The 5-day long 3rd Annual Leadership summit of US-India Strategic Partnership Forum (USISPF) was held virtually due to Covid19 pandemic from 31st Aug - 3rd Sep, 2020.
- Theme 2020: US-India Navigating New Challenges
- Leadership Award 2020: Given to Anand Mahindra, Adobe CEO Shantanu Narayen
What is USISPF?
US-India Strategic Partnership Forum (USISPF) is a non-profit organization, established in 2017 that works for the partnership between India and the U.S.
- Chairman of USISPF: John Chambers
- Headquarter: Washington DC, USA
USISPF Summit 2020
1) The 5 day summit was held virtually due to Covid19 pandemic from 31st Aug - 3rd Sep, 2020.
2) Theme of 2020 USISPF: “US-India Navigating New Challenges”
- A global pandemic has impacted everyone. It is testing:our resilience, our public health systems, our economic systems.
3) The theme covers various subjects such as:
- India’s potential in becoming a Global Manufacturing Hub,
- Opportunities in India’s Gas Market,
- Ease of Doing Business to attract FDI in India,
- Common Opportunities & Challenges in Tech Space,
- Indo-Pacific Economic issues,
- Innovation in Public Health and others.
4) 2020 Leadership Awards
- Mahindra group Chairman Anand Mahindra, Adobe CEO Shantanu Narayen received 2020 Leadership Awards from USISPF.
US-based India-centric business advocacy group announced to honour Mahindra group Chairman Anand Mahindra and Adobe Chairman and CEO Shantanu Narayen with its 2020 Leadership Awards in recognition of their exemplary vision towards promoting US-India bilateral ties.
5) Foreign Investment in India:
FDI into India rose by 20 percent in 2019. This when global FDI inflows fell by 1 percent.
India has immense potential to become an investment destination and emerge as an important player in global supply chain.
- Along with affordability of geography, companies are now also looking for reliability and policy stability. India is the location which has all of these qualities.
- India has received over 20 billion dollars of foreign investment flows during this year.
- Google, Amazon and Mubadala Investments have announced long-term plans for India.
- India one of the lowest tax destinations in the world and further incentive are given to new manufacturing units
India has opened up its economy for foreign investment.
- Government has opened up sectors of coal, mining, railway, defence, space and atomic energy.
- Continued regulatory reforms in bond markets ensure improved ease of access for investors.
6) Aatmanirbhar Bharat (Self-Reliant India)
Emphasis on Aatmanirbhar Bharat or Self-Reliant India is not related to India shying away from its responsibilities towards world rather India has always contributed its part in global betterment. ‘Aatmanirbhar Bharat’ merges the local with the global. It ensures India's strengths act as a global force multiplier.
Example:
Despite our large local needs, we did not shy away from our global responsibility. The responsibility of being the world’s leading producer of generic medicines; we ensured constant supply to the world. We are also at the forefront of research on the vaccine for COVID-19.
A self-reliant and peaceful India ensures a better world. The idea was to transform India from a passive market to an active manufacturing hub at the heart of global value chains.
7) Reforms taken by India in Tax system:
India has undertaken several reforms taken in Tax system:
- Goods and Services Tax as a unified IT-enabled tax system,
- Insolvency and Bankruptcy Code reducing risk for the financial regime;
- Labour reforms that were reducing compliance costs for employers and providing social security for workers.
- Mandatory e- platform based ‘faceless assessment’
- Tax-payers charter
- There are tax exemptions to ‘Sovereign Wealth Funds’ and ‘Pension Funds’ for Infrastructure investment.
- US-India Tax Forum has been launched in Feb 2020.
8) Production Linked Incentive schemes have been launched for- mobile & electronics, medical devices, pharma sectors.
9) Reforms in agriculture marketing and 14 billion US Dollars agriculture financing facility bring several opportunities.
10) Energy Infrastructure
a) Hydrocarbon trade:
The bilateral hydrocarbon trade between India and the US has grown and touched above US$ 9 billion during FY 2019-20 and is expected to increase further as companies are looking to source more crude oil and LNG from the US at competitive rates.
b) India to transform into gas based economy by 2030
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, with an estimated investment of $60 billion lined up in the sector, developing a “One Nation, One Gas Grid".
c) Exploration and production sector
Global oil & gas majors like BP, Shell, Total, Exxon Mobil are expanding their footprints in India and US companies are invited to take advantage of reforms in the exploration and production sector and participate in the next oil and gas block bidding rounds.
Suggested Readings:
- US-India Strategic Partnership Forum - All you need to know
References:
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