CII Reports Positive Sentiment Following PM Modi's US Trip

New Delhi, Feb 15 (NationPress) The prevailing mood after Prime Minister Narendra Modi's visit to the US is characterized by confidence and enthusiasm – signaling the onset of a new era of collaboration between India and the US, aimed at fostering growth, innovation, and prosperity in the coming years, according to the Confederation of Indian Industry (CII) on Saturday.

CII described this visit as a significant milestone that will bolster bilateral trade, investment, defense, and technology partnerships. The comprehensive joint statement and initiatives declared during the visit, framed under the US-India COMPACT, have outlined a clear, forward-looking agenda for India-US relations, paving the way for new opportunities in the industry and economic growth.

Chandrajit Banerjee, Director General of CII, remarked, "A new chapter has been added to the India-US partnership, facilitating much stronger collaboration in strategic sectors such as defense, energy, semiconductors, space, and emerging technologies like artificial intelligence (AI), quantum computing, advanced materials, and biotechnology."

This creates a favorable environment for the private sector on both sides to thrive in genuine partnership. The visit is particularly important as it aims to enhance manufacturing in India, attract more foreign direct investment, and generate jobs, Banerjee added.

The target of achieving $500 billion in trade by 2030 is expected to provide a significant boost to exports of labor-intensive goods from India and industrial goods from the US, offering numerous new opportunities for Indian industry.

CII anticipates that smoother market access and regulatory harmonization will arise from the proposed bilateral trade agreement dialogues, helping Indian products and services gain a stronger foothold in the US market and vice versa.

A critical area of partnership discussed was energy, which is poised to establish long-term ties as India seeks to diversify its energy sources.

Given India's ambitious net-zero targets, the US, with its vast gas reserves, can serve as a reliable supplier to meet India's energy demands, the industry body noted.

The dialogue surrounding nuclear reactors, closely following India's recently announced nuclear energy targets of 100 GW by 2047, has laid the groundwork for technology collaboration and new fossil-free fuel options, it emphasized.

Numerous other sectors are set to gain significantly from the outcomes of this visit, including critical minerals, advanced materials, and pharmaceuticals.

Banerjee concluded, "The new agreements and frameworks are anticipated to enable Indian industry to scale up, innovate, and integrate more thoroughly with global markets. Enhanced defense co-production and technology sharing imply that Indian firms can engage in advanced manufacturing and Research and Development, elevating their capabilities."