India could be 'ideal partner' for American businesses: Modi

Asserting that India’s strong economy is creating “new opportunities”, Prime Minister Narendra Modi today pitched for advancing the Indo-US economic relationship, saying India could be the “ideal partner” for American businesses.

“In every sector of India’s forward march, I see the US as an indispensable partner. Many of you also believe that a stronger and prosperous India is in America’s strategic interest. Let us work together to convert shared ideals into practical cooperation,” Modi said in his address to a joint sitting of the US Congress here.

Highlighting that India’s strong economy with a growth rate of 7.6 per cent per annum is creating “new opportunities for mutual prosperity”, Modi said transformative American technologies in India and growing investment by Indian companies in the US both have a positive impact on the lives of citizens of both countries.

“There can be no doubt that in advancing this relationship, both nations stand to gain in great measure. As the US businesses search for new areas of economic growth, markets for their goods, a pool of skilled resources, and global locations to produce and manufacture, India could be their ideal partner,” the Prime Minister said.

“Today, for their global research and development centres, India is the destination of choice for the US companies. Looking eastward from India, across the Pacific, the innovation strength of our two countries comes together in California,” Modi said.

He stated that the innovative genius of America and India’s intellectual creativity are working to shape new industries of the future.

Observing that the 21st century has brought with it great opportunities, Modi said it also comes with its own set of challenges.

“Inter-dependence is increasing. But, while some parts of the world are islands of growing economic prosperity; others are mired in conflicts. In Asia, the absence of an agreed security architecture creates uncertainty,” Modi said.

“Threats of terror are expanding, and new challenges are emerging in cyber and outer-space. And, global institutions conceived in 20th century, seem unable to cope with new challenges or take on new responsibilities,” he said.

Modi asserted that in a world full of multiple transitions and economic opportunities, growing uncertainties and political complexities, existing threats and new challenges, Indo-US engagement can make a difference by promoting—cooperation not dominance, connectivity not isolation, respect for global commons, inclusive not exclusive mechanisms and above all adherence to international rules and norms.