PM Modi’s address at India Ideas Summit today: 5 reasons why it’s significant
New Delhi: Prime Minister Narendra Modi will address the India Ideas Summit Wednesday 9 pm. The two-day summit, organised annually by the US-India Business Council (USIBC), marks the 45th anniversary of the formation of the council and is based on the theme ‘Building a Better Future’.
- The virtual summit, that will feature high-level Indian and US government policymakers, state-level officials and thought leaders from business and society, comes at a time when India is frantically looking for crucial foreign investments to support an economy in recession. The summit organised by USIBC, an advocacy group formed in 1975 to enhance investment flows between private sectors of the two nations serves as an alternate way for the government officials to discuss outstanding trade issues. Various ministries planned various roadshows to woo investors amid India’s efforts to become an export-oriented economy and reduce its reliance on Chinese imports.
- The US and India are close to finalising a trade deal which might entail preferential trade agreement for 50-100 products, said Commerce minister Piyush Goyal said while virtually addressing the USIBC summit on Tuesday. The comments come one week after India and US engaged in informal talks with Piyush Goyal holding an informal conversation with his counterpart US Commerce Secretary Wilbur Ross. The Indian side might try to use the informal setting to drive home certain pending irritants of the trade deal such as the US keeping 24 Indian products under TVPRA (Trafficking Victims Protection Reauthorization Act)’ list and designating them as ‘child labour sectors’; thereby denying them the opportunity to participate in supply contracts of US government agencies.
- Other concerns previously raised by India such as US-India Social Security Totalisation Agreement, US’ ban on import of wild catch shrimp from India might also fare during the discussions. Some of the speakers at the summit include Minister of External Affairs Dr S Jaishankar, US Secretary of State Mike Pompeo, Union Finance Minister Nirmala Sithamran, Union Minister of Railways, Commerce & Industry Piyush Goyal, Union Minster fr Road Transport, Shipping & SMSEs Nitin Gadkari, Senator of Virginia and co-chair of Senate India Caucus Mark Warner, Former US Ambassador to the United Nations Nikki Haley, among others.
- The summit which will be conducted on July 21, 22 will witness discussions on areas including India-US cooperation and future of the relation between the two counties in a post-pandemic world. India-China tensions in the aftermath of the Line of Actual (LAC) incident in June, national security vis-à-vis Chinese tech companies are also likely to figure during the discussions.
- Leaders of the India Inc and US corporate leader are amply represented at the forum. Some of the top bosses of Indian IT companies such C Vijayakumar, President & CEO of HCL Technologies, N Chandrasekaran, Chairman, Tata Group & Co-Chair of the U.S.-India CEO Forum are also likely to attend and participate in panel discussions. From the US, Jay Walder, CEO and Board Member, Virgin Hyperloop, Ben Cushman, Vice President, MetLife, Gary Friedlander, SVP, General Counsel, Transunion, Thomas Bartlett, President & CEO, American Tower Corporation, Jim Taiclet, CEO, Lockheed Martin Corporation will participate in the discussions.