Washington [US], June 3 : India's Ambassador to the US, Vinay Mohan Kwatra, highlighted the country's economic growth trajectory and its future goals, emphasising the importance of systemic stability for investors.
"You mentioned 4.1 trillion GDP that India touched recently. We now have Japan in our rearview. Prime Minister Modi has spoken about taking this to 5 trillion in the coming years, but the eventual goal which we are working towards is to take the Indian economy in the range of 28 to 35 trillion dollars by the year 2047, when we celebrate the centenary of our independence. When we talk of that, and if you position this in the perspective of an investor, for any investor, economic opportunity has to be one of the first drivers for a capital flow to happen. Suppose I'm a four trillion opportunity today looking to become 5, 10, and eventually 30-odd trillion opportunity; that whole journey is not enough in terms of numbers. In that case, it has to be combined with something which the investors truly value. First of all, I would say any investor would look for whether there is systemic stability in the economy, and whether there is systemic stability in the growth of the economy?" Kwatra said.
He underlined that while India's GDP growth and economic potential attract investors, systemic stability in the economy and its growth is crucial to sustaining capital inflows.
India recently crossed the $4.1 trillion GDP mark, overtaking Japan, with Prime Minister Narendra Modi aiming to achieve a $5 trillion economy soon. The long-term vision is to reach an economy valued between $28 to $35 trillion by 2047, marking 100 years of India's independence.
Kwatra's remarks highlight India's commitment to creating a stable and conducive environment for investors while pursuing ambitious economic growth targets.
This vision aligns with the recent visit of Foreign Secretary Vikram Misri to Washington DC from May 27 to 29, where he held high-level meetings with senior US officials to bolster strategic and economic ties.
Foreign Secretary Misri held wide-ranging discussions with counterparts across the Department of State, National Security Council, Department of Defence, Department of the Treasury, and the Department of Commerce, the Ministry of External Affairs said in a statement.
The visit was a follow-up to the Prime Minister's visit to the United States on February 13, during which both sides launched the India-U.S. COMPACT (Catalysing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century.
Deputy National Security Advisor Pavan Kapoor was also part of the Indian delegation.
According to MEA, at a luncheon meeting with Deputy Secretary of State Christopher Landau, both sides reviewed the full spectrum of the bilateral agenda. They underscored that Technology, Trade, and Talent would be the key pillars shaping the India-U.S. partnership in the 21st century.
In meetings with Deputy Secretary of Defence Steve Feinberg and Under Secretary for Policy Elbridge Colby, both sides reaffirmed their commitment to a robust and forward-looking defence partnership. Discussions focused on co-production and co-development initiatives, sustained joint military exercises, logistics and information-sharing frameworks, and enhancing interoperability between the armed forces, MEA said.
Vikram Misri met with Deputy Secretary of the Treasury Michael Faulkender, the Foreign Secretary and discussed ways to deepen economic and financial ties, including collaboration in international financial institutions and coordination in the upcoming Financial Action Task Force (FATF) processes.
In his meeting with Under Secretary of Commerce Jeffrey Kessler, both sides reviewed progress on the India-U.S. Bilateral Trade Agreement, cooperation in critical and emerging technologies, and the need to streamline ITAR and export control regulations. They agreed to convene the next meeting of the India-U.S. Strategic Trade Dialogue at the earliest opportunity, according to MEA.
Consistent with the vision outlined in the COMPACT, detailed inter-agency discussions were also held on a range of strategic areas, including defence cooperation, energy security, the TRUST initiative, counter-terrorism, the Indian Ocean Strategic Venture, and collaboration through platforms such as the Quad, I2U2, and IMEEC.
Foreign Secretary Misri, along with DNSA Kapoor, jointly chaired a roundtable with industry representatives, focusing on deepening bilateral collaboration in critical and emerging technologies. Additionally, they held a substantive interaction with members of the think tank community, covering the full breadth of the India-U.S. strategic partnership, MEA said.