India, its economy crucial to growing Indo-US eco ties: Shankar

WASHINGTON: The changing face of India and its economy are the key factors in the phenomenal growth of Indo-US economic relationship, the Indian Ambassador to India, Meera Shankar has said.

"India's growth story; its ability to withstand the global economic downturn in the last couple of years, its paradigm of domestically driven growth and desire and effort to develop India as an innovation hub have all contributed to constructive India-US economic engagement," Shankar said here.

Shankar, who was addressing the Business Software Alliance (BSA) on 30th November on the topic of Emerging Trends in India-US Economic Engagement, said that in recent years India-US ties had evolved into a strategic partnership.

Referring to US President Barack Obama's landmark visit to India, Shankar said, it (visit) had leaders of the two countries reaffirm that the India-US strategic partnership was indispensible not only for the two countries but also for global stability and prosperity in the 21st century.

The Indian Ambassador said Indian direct investments in the US are growing rapidly. During the President Obama's visit, US companies had booked export orders worth USD 10 billion, contributing to over 50,000 jobs in the US. It was clear that enhanced trade and commercial interaction had, in fact, brought mutual gains, she said.

Shankar underlined Innovation was a key theme during the visit of President Obama to India and that there were many business opportunities for companies from the two countries to partner in the technology and innovation sectors.

Noting that the Indian IT industry has been the face of India's strength in the knowledge economy, she said India's global software and services exports had touched USD 50 billion during 2009-2010.

She said that the IT sector in addition to adding value to the economy had also played a major role in employment generation, especially in the urban areas, and service delivery to rural areas.