PALO ALTO, CALIFORNIA, April 25, 2022 – The Confederation of Indian Industry (CII) and the U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC), co-hosted an exclusive roundtable for business leaders and investors featuring the Hon’ble Minister of Finance and Corporate Affairs, Government of India, Smt. Nirmala Sitharaman in Palo Alto today. The roundtable was attended by senior executives, corporate officers, and fund managers representing combined assets under management of over USD $1 trillion.
Moderated by Ambassador (ret.) Atul Keshap, President, USIBC, this executive gathering featured Dr. V Ananth Nageswaran, Chief Economic Advisor, Government of India; His Excellency Shri Taranjit Singh Sandhu, Ambassador of India to the United States; Shri Rajat Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India; and Mr. Nilesh Shah, Chairman, CII National Committee on Financial Markets and Group President and Managing Director, Kotak Mahindra Asset Management Co Ltd., and Member of the Prime Minister’s Economic Council, who supported the roundtable. The discussion focused on the future promise of U.S.-India fintech collaboration and global investment to enable prosperity for our nearly 1.8 billion democratic citizens, and engaged private sector leaders, venture capitalists, institutional investors, and representatives of pension and endowment funds on ways to support a global post-pandemic economic recovery, as well as the Government of India’s reform agenda and the opportunities to enhance U.S.-India commercial partnership.
The roundtable highlighted India’s emergence from the pandemic as one of the world’s fastest growing economies, and highlighted efforts by the Government of India to support growth-, including through production-linked incentives, increased infrastructure investments, and efforts to grow FDI. With a growth forecast of almost 8% in FY 2023, India is likely to remain the world’s fastest growing major economy, driven by the continued expansion of its tech and start-up ecosystems. In this context, U.S.-India collaboration in financial services and emerging technologies will support increased investment across sectors, and innovation in fintech represents a unique opportunity to support sustainable and inclusive growth in both countries.
Ambassador (ret.) Atul Keshap noted that “today’s excellent roundtable in Silicon Valley with Minister Sitharaman reflected her and Prime Minister Narendra Modi’s ambitious vision for robust growth of a more inclusive and prosperous U.S.-India partnership. Our discussion reinforced that innovation around fintech will be a critical, catalytic opportunity to reach $500b in annual trade between the U.S. and India. Global leaders in these fields from USIBC and CII member companies shared an ambitious vision for how fintech can power a free and prosperous Indo-Pacific. I stand in strong support of what business leaders, VCs, and institutional investors are doing to make that vision possible.”
According to Mr. Nilesh Shah, “As a hotbed of innovation with a vibrant start-up ecosystem, India is full of opportunities for investors. India is home to one of the fastest-growing Fintech markets in the world, with transaction values estimated to grow at a CAGR of 20% to reach $138 billion by 2023. Under Finance Minister Sitharaman’s leadership, India has continued its accelerated growth despite the external shocks of COVID-19 and global conflicts, and the roundtable attendees looking to invest in India’s expanding Fintech market hold high expectations for its continued success.”
For more than 125 years, the Confederation of Indian Industry (CII), a non-government, not-for-profit, industry-led and industry managed association, has been engaged in shaping India’s development journey working proactively to transform Indian Industry’s engagement with India’s national development. With 62 offices, including 10 Centres of Excellence in India, and 8 overseas offices in Australia, Egypt, Germany, Indonesia, Singapore, United Arab Emirates, United Kingdom, and the United States, as well as institutional partnerships with 394 counterpart organizations in 133 countries, CII serves as the nexus of Indian Industry and the international business community.
Established in 1975 at the behest of the U.S. and Indian Governments, the U.S.-India Business Council (USIBC) represents hundreds of top global companies operating across the United States, India, and the Indo-Pacific. Amid dynamic growth within the U.S.-India commercial partnership, we serve as the premier voice of industry and create connections between businesses and governments across both countries. Through our flagship Washington, D.C. and New Delhi offices and presences across both countries, we work with members to identify and advance key policy priorities. Recognizing that U.S.-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states. USIBC’s policy expertise and impact is enhanced by being a part of the U.S. Chamber of Commerce, whose thousands of member companies represent the power of free enterprise to enhance the peace, freedom, and security of people in America and around the world.
Suzanne Hatcher (CII)
Priyanka Sethi (USIBC)