India and US poised to take defence partnership to a new level: US envoy

Richard Verma said India offers some remarkable opportunities for American and Indian businesses alike

India and the United States (US) are poised to take defence partnership to a new level through co-development and co-production of technologies.

“Ten years ago, the US and India conducted very little defence trade. What a difference a decade makes!  Over the last few years, the US has signed $10 billion in contracts for defence sales to India … Now, we are taking the security partnership to a new level as we embark on co-development and co-production of defence technologies,” US Ambassador to India Richard Verma said at the 11th Indo-US Economic Summit here on Monday. Verma said India offers some “remarkable opportunities for American and Indian businesses alike.”

The government and industry together are cooperatively engaged in infrastructure and logistics, clean and renewable energy, hospitality and tourism, and the Digital India, Smart Cities and 'Make in India' initiatives.

Verma said the US is also enthusiastic with the increased participation of states in attracting the foreign capital in their effort to “race to the top”.

“India’s economic and investment climate will in part determine the success of these initiatives – and bilateral trade.  Whether it’s improving the ease of doing business or establishing commercial courts or streamlining government services through e-governance initiatives, the Narendra Modi government is aware and is acting to improve the business climate,” he added.

He said both the countries are aggressively working towards achieving the bilateral trade target of $500 billion in goods and services.

“Under the leadership of Prime Minister Modi and President Obama, our governments are working together on increased engagement and new initiatives to reach the $500 billion goal in the years to come.  We have made incredible progress in the past year and look forward to even greater strides going forward,” he said.

Referring to the upcoming Strategic and Commercial Dialogue meeting that is taking place on the eve of Modi’s visit to the US by the end of this month, Verma said it will advance the discussions at the highest levels on important issues like innovation and entrepreneurship, infrastructure and smart cities, standards harmonisation, and promoting a business climate that facilitates increased two-way trade and investment.