Ahead of Indian Defence Minister Manohar Parrikar’s visit to the US, a key trade group has expressed confidence that as India continues reforms US investments and important technology partnerships with Indian industry will grow significantly.
Members of the US-India Business Council (USIBC) comprising 350 top-tier US and Indian companies hosted a Defence Policy Group (DPG) delegation from India ahead of Parrikar’s visit to the US in December. Senior Indian defence ministry officials are in the US for bilateral meetings with the US Department of Defence to discuss progress on joint initiatives such as the US-India Defense Policy Group (DPG) and Defence Technology and Trade Initiative (DTTI).
Welcoming the delegation to Washington, USIBC President Dr. Mukesh Aghi welcomed Government of India’s recent announcements allowing FDI up to 49 per cent under the automatic route and beyond that with the Foreign Investment Promotion Board’s (FIPB) approval.
Former US Secretary of Defence, William S. Cohen, and board member of USIBC said he was encouraged by the unprecedented level of engagement between the two governments and the private sector in the area of defence.
“As the Government of India continues its reform effort and streamlines the defence procurement process, I am confident that US investments and important technology partnerships with Indian industry will grow significantly in support of India’s indigenization and national security goals,” he said.
Swami Iyer, Vice President, Honeywell Defense and Space, and Chair of USIBC’s Defence Executive Committee said: “With diligent collaboration, both government and industry can showcase Make in India and India’s improved ease of doing business in current and future defence procurements.”
“We believe continued success in US-India defense trade can be a great enabler for India’s economy and national security.”