Expanding India-US union for knowledge-based economy valuable: Vivek Lall

There is great merit in expanding the India-US partnership towards a knowledge-based economy, a top Indian-American business leader said on Tuesday, assuring that successful cooperation would lead to a series of joint efforts on matters of mutual concern.

With the demographics, industrial might and technological entrepreneurship of India and the US, the two nations form a natural partnership, Vivek Lall, chief executive officer of General Atomics Global Corporation, told students at Harvard Kennedy School in Cambridge, Massachusetts.

The university’s India Caucus, a student organization dedicated to promoting India-centric discourse, had organized an interactive session on defense, innovation and technology with Lall. He was recently presented with the Lifetime Achievement Award by US President Joe Biden.

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Given the shared values ​​of India and the United States, this relationship enjoys strong bipartisan support in both countries, and there is great merit in expanding the partnership framework towards a knowledge-based economy through formal cooperation in high-technology areas of common interest. said Lall.

Lall said he believes progress in three areas where international cooperation has long proven successful — national defense, energy and space — are three areas where countries are already working together.

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Since progress in such high-tech areas is highly correlated with overall economic prosperity, well-established cooperation should help keep the two countries at the forefront of the future international political, economic, and social order. Successful cooperation in these areas is likely to spur a series of joint Indian-US efforts on other issues of common concern, such as health, education, information technology and climate change, Lall said.

Investing in research and development is just one aspect of an effective portfolio of policies to encourage innovation that spans regulatory, tax and immigration issues, and tax allocations, he said.

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It underscores the need for continued and increased active government involvement in promoting science- and technology-based innovation in the public and private sectors, thereby also increasing employment in the country’s relatively well-paid high-tech industries, said Lall.

Boosting these assets is a wise public policy that will boost economic growth and contribute extensively to national prosperity in the years to come, he told students.

(Only the headline and image of this report may have been edited by the staff at Business Standard; the rest of the content is auto-generated from a syndicated feed.)

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