World News | US Treasury official Wally Adeyemo says India is ‘leader’ in digital economy

Bombay (Maharashtra) [India]Aug 24 (ANI): US Under Secretary of the Treasury Wally Adeyemo on Wednesday visited the Indian Institute of Technology (IIT), the start-up incubator of the Mumbai Society for Innovation and Entrepreneurship , and said India would continue to be a leader alongside America in the digital economy, while reaching out to students and entrepreneurs.

Taking to Twitter, Adeyemo said, “Today I visited the Society for Innovation & Entrepreneurship Startup Incubator at IIT Mumbai. I spoke with students and entrepreneurs from how their innovations and strong U.S.-India ties can help expand economic opportunity in our two countries and address pressing global challenges.”

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Speaking at IIT, Mumbai, the US Under Secretary of the Treasury said: “It is clear from India’s recent history and conversations I have had with leaders in the public and private sectors that this country will continue to be a leader alongside America in the digital economy.”

“India has 560 million internet subscribers and 1.2 billion mobile subscribers, a massive market that will fuel innovation for years to come. According to a study by McKinsey & Company, India is digitizing at a faster rate than any other country.

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Adeyemo said American businesses and consumers rely on products and innovations developed here in India, by companies like Infosys, Mindtree and others.

Technology and innovation have been long-standing pillars of the economic relationship between our two countries. For decades, America’s leading tech companies – from Apple to Intel – have tapped into the pool of cutting-edge tech talent in India. , including coders and engineers trained right here at IIT Bombay,” he said.

“I expect that in several years, American consumers will rely on some of the products created by some of the innovators that I just met a few minutes ago in the innovation lab that I had the good fortune to to visit,” Adeyemo added.

“It means that the future of the global economy will, in large part, be built here, by entrepreneurs like those of you in this room,” Adeyemo said while addressing students at IIT Bombay.

He said the two countries will play a pivotal role in the next wave of technological innovation – and “it is deployed responsibly to benefit all segments of society – especially when our people and our businesses work together.”

“The need for innovation to meet our common challenges has never been greater: from the need for green technologies to meet the urgent challenge of climate change, to 21st century infrastructure capable of meeting the demands of the modern global economy, information technology that has proven so vital to keeping us connected during the COVID-19 pandemic,” the US Treasury official noted.

After meeting the entrepreneurs and students, Adeyemo said it was great to be at the famous IIT Bombay, and especially the Society For Innovation and Entrepreneurship.

“This incubator, and the students and entrepreneurs here today, represent the incredible dynamism of the Indian economy – a dynamism that has helped launch major global brands and propelled India’s remarkable economic trajectory” , he pointed out.

He added: “Looking at some of the companies I’ve seen today, I can say that many of them will be the companies of the years and decades to come that not only solve problems that will make their founders rich, but will solve problems that will benefit society by helping to tackle challenges such as climate change or medical diseases for which we have no solution today Doing things that enable us not only to make India more strong in terms of the economy, but also to make the world a better place in the future.

“I know this is only possible through mentorship, partnership, capital and investments made by institutions like this and students all over India. The students, who as you mentioned , don’t just stay in India but also end up in the US support our economy, contribute to our democracy and make us stronger as we move forward,” the US official asserted.

As an American economic policy maker, Ademeyo said: “For me, who only underscores how essential the economic relationship between our two countries is and will continue to be, I look forward to discussing what will follow in terms of how we can continue to deepen the bond between our countries – India, as President Biden has said, is one of America’s indispensable partners.”

“While here in India, I have this conversation with leaders from your government, business and civil society – and of course with entrepreneurs and students like you about the future of India and our economic and broader relationship,” he added.

“The timing of this conversation does not escape me, especially as India prepares for its G20 presidency in 2023,” Adeyemo said, adding that as G20 chair, India will have the opportunity to expand the platform, “to which we have all long been members, and to reflect on how we use forums like the G20 to continue to advance our shared responsibility in building an economy world that works for all of our citizens.”

“Since US President Biden took office last January, the goal of a secure and prosperous world has been at the center of our work globally – and in our bilateral relationship with India.”

he said that through the Quad, the United States and India are working with partners in Japan and Australia – and in collaboration with countries in the region – to demonstrate the shared commitment to an Indo -Free, democratic and open Pacific.

“This goal of peace and stability is a prerequisite for the continued economic growth of our two countries,” he added.

“In May, US President Biden and Prime Minister Modi also met with leaders from nearly a dozen countries representing 40% of the global economy in Tokyo for the launch of the Indo-Pacific Economic Framework,” he said. said the US official, adding that in part, “this framework aims to harness the innovation we see in the region – from IIT in Bombay to Silicon Valley – by establishing high-level rules of conduct on key issues such as cross-border data flows and online privacy”.

The framework also seeks to ensure that the dynamism of Indo-Pacific tech hubs is more widely shared across the two countries to expand opportunities for businesses and workers.

“This framework also advances important next-generation goals aimed at making our economies more resilient to the kind of global headwinds that have affected us over the past two years while addressing existential challenges such as the risk of climate change.” , he noted.

“Through this joint work, I am confident that we can make our two economies stronger, more resilient and more inclusive,” Adeyemo said.

“We can strengthen our supply chains to protect against the kind of global shocks that have driven up prices and slowed factories in both our countries. We can build a prosperous, fair and competitive global economy in which people and Indian and American businesses can work together and thrive. And I know you will all play an important role in this work,” the US Secretary concluded.

Notably, the US Treasury official is on a three-day visit to India to discuss economic and security issues between the two countries.

As part of the visit, he will then travel to New Delhi for meetings which include Prime Minister Narendra Modi’s office, the Ministry of Finance, the Reserve Bank of India and the Ministry of Petroleum and Natural Gas.

The Treasury official’s visit comes as the United States appeared to be defending India’s policy choices amid the Ukraine dispute. (ANI)

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