U.S. Secretary of State Antony Blinken has emphasized the significance of economic ties in the strategic partnership between India and the United States ahead of Prime Minister Narendra Modi’s upcoming state visit. Speaking at the U.S.-India Business Council’s India Ideas Summit, Blinken highlighted the growing strength of the economic relationship between the two countries under the leadership of President Biden and Prime Minister Modi.
Blinken noted that bilateral trade between India and the United States reached a record high of $191 billion last year, making the U.S. India’s largest trading partner. American companies have invested approximately $54 billion in India across various sectors, while Indian companies have invested over $40 billion in the United States, supporting hundreds of thousands of jobs.
Highlighting the significance of the state visit, Blinken described the relationship between India and the United States as a defining partnership of the 21st century. He emphasized the shared commitment of both countries as the world’s oldest and largest democracies to deliver and empower their citizens. Both India and the United States are making transformative investments in their own countries, with President Biden’s Bipartisan Infrastructure Law and Prime Minister Modi’s ₹100-trillion infrastructure plan aimed at boosting productivity and attracting investors.
Blinken highlighted India’s participation in the Indo-Pacific Economic Framework, focusing on building resilient supply chains, seizing clean energy opportunities, and combatting corruption. He emphasized the collaborative efforts between the two countries in shaping future innovations and governing norms, particularly in fields such as artificial intelligence and quantum computing. The United States and India have initiated a new Initiative on Critical and Emerging Technologies to further strengthen their strategic technology partnership.
The Secretary of State also stressed the importance of diversifying and deepening supply chains with trusted countries while reducing strategic dependencies. This cooperation extends to enhancing the resilience of the semiconductor supply chain, as demonstrated by the recent partnership established between Secretary of Commerce Gina Raimondo and Union Commerce and Industries Minister Piyush Goyal.
The upcoming state visit by Prime Minister Modi is expected to further solidify the economic ties and strategic partnership between India and the United States, reflecting the shared commitment to democracy, innovation, and economic growth.
