​G20 is India's Breakout Moment, World Betting on Country's Rise: USIBC President Atul Keshap | Exclusive

On the sidelines of the G20 summit in New Delhi from September 8-10, Atul Keshap, president of the US-India Business Council (USIBC), tells News18 exclusively how “the whole world, including people in the United States, is betting on India’s rise".

“The G20 year gives a wind of hope to the world regarding how the future of the 21st century might be. I was there when PM Modi made a speech at the B20 event, and it was clear what India means for itself and for the world," said Keshap.

“India is espousing a positive future for humanity, a vision of free people who can live their best lives and can leverage technologies, digital platforms, etc. to ensure that they can live in an environmentally sustainable way. The G20 vision is positive, and you have a lot of appreciation from the people in the United States for how you have done it. All the events that have gone well and all meetings around the country also show how it is India’s breakout moment," he added.

Edited excerpts:

Since the visit of Prime Minister Narendra Modi to Washington DC, there has been a lot of positivity and optimism. How does the US business community view India’s presidency of the G20?

We have all been through a tough pandemic in both your country and ours. We have lost many citizens, yet both of our democracies have powered through very well. Our democracies are complicated and strong. The G20 year gives a wind of hope to the world regarding how the future of the 21st century might be. I was there when PM Modi made a speech at the B20 event, and it was clear what India means for itself and for the world. India is espousing a positive future for humanity, a vision of free people who can live their best lives and can leverage technologies, digital platforms, etc. to ensure that they can live in an environmentally sustainable way. The G20 vision is positive, and you have a lot of appreciation from the people in the United States for how you have done it. All the events that have gone well and all meetings around the country also show how it is India’s breakout moment.

US President Joe Biden signed executive orders banning companies from investing in sectors such as Chinese AI, semiconductors and quantum computing. Can we expect those investments to be routed to India?

India has competition as there are aggressive efforts to get investments back to its shore, to bring manufacturing back and preserve the technological edge. India is a prime destination and a great alternative for strengthening supply chains, but it faces competition from America, Mexico, Vietnam, Indonesia and others. The key for India in this crucial time is to be as business-friendly as possible, to capture as much as you can for the happiness of your people. There has been a lot of pro-business messaging coming from the government and a willingness to listen to the industry. There is a desire to bring in investments. In terms of regulations, if I have to pitch my investment committee to invest $10 billion for a 20-year project, regulatory policy predictability is critical. Predictable rule-making and discussions with industry stakeholder inputs are already in place, and if you can regularise it, this government is pro-business. The whole world, including people in the United States, is betting on India’s rise.

Is space a new focus of PM Modi’s government? Can we see US companies collaborating with Indian space companies?

For a long time in the US, space was a government function and we did not have private sectors. Since we opened up for private sectors, we have had enormous growth in capabilities and sophistication in space. It is driving down the cost of things such as launching into orbit. It is beneficial for humanity to get it right. The US and now India are opening up space to private sectors. I am optimistic that we could see unlimited growth between the US and India in space. Your capabilities in missions to the moon and Mars are evident. There is an ambitious human space flight programme here that I can’t wait to see get underway. We have a space working group, USIBC, where private companies from India and the US come together with two governments to foster this spark in private sector collaborations. You have some new startups in the defence sector that are developing innovative things, for example in aircraft engines, drone technology and armored personnel carriers. We had a lot of announcements during PM Modi’s visit to the US regarding drones, jet engines and other advanced technologies. It has great potential for peace, security and stability of the entire world for the US and India to develop defence platforms that keep us all safe. We are privileged to have initiatives on critical and emerging technologies and the Indus-X Defense startup. We are going to do more such things. The real potential is in the private sector for the benefit of the whole community.

Recently, even in the BRICS Summit and otherwise, China and Russia are advocating the roadmap for de-dollarisation. A larger debate is going on for settlement of trade in local currency or a mutually accepted currency to be adopted to counter the hegemony of the dollar. How do you see the position of some nations?

First of all, the dollar still makes up about 65% of the reserve currency basket of any country right now. The dollar is easily the most common method of exchange between countries. There is a certain transparency about the dollar which other countries do not have. If you are holding dollars, you are essentially putting faith in the prosperity of the United States. Our stock market is soaring, our employment is solid, technological innovation is strong, and our immigration economy keeps bringing up billionaires that create technological platforms that change the world. I have full faith in the dollar. Certainly, nations should invest in ways to take care of their people. Ultimately, the dollar has stayed in power and is robust over many decades because the American system of innovation and transparency. That transparency matters. It gives confidence to you and everyone else of what the dollar represents. I have worked on the economies you talked about and transparency is not their homework.