June 27th 2024.
According to US envoy to India, Eric Garcetti, the relationship between India and the US is currently at an all-time high. Speaking at an event during the SelectUSA Investment Summit, Garcetti emphasized that the partnership between the two strategic allies is not just "additive" but also "multiplicative". He noted that the largest delegation at the summit is from India, which highlights the strong economic ties between the two countries.
Garcetti further elaborated on the strength of the India-US relationship, stating that it has never been closer. He highlighted the success of the Indian-American community, which comprises 1.5% of the US population and pays 6% of the country's taxes. He also announced an investment of USD 110 million from India's JSW Steel in Baytown, Texas, which is a testament to the growing economic collaboration between the two nations.
The US envoy expressed excitement over the increasing awareness of Indian brands and companies in America. He also mentioned how both countries are now investing in third-party countries, particularly in areas such as infrastructure, energy, and climate solutions. The investment from JSW Steel is expected to create over 800 jobs for American workers, contributing to the prosperity of both nations.
Garcetti also highlighted the shift in the investment narrative between India and the US. While in the past, it was primarily American companies investing in India, there is now a two-way street with Indian companies also investing in the US. This is evident in JSW Steel's investment in Baytown, as well as their previous investments of over USD 2 billion in Texas and Ohio.
Divyakumar Bhair, Board Member of JSW Steel USA, explained that the investment will be used to manufacture high-end steel plates for offshore wind energy. Not only will this contribute to clean energy in the US, but it will also benefit the local economy in Texas. JSW USA is a part of the USD 24 billion JSW Group, highlighting the significant presence of Indian companies in the American market.
Diane Farrell, Deputy Under Secretary for International Trade from the Department of Commerce, commended India for having the largest country delegation at the SelectUSA Investment Summit. This event serves as a platform for investors, companies, economic development organizations, and industry experts to connect and make deals happen.
The overall relationship between India and the US has seen a major boost in recent years, starting with Prime Minister Narendra Modi's state visit to Washington in 2019, followed by US President Joe Biden's trip to India last year. Last week, US National Security Advisor Jake Sullivan also visited India, reaffirming the commitment of both nations to strengthen their partnership for the greater good. Prime Minister Modi echoed this sentiment and expressed his desire to take the Comprehensive Global Strategic Partnership to new heights in the coming years.
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