India and US are natural partners who must move forward together, says Defence Minister Singh
Describing the two countries as "natural partners," Defence Minister Rajnath Singh has said that US capital and technological know-how can help India become a developed nation by 2047.
 
At the same time, investments in India can give the American companies high returns and an avenue of de-risking, Singh said at a conference organised by Indo-American Chamber of Commerce (IACC) in New Delhi on Monday (January 30, 2024).
 
The theme of the conference was ‘Strengthening Indo-US Relationship in Amrit Kaal - Aatmanirbhar Bharat’.
 
Asserting that the Government has laid the groundwork for a strong and self-reliant ‘New India’, Defence Minister Singh said the American investments can play a vital role in realising Prime Minister Narendra Modi’s vision of ‘Viksit Bharat’. India's fast-growing economy, its demographic dividend, skilled workforce, and huge domestic market guarantee high returns to US companies, he stated.
 
Singh described India and the US as natural partners who must move forward together in both business and strategic sectors amidst the current global geopolitical scenario. 
 
“India and the US support a free, open and rules-based international order. Due to this, there is a lot of alignment in our strategic interests. Besides, our economic relationship is a win-win proposition for both the countries. The current relationship is driven by twin congruences of shared values and aligned interests, which is a guarantee for long sustainability and robustness of ties,” he said.
 
Pointing out that India and the US are working together in different fields, including defence technology and space, Singh made special mention of the Defence Technology and Trade Initiative. Through this, both nations are working towards further strengthening the defence technology partnership. Singh added that the joint initiative of ISRO and NASA 'NISAR' will ensure cooperation in many areas such as earth science, disaster management and climate change.
 
“India is the largest democracy in the world, and US is another big democracy. When two big democracies cooperate with each other, it will definitely make the democratic world order stronger. This will act as a force multiplier for rules-based order across the globe. Our work together will be beneficial not only to us, but for the entire world,” Defence Minister Singh said. 
 
Explaining the government’s vision behind ‘Aatmanirbhar Bharat’, Defence Minister Singh said that the nation is moving forward at the right pace with which it would not stumble in the times to come.
 
He enumerated the decisions taken by the Ministry of Defence to promote self-reliance, such as earmarking 75% of the defence capital procurement budget for domestic industry in the Financial Year, which has helped the country find a place among the top 25 countries which export defence equipment. 
 
“The Russia-Ukraine & Israel-Hamas conflicts have not impacted the defence sector much. India has become a strong country, which is capable of securing national interests and giving a befitting reply to anyone who casts an evil eye,” he added.
 
Singh, however, clarified that the aim of ‘Aatmanirbhar Bharat’ is not autarky; not to cut off from the global system; not to work in isolation. It is rather the commitment to collaborate with friendly countries.
 
The conference, attended by Ambassador to India Eric Garcetti and representatives of IACC, was organised to bolster the economic and diplomatic ties between India and the US. It was aimed at exploring ways to enhance bilateral trade, investment and collaboration in the context of ‘Aatmanirbhar Bharat’ initiative, which emphasises on promoting domestic manufacturing and reducing import dependency, the Ministry of Defence said.