As American and Indian business leaders prepare to meet in New Delhi next month for the US Chamber of Commerce’s US-India Business Council (USIBC) India Ideas Summit, US-India relations shine bright.
Themed “Partnership and Prosperity in the Era of AI and Critical Technologies”, the India Ideas Summit on September 12, 2024, will convene top US and Indian government and business leaders to accelerate the ambitious course both countries have charted to ensure, that technology serves global good.
Get updates: Follow USIBC on X and LinkedIn for announcements and live updates before and during the summit.
Policies in the US and India to help businesses
Building on US-India Initiative on Critical and Emerging Technologies (iCET), This year’s summit will deepen US-India policy in telecommunications, energy security, artificial intelligence, biotechnology and more. It will also emphasize the empowerment of women in India’s labor market, which is the largest in the world and is a priority for the new government.
The strategic convergence of American and Indian technology and innovation plays a crucial role in shaping the relationship between the world’s two oldest and largest democracies. At the India Ideas Summit, we will explore how this partnership drives our shared economic potential, transforms digital health, unlocks clean energy, secures our defense and a free Indo-Pacific and more – all underpinned by our shared values of democracy, pluralism , and the rule of law.
Transforming US-India Technical Cooperation
Realizing the shared vision of Washington and New Delhi to reach the full potential of the US-India economic, strategic and technological relationship, the USIBC – now in its 49th year.th year — consists of over 200 member companies from both nations, employing tens of millions of people and providing world-class products and services to our combined 1.7 billion citizens.
In recent years, USIBC has worked closely with government and business leaders from across the US-India corridor to advance our technological convergence, including hosting the first track 1.5 lectures of iCET, organizing the first and second rounds of the India-US Defense Acceleration Ecosystem (INDUS-X) between the US Department of Defense and the Indian Ministry of Defense, and organizing the first two rounds of the US-India”Innovation handshake” between the US Department of Commerce and the Indian Department of Commerce. This year also launched the USIBC AI Task Force (AI-TF) to promote responsible, ethical AI policy and development and better align the US and India in the next technological frontier.
What to look for at this year’s summit
Speakers and panelists
Speakers and panelists will include Indian ministers and senior US government officials, such as US Ambassador-at-Large for Global Women’s Issues Geeta Rao Gupta, Executive Vice Chairman of Nasdaq (and Chairman of USIBC’s Global Board of Directors) Edward Knight, and USIBC President Ambassador (retd.) Atul Keshap.
Embracing democracy amid global geopolitical uncertainty
The US-India relationship is of increasing importance amid rising geopolitical uncertainty, particularly in the Indo-Pacific, home to critical supply chains and future demographic and economic growth markets. As tensions rise in the Indo-Pacific, the deepening economic, innovation and security ties between the US and India are more critical than ever – a fact underscored during last year’s historic state visit by Indian Prime Minister Narendra Modi.
The USIBC has advocated for US-India defense co-production and alignment, including through the launch and management of the INDUS-X initiative. The summit will advance many of these commitments, including helping India reach $5 billion in defense exports.
Champion of economic equality
Women’s economic empowerment is critical to promoting peace and stability and building resilient economies. As evidenced in India’s latest annual budget, women’s economic empowerment initiatives are at the center as the Indian government works with the private sector to boost labor force participation for over 650 million Indian women.
USIBC makes women’s workforce participation a prominent topic of discussion at the summit, with remarks from the leadership of the US-India Alliance for Women’s Economic Empowerment, including Assistant Secretary of State Don Lu, Ambassador-at-Large for Global Women’s Issues Geeta Rao Gupta, Assistant Assistant Secretary of State Nancy Izzo Jackson and USAID Deputy Assistant Administrator Anjali Kaur. Ambassador-at-Large Gupta, who is Indian-American herself, will lead a highly anticipated roundtable discussion on how the private sector is uniquely positioned to further close the gender gap in India’s workplace.
Rented in America, Rented in India
Collaboration in critical and emerging technologies will create high-value, high-skill jobs for Americans and Indians alike. India, home to a fifth of the world’s population and a young, educated workforce, and the United States, home to top universities, advanced technologies and global innovation hubs, together form a formidable engine of growth.
USIBC member companies – American and Indian – are the leading sources of jobs in both countries’ formal sectors. As India reclaims its historic place as a global power, its private sector is increasingly looking outward, including to the United States. Recently, investment between the US and India has begun to resemble a two-way street: there are now over 160 Indian companies with operations in the US, employing nearly 500,000 Americans and investing nearly $40 billion into the US economy.
With India’s economy approaching USD 4 trillion, on track to become the world’s third largest by 2027, its government preparing to spend heavily to expand youth employment, and the United States competing for foreign direct investment, the India Ideas Summit will feature discussions around job creation, qualification and promoting investment in both countries.
Stay Tuned
The India Ideas Summit is a powerful demonstration of our countries’ shared trust in each other. Despite the global rise of undemocratic forces, American and Indian societies remain staunchly democratic and committed to free initiative.
Whether you’re a long-time observer of India, interested in the latest technologies, or considering how your business is positioned in this new world, join the conversation and follow USIBC on X and LinkedIn for updates before and during the summit.
About the authors
Martha Lewand
Martha Lewand is an international communications intern at the US Chamber of Commerce.