The Indo-US Economic Summit Partnership

The Schaumburg Business Association had pleasure of participating in the Indo-US Partnership Summit that featured a keynote economic address from India’s Ambassador to the United States, His Excellency Harsh Shringla.

Following the welcome remarks that were delivered by Schaumburg’s United States Congressman, Raja Krisnamoorthi – that focused on the economic strength and diversity of the Illinois 8 Congressional District – the Indo-US Partnership Summit focused on the bilateral relationship between the AMerican Midwest and the India.

Ambassador Shringla’s remarks focused on the rapid economic growth that India has experienced and the impact that India will have on the global economy by 2030. This economic impact can be seen by the following growth:

• India’s GDP has been growing steadily at 8%
• Thanks to this charged, and dependable, growth India has become the world’s 6 largest economy and will soon be the 5 largest
• India’s economy currently accounts for 9% of the world’s economic activity
• There is a strong economic tie between the US and India that is captured in the:
• $50 billion invested from the US into India
• $20 billion invested from India into the US
• While the number reflects a trade gap in favor of India that deficit has slowly been made even and will be improved thanks to ongoing trade negotiations

India’s economy as experienced this rapid growth in thanks to its very American respect for democracy, free media, the rule of law, and an independent judiciary. As a site location, India offers numerous advantages compared to other of its contemporary emerging markets that include:

• Commitment to digitalization that reaches the remotest corners of the country
• An overall younger workforce
• Soon-to-be the world’s largest workforce (within 5 years)
• Demonstrated by 1 billion people entering the workforce every month
• Investment and delivering of key infrastructure including roads, bridges and airports for global commerce

The Schaumburg Business Association was pleased to be in attendance representing Schaumburg and the State of Illinois at this special Summit. This type of dialogue allows the SBA to understand how to align our activities to better partner with the interest of an important economic center. With 10,000 Indian jobs created in Illinois the Indo-Illinois partnership is one that the SBA will look to continue to promote – especially in the shared space of entrepreneurship and start-ups as both are of interest and necessity for the future of our economies.