Raksha Mantri Shri Rajnath Singh has called on American companies to implement the policies adopted by India’s Prime Minister Shri Narendra Modi and undertake R&D through the integration, production and maintenance of defense equipment to achieve the ‘Make in India, Make the World’ vision. Raksha Mantri was addressing members of the American Chamber of Commerce in India (AMCHAM India) on a video conference during the 30th Annual General Meeting on April 21, 2022. He invited US companies to co-operate, develop collaboratively, and promote investment financial development of Reconstruction and Rehabilitation services in India.
US companies have expanded their local presence in partnership with the Indian industry to achieve our goal of ‘Make in India, Make for the World’. We believe this is just the beginning. With business growth, we wish to increase investment by US companies in India. Fully utilizing the Industrial Defense Agreement, we need to facilitate the integration and production of defense technologies and improve the participation of US and Indian companies in the chain of defense defense services. American companies are welcome to set up production facilities in India” said Shri Rajnath Singh.
Shri Rajnath Singh pointed out that American companies not only have a source of FDI and employment in India, but also contribute to India’s defense sales, which account for about $ 2.5 billion to the US over the past five years, accounting for 35 percent of total sales during the season. He said, the participation of American organizations in R&D cooperation and industrial cooperation with Indian public and private companies will be critical to the success of ‘Aatmanirbhar Bharat’ and further strengthen US-India relations.
India-US 2 + 2 Ministerial Dialogue in Washington as good and fruitful, says the defense sector is a strong and growing pillar of bilateral relations. He said the relationship was built on basic agreements, military and military co-operation, cooperation on defense skills development, defense trade and technology cooperation, sharing of applications and new emphasis on co-operative development and co-production. The India-US Comprehensive Global Strategic Partnership is critical to international peace, stability and prosperity, ”added Shri Rajnath Singh.
AMCHAM-India
AMCHAM-India is an association of American business organizations operating in India. Founded in 1992, AMCHAM has more than 400 US companies as members. The main objectives include the promotion of activities that can encourage and stimulate investment by US companies in India and increase bilateral trade.
Raksha Mantri emphasized the importance of strengthening the India-US trade and economic cooperation pillar in order to promote economic growth and bring prosperity between the two countries. He cited India-US economic relations as one of the defining 21st century business relations. “There was a decline in trade between the two countries last year, exceeding $ 113 billion in assets. At the same time, we have begun to find success in the Prime Minister’s vision of ‘Aatmanirbharta’ by increasing India’s participation in the global supply chain and exceeding $ 400 billion in exports for the first time in history. Trade and investment relations with the US are an important part of this success story” he said.
Raksha Mantri has listed a number of initiatives undertaken by the Government to facilitate collaboration between Original Equipment Manufacturer (OEMs) and Indian companies. “From the increase in FDI limitations to the ease of doing business and from promoting the renaming using the IDEX platform to the improved list that provides fillip to be produced in India.Emphasized the importance of strengthening the India-US trade. American companies are welcome to set up production facilities in India&promote investment, Financialdevelopment of Reconstruction and Rehabilitation services in India.
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