US Ambassador to India Richard R. Verma has termed the recent intensification in the relationship between New Delhi and Washington DC as 'transformative' for the bond between the two nations, pointing specifically to President Barack Obama's visit as 'reflecting the excitement' of both countries.
"These are exciting times for our two countries. I think the historians will look back on this period - and President Obama's recent visit in particular - as a transformative time in our bilateral relationship. If it seems like half of the President's cabinet was here, or will be here, that's about right," Verma said, while speaking at the Indian School of Business (ISB) on Monday.
"These high-level visits reflect the excitement about our deepening friendship and the good path we are on together," he added.
Stating that there is renewed enthusiasm in the Indian economy, Verma further said that a large number of US companies are collaborating in the country, irrespective of their size.
"In recent weeks, I have had the good fortune of travelling around India and I have been able to see first-hand the renewed enthusiasm and confidence in the economy, the great potential for US/India business collaboration, and the positive spin-off effects that are possible in both countries," he said.
"Only a few days ago, I was in Bangalore for the Aero India show - and while it was an impressive display of Indian military power, I was equally impressed with the number of US companies, from the very large to the start-ups, that were already collaborating in India in the aerospace and defence sectors. I was thrilled to see how much trade, joint research and collaboration, and development were taking place among smaller and mid-sized companies too," he added.
Verma further said that the relationship between India and the US was for 'shared prosperity' at each level.
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"The economic relationship between our two countries is not just about large companies coming here to build factories. It's about shared prosperity on all levels. Hundreds of Indian companies are operating in the United States and have made significant social impacts with their philanthropic initiatives and community engagements," he said.
"The two-way trade between the US and India has nearly quintupled in the last dozen years from USD 19 to almost USD 100 billion. Defence sales have gone from virtually 0 to USD 10 billion in only a decade. Indian companies now employ tens of thousands of American workers, and US companies employ even more back here in India," he added.
Verma further stated that the interests of India and the US were aligning more and more, especially as far as Asia is concerned.
"India's rise is the interest of regional and global stability, and global economic growth. If our two economies are growing together, we can be a powerful engine for prosperity across the globe. Our interests in this region, and across Asia are also aligning more and more. The fact is that Asian economic integration is good for economic prosperity and for stability," he said.
"Our rebalance to Asia is aligned well with India's Act East policy. When the countries of Asia are trading and working together in an open, fair, rules-based commercial order - that's good for society, for working people, and for the bottom line," he added.
Verma also stated that the US believes in the 'sabka saath, sabka vikas' motto that the Prime Minister Narendra Modi-led government is following.
"The United States-our companies, our research facilities, and our people-wants to work with the business and thought leaders in India to create innovation-based economic growth that doesn't just provide worthwhile jobs to the students with us here tonight, but eventually to the employees you will hire and the generations that will follow. We share in the vision of "Sabka Saath, Sabka Vikas," together with all, development for all," he said.
"[There are] three areas in particular where we are pleased to be partnering with India: (1) financial inclusion; (2) skills training; and (3) clean energy development," he added.
Recalling President Obama's town hall speech in New Delhi, Verma also reiterated the US's commitment to support India's targets as far as renewable energy is concerned.
"During his Republic Day visit, President Obama reminded us that 2014 was the hottest year ever on record, and that India has already started to feel the impact of a warming planet with water shortages, melting glaciers, severe monsoons, and intense droughts. That is why we are committed to support India's ambitious targets on renewable energy, including its target of achieving 100 gigawatts of solar capacity by 2020," he said.
"The U.S.-India Partnership to Advance Clean Energy has already mobilized over USD 2.4 billion to invest in clean energy projects here, and the U.S. Export-Import Bank is ready to make an additional USD one billion available to finance clean energy. Meanwhile, our U.S. Agency for International Development is helping to build the capacity of India's power grid and integrate renewable energy. And, of course, our breakthrough understanding on civil nuclear cooperation will help open the door to US built reactors helping to provide electricity to the 300 million people who currently go without it," he added.