The 5 days long US-India Strategic Partnership Forum (USISPF) 3rd Annual Leadership Summit was held from August 31-September 3, 2020 on the theme “US-India Navigating New Challenges”. The aim of the summit was to discuss enhancing strategic and economic collaboration between the US and India with focus on trade and investment, healthcare, collaboration in fintech, technology and India’s position in global supply chains.
- USISPF, formed in 2017 is the only independent bi-lateral organization that is committed to creating the most powerful strategic partnership between the U.S. and India.
- This annual leadership summit of USISPF is being attended by the world’s top leaders, government officials and corporate leaders.
PM Narendra Modi Delivered Special Key Note Address at the US-India 2020 Summit of US-ISPF
During the summit, Prime Minister Shri Narendra Modi delivered the Special Key Note Address. The key points from his address:
- India is focusing on ramping up capacities, securing the poor and future proofing our citizens.
- India with 1.3 billion people and limited resources has one of the lowest death rates per million in the World.
- Small Businesses made India the second largest PPE (personal protective equipment) kits manufacturer in the World, after China.
- India is creating a unique digital model to build a national digital health mission.
- Over 20 billion dollars of foreign investment flows during 2020.
- FDI (Foreign Direct Investment) into India rose by 20% in 2019, when the global FDI inflows fell by 1%.
- India is described as a young country with 65% population less than 35 years old which is aspirational and decided to take the nation to new heights.
Dharmendra Pradhan addressed the summit; Invites US companies to partner in Aatmanirbhar Bharat campaign
Minister of Petroleum and Natural Gas and Steel, Dharmendra Pradhan participated in the USISPF- 3rd Annual Leadership Summit. The Minister underlined the importance of energy infrastructure as a key to transformation in India and invited US industry leaders to take advantage of the opportunities being created in the Indian energy sector.
- The bilateral hydrocarbon trade between India and the US touched above US$ 9 billion during FY 2019-20 and is expected to increase further.
- India is working to transform itself into a gas based economy by increasing the share of gas from 6% to 15% in the energy mix by 2030.
Finance Minister Nirmala Sitharaman discusses US-India commercial ties with USISPF Board members
The Finance Minister of India Nirmala Sitharaman engaged in a virtual discussion with US-India Strategic Partnership Forum’s (USISPF) Board of Directors during the summit.
The USISPF Board of Directors is represented by 21 US and Indian CEOs whose businesses represent a market capitalization of USD 1.7 trillion, leading influencers of the Indian diaspora, prominent members of the foreign policy fraternity, and senior diplomats from both governments.
- India continues to be a leading investment destination for US companies, having attracted investments over USD 20 billion in 2020.
USISPF Announces India Executive Leadership Board
The US-India Strategic Partnership Forum (USISPF) announced the formation of its India Executive Leadership Board that was headlined by an address by Vice President Michael Richard (Mike) Pence, Vice President of US.
Points to be noted:
–At the summit, USISPF honoured Chairman of Mahindra group, Anand Mahindra and Shantanu Narayen, Chairman & CEO (Chief Executive Officer) of Adobe with the 2020 Leadership Awards which is awarded each year for exemplary vision towards promoting U.S.-India bilateral ties.
–The US was India’s top trading partner for the second consecutive fiscal year in FY 2019-20 with bilateral trade of 88.75 billion dollars, as compared to 87.96 billion dollars in fiscal year 2018-19.
Recent Related News:
On 11th June 2020, 76-year-old Indian-American Soil scientist, Dr. Rattan Lal received the 2020 World Food Prize Laureate (250,000 USD – Rs. 1.89 crore) for developing and mainstreaming a soil centric approach to increase food production that conserves natural resources and mitigates climate change. He was born in 1944 in Karyal, West Punjab, India. World Food Prize is also referred as ‘Nobel Prize in the field of agriculture’ or “Nobel Prize for Food and Agriculture.”
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