The strengthening of US-India bilateral ties could be a major proponent for startups to flourish and both countries can benefit if more startups are encouraged to work in America.
The strengthening of US-India bilateral ties could be a major proponent for startups to flourish and both countries can benefit if more startups are encouraged to work in America. Sharing data on job creation and entrepreneurial immigration between the two countries, Mukesh Aghi, CEO and president, US-India Strategic Partnership Forum (USISPF), said: “A sample of 12 Indian-born startups shows they have created 634 high-paying jobs in the United States, and over 6,200 jobs worldwide,” he said in the “Startup Connect Program” which was virtually held as a part of West Coast Summit, PTI reported. The program aimed at strengthening US-India bilateral ties via startups and the event brought together over 300 executives including 100 startups, 100 Fortune 500 companies, and senior officials from both governments.
For every H1/ L1 visa issued to Indian startups, they created 40 jobs in America at an average income of $175,000, Mukesh Aghi said. Also, for each high-paying job in the United States, eight jobs were created in India. “Entrepreneurial immigration in the US-India corridor is creating some true win-win opportunities for both countries,” Aghi said. India and America can scale up their current trade level to five or ten times and there is no reason for these two countries to not explore this opportunity, Raj Subramaniam of FedEx said at the summit. Startups too will benefit because of stronger US-India ties. “The hope is that a startup like Uniphore, as a part of the community at USISPF, becomes a $100 billion entity in the next 5 years,” Raj Subramaniam added.
US President Donald Trump had recently visited India and a trade talk was much anticipated. The two countries have been negotiating hard to boost two-way commerce.
While India wants exemption from high duties imposed by the US on certain steel and aluminium products, and a greater market access for agricultural, automobile, auto components and engineering sectors, the US has been hammering on a greater market access for its farm and manufacturing products, dairy items and medical devices too.