homeland Security is one of the important areas for the nation’s economic development.
“If Border Management is proper, then only Internal Security is ensured," he said.
"There is a need to use technology for Border Management," he added.
"The redtapism and governmental procedures were minimized to attract FDIs. Earlier the Government used to sanction Security Clearance for only 3 years and now the same has been extended to 10 years," Singh said.
Governor of Telangana and Andhra Pradesh ESL Narasimhan, IACC National President Lalit Kanodia and other dignitaries were present.
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