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New Delhi [India]Dec 2 (ANI): US Chargé d’Affaires in India Elizabeth Jones on Friday hailed India’s strides in entrepreneurship.
Speaking at the Nexus alumni networking event at Indian Habitat Delhi, she said, “India is currently making strides in the entrepreneurship space. Despite the pandemic, India has become the third largest startup ecosystem in the world with more than 77,000 well-known startups. Startup company”
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By the way, India recently overtook the UK to become the fifth largest economy in the world. Today, the US, China, Japan and Germany are the only countries whose economies are larger than India’s.
“Indian startups have demonstrated innovation in all areas of business, from agriculture at one end to space at the other. Moreover, Indian startups have garnered enormous respect globally,” Jones said.
In a world of uncertainty, where real gross domestic product (GDP) growth of 6-6.5% is the new normal, India will become the third largest economy by 2029.
“This is evidenced by India’s presence of 107 companies valued at $1 billion or more. Remarkably, 21 of these highly successful startups were launched in 2022 alone,” the US envoy said.
The United States is one of the largest markets in the world and a world leader in innovation and research. Over the past few years, Indian startups have had a significant presence on the US map. In Silicon Valley alone, so much success can be directly attributed to the innovation of Indian start-ups.
Nexus holds a special place in the US Mission to India because it is a groundbreaking initiative by the US government, she said at the event.
“Nexus’ main objective is to provide the Indian start-up community with relevant support, expertise, mentoring and networking access to create a more collaborative, collaborative and vibrant start-up ecosystem. Nexus has become one of the most popular – due to The expertise and dedication that the Nexus team brings along with the support it receives from the start-up ecosystem, after setting up the incubator in India. Some of the key US and Indian partners that have contributed greatly to the success of Nexus include Amazon, Microsoft, Start-up India , TIE Delhi and Indian Angel Network. Nexus and its alumni thank you for your cooperation and great support,” Jones said.
The US envoy further reiterated that Nexus will continue to play an important role in strengthening ties between Indian entrepreneurs and US companies, especially through technological cooperation.
“This connection is already evident in more than 90 business connections formed between Nexus and U.S. companies. Nexus alumni have generated over $40 million in external funding and created over 3,200 jobs! Our It is also a firm belief that future business leaders will emerge from this group and many of you will be at the forefront of strengthening US-India business relations,” Jones added.
Recently, the 9th Ministerial Meeting of the India-US Economic and Financial Partnership will be held in November 2022.
The Indian delegation was led by Federal Finance and Corporate Affairs Minister Nirmala Sitharaman, while the US delegation was led by Treasury Secretary Janet Yellen.
Both sides reaffirmed their commitment to debt sustainability, bilateral lending transparency, and close coordination to provide fair and equitable debt treatment to countries facing debt distress.
Both parties agree to mobilize $100 billion per year from public and private sources for developing countries by 2025 in the context of meaningful mitigation actions and implementation transparency.
The two countries also discussed mutual cooperation in sharing information to combat offshore tax evasion.
In 2021, the total bilateral trade in goods and services between the United States and India will reach a record high of 157 billion US dollars.
The US is India’s largest trading partner and most important export market.
The US is one of the few countries that has a trade surplus with India. In 2021-22, India will have a trade surplus with the US of $32.8 billion. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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