For India and the US to prepare for 2050, there is a greater joint focus required from both sides on the areas of climate change, self-reliance in semiconductor, healthcare equity, defence and cyber security, said Gautam Adani while addressing the US-India Business Council (USIBC) Summit on Maximizing the Next 75 Years of US-India Prosperity.
Adani Group chairman, Gautam Adani received the USIBC Global Leadership Award on Wednesday in presence of the business leaders from both sides.
In his speech, Adani touched upon the sticky issues of bilateral trade packages and tariffs. “I believe we are closer than ever before to address the open matters. I am confident we will resolve this and mutually accept some compromises. What we cannot afford – is to remain stuck in the belief – that all aspects of trade and relations are being hampered as a result of tariffs,” he said.
On climate change
On the strategic areas, Adani stated a joint focus would be necessary on pressing issue of climate change.
“Cooling the planet down – equitably – is necessary and can be one of the most profitable businesses over the next several decades,” he added.
On semiconductor reliance
The other key strategic area, Adani highlighted was the self-reliance in semiconductors production. “The paradox of capitalism is that India continues to be the best global pool for millions of engineers but the primary value addition to the businesses happens outside India,” he said adding that the semiconductor industry is a classic example of it with more engineers deployed in India than anywhere else in the world, and yet, India has no semiconductor plant.
“India cannot remain dependent on global supply chains that are based on semiconductor nationalism and will need US support with technology transfer,” said Adani.
On healthcare
On the other key area of healthcare, where pandemic brought divisions between the countries and the term “deglobalization” had started gaining prominence as countries used vaccines availability as a game of votes and capitalism.
“We must never allow this to happen again, given the mistrust it creates. Vaccine collaboration between our nations must be high on our priority and needs to be formalized in a mutually beneficial way,” he said.
On defence and cyber security
In the areas of defence and cyber security, the partnerships between the US and India “must span technology transfer to be able to build mutual confidence,” added Adani.
“I would therefore urge the USIBC to facilitate a broader platform that brings together executives from similar industries on both sides on a regular basis. There are a lot of gains to divide with the size of the two economies beginning to converge as we approach 2050,” he said.