The US corporate sector wants the leaders of India and the United States to focus on three sectors - investment, innovation and inclusive growth.
Noting that the Indo-US civilian nuclear deal is a milestone in the relationship between the two countries and has transformed their ties, Terry McGraw, the new Chairman of the US India Business Council (USIBC), said the historic
agreement has shown how business can play a critical role in deepening the ties of friendship between the two countries.
McGraw has taken over from the Pepsico chief Indra Nooyi as the Chairman of USIBC; the apex body of US companies doing business in India. In the last five years, USIBC has experienced an exponential growth from over 80 companies to
more than 350 now, which includes many of the top Fortune 500 companies.
In his address to the 35th Anniversary of USIBC, McGraw said building on the success of the past three years there is need to focus on three areas - investment, innovation and inclusive growth.
"We need to build a relationship that maximizes the free flow of capital, the free flow of goods, the free flow of services between our two countries. By expanding trade and
investment, we have an opportunity not only to raise standards of living in India but also to create high-paying jobs here in
America," he said. This is especially important in the wake of the financial crisis.
McGraw said that India's rapid development has created an urgent need for new infrastructure, airports, seaports, roads, power stations and other projects. It is said that the
country will need about a trillion dollars on projects by 2015.
After the civilian nuclear deal, he it is time to expand technology partnerships in other areas.
"We need to continue sharing advanced military
technologies so we can strengthen our alliances against terrorism.
"We need to share supply chain management strategies so that we can save the 40 percent of India's harvest that spoils before it ever reaches market. And we need to share water purification technologies with India so we can provide safe drinking water for a growing population that is consuming the equivalent of Lake Erie each year," he said.
"To build a true culture of innovation, we must raise the bar even higher by rigorously enforcing intellectual property and anti-piracy laws across the board," he said.
Arguing the case for inclusive growth, he said USIBC has made this a priority with a new education initiative that focuses on preparing the workforce of tomorrow.
"Our economic future depends on closing this gap between the skills that students are learning in school and the skills they need to succeed in the workforce of our 21st century. And the business community has an absolutely essential role to play," he said.
McGraw said this will be a crucial year for the United States and India. "It will be a year when President Obama makes his first trip as president to India, the sixth U.S. president, by the way, to visit India.