(MENAFN- KNN India)
US official voices support to make India strong domestic manufacturing hub
New Delhi, Jan 25 (KNN) The United States (US) is fully supportive of India's vision to make its domestic manufacturing sector vibrant, said Arun Venkataraman, US Assistant Secretary of State, Global Markets in an exclusive interview for TV9 Network's 'Leaders Of Global Bharat' series.
He asserted that the India-US collaboration will grow very quickly as US is supportive of Indian government's effort to create a strong manufacturing sector.
The key area of collaboration is India's high stake semi-conductor quest, said Venkataraman as the global industry aims to alleviate the rampant chip shortage.
In an exclusive interview for TV9 Network's 'Leaders Of Global Bharat' series, the Coimbatore-born business leader, during his visit to India last week said,“So as much as we have a history of potential that has been unfulfilled I'm actually quite confident that we are now at a moment where that trajectory is not just going up but the slope will be significantly different and will grow much more quickly.”
Highlighting the slow progress of the Generalized System of Preferences (GSP) pitch by India, he said,“I want to emphasise that the vast majority of trade that happens between our two countries falls well outside of the GSP scheme and all of the work that we are doing between our two governments is really designed to promote that growth.”
Not assuring a Free Trade Agreement (FTA) proposition, Venkataraman said,“I want to emphasise that a free trading agreement is one avenue but let's remember that we are doing so much engagement in ways that are solving problems that are going to facilitate trade.”
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