New Delhi [India], June 3 : In the debut episode of the new podcast series "Doing Business in India," Jonathan Hymer, the Minister Counsellor for Commercial Affairs at the United States Embassy in New Delhi, welcomed Alexander Slater, the Managing Director of the US India Business Council, to discuss the evolving business landscape in India post-pandemic.
India has emerged from the pandemic as the fastest-growing large economy in the world for two consecutive years.
Slater pointed out a significant shift in global focus, which had predominantly been on China for decades.
Now, with changes in China's economic dynamics and India's sustained rapid growth, there is a burgeoning interest and opportunity in the Indian market.
"I think before the pandemic, there had been a decades-long focus in China when it came to emerging markets, or at least very large emerging markets. Now, I think with changes in the way that China's economy is functioning, and the rapid growth of India's economy over the last few years that is sustained and that people now think is likely to continue for years to come, there's a real opportunity here," Slater said.
"The rewards for doing business here are significant. It's a market of 1.4 billion people...It's now the fifth largest economy in the world and forecast to be the third largest by 2030, if not earlier. There are huge rewards for being here as a businessperson," Slater added.
Slater emphasized the robust innovation ecosystem developing between the United States and India, which is redefining bilateral business relations.
He highlighted India's immense human capital, particularly the output from its Indian Institutes of Technology (IITs), which produce a vast number of highly skilled engineers.
This workforce provides a competitive advantage not as readily available in the United States.
"Indian entrepreneurs are eager to compete globally, including in the U.S. market, showcasing a significant entrepreneurial spirit," Slater noted.
He also stressed that half of India's population is under the age of 30, presenting a demographic dividend that, if harnessed through skill development, health, and job creation, could drive significant economic progress.
Post-pandemic, U.S.-India relations have reached new heights, particularly in strategic cooperation.
In May 2022, during the Quad Summit in Japan, Prime Minister Narendra Modi and President Joe Biden initiated the "Initiative on Critical and Emerging Technologies."
This initiative aims to deepen cooperation in areas such as artificial intelligence, advanced communications, cybersecurity, biotechnology, and semiconductors.
In January 2023, this initiative further expanded, illustrating the growing commitment to mutual technological and economic advancement.
Additionally, defence cooperation has been bolstered through the innovation bridge IndusX, launched at the US Chamber in June, to foster innovation and strengthen defence ties between the two nations.
Before the pandemic, the emphasis had long been on China when considering emerging markets, particularly the larger ones.
However, due to recent shifts in China's economic operations and India's sustained rapid growth over the past few yearsexpected to persist for many morethere is now a significant opportunity in India.
Slater underscored the transformative potential of India's young population and the importance of developing key infrastructure and a regulatory system that promotes innovation and investment.
"Unlocking this potential will deliver opportunities for U.S. investment and build stronger ties on a people-to-people basis," he said.
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