29 May , 2021 Fdiindia
EAM Jaishankar and US Business Executives Talk About Investment and Job Creation
On Friday, US-India Strategic Partnership Forum Chief Mukesh Aghi said that External Affairs Minister S Jaishankar and US industry leaders discussed ways to boost investment, generate more employment, and transfer technology (local time). "During the COVID-19 controversy, US companies' commitment to India has grown significantly more robust. They employ their people, yet the contribution they contributed to India as a whole is worth noting, "He expressed himself.
Aghi went on to say that interest in investment and growth is still high, citing a 20 percent increase in FDI in India from US corporations over the previous year. Overall, the mood was positive, and they discussed ways to expand investment, generate more jobs, and transfer knowledge.
"Johnson and Johnson, under the QUAD partnership, has agreed to manufacture a billion doses of their vaccine in partnership with Bio E and to be distributed across the Indo Pacific region itself," he continued. "Whereas Moderna and Pfizer is a much more complex mRNA technology, which is difficult to transfer because you don't have the equipment, you don't have the trained manpower the manufacture."
When asked about the pharma businesses and business leaders who attended the meeting, Aghi noted that there were pharma businesses like Abbott and Merck and a wide array of corporations, geopolitical leaders, and strategic thinkers. It was a closed-door meeting, but the mood was upbeat, and there was a lot of support for India.
He highlighted the COVID-19 issues, saying that businesses in India and the United States are struggling to get back to business as usual, get their production up and running, or relocate their services from India to the rest of the world.
He explained that Atmanirbhar Bharat had not been miscalculated "India supplies 40% of generic pharmaceuticals to the United States, but it imports 70% of API from China. There's an element of danger there. Then there were difficulties when we first began supplying concentrated oxygen to India."
He also added, "All vaccines are shipped under the Indian Red Cross, Indian Red Cross brand. They disperse it to several states. Then we'll bring in Deloitte, who will be our audit partner on this. They provide us with input on how things are progressing and how they are being dispersed, resulting in a transparent approach."
"One of the messages we sent to the Indian government was that India and China are on par when it comes to labor expenses, taxes, and electricity expenses. However, because logistics costs are higher in India, manufacturing costs are 20% higher. "He went on to say