{"id":26850,"date":"2023-06-24T04:49:33","date_gmt":"2023-06-24T08:49:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/modis-u-s-visit-shows-a-warming-relationship-opportunity-is-knocking\/"},"modified":"2023-06-24T04:49:34","modified_gmt":"2023-06-24T08:49:34","slug":"modis-u-s-visit-shows-a-warming-relationship-opportunity-is-knocking","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26850","title":{"rendered":"Modi’s U.S. Visit Shows a Warming Relationship. Opportunity Is Knocking."},"content":{"rendered":"
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About the author:\u00a0Brian P. Klein<\/strong>\u00a0is the founder of RidgePoint Global, a strategic advisory firm, and a former U.S. diplomat.<\/em><\/p>\n

Indian Prime Minister Narendra Modi\u2019s visit to Washington this week marks the strongest sign in decades of a warming bilateral relationship driven by current geopolitical realities. The courtship, however, is fraught with limits that have historically kept these two countries at arms length.<\/p>\n

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Any notion that democracies can or should agree on everything needs to be tempered with a dose of pragmatic realism. The U.S. may believe that oil sales help prop up Russian President Vladimir Putin\u2019s regime and by extension his war on Ukraine. But Modi\u2019s India is buying cut-rate Russian oil anyway. Trying to force India to choose sides will backfire.\u00a0<\/p>\n

Where the U.S. can provide credible alternatives, New Delhi will likely choose them. That extends to the country\u2019s historic dependence on cheap Russian military equipment, which is now severely compromised by supply chain problems and shortages. India is buying $3 billion worth of U.S. drones in one of many new initiatives to strengthen the military relationship. The U.S. Chamber of Commerce\u2019s U.S.-India Business Council also launched its first INDUS X summit this week specifically to strengthen commercial-military start-up ties.\u00a0\u00a0<\/p>\n

India\u2019s economic development also has a strong socialist and sometimes anti-foreigner bias that has hampered private-sector development. Informal policies and excessively bureaucratic hurdles have in turn limited foreign-company participation in India\u2019s growth. A coordinated, all-of-government U.S. approach will be needed to effectively lobby India to open up traditionally restricted areas of its economy. Success will come from showing that greater openness is the most effective way for New Delhi to realize its broader aspirations of becoming a regional growth hub.<\/p>\n

Even some of the success stories of the economic relationship have a darker side. India\u2019s rapid rise in generic pharmaceutical production has helped lower drug prices for American consumers. But severe quality problems in chemotherapy treatments and contaminated eye drops have led to shortages of medicines and threatened patients health.<\/p>\n

India has been officially geopolitically nonaligned since independence from British rule in 1947. That also makes New Delhi bristle at any perceived treatment as an unequal partner or being \u201ctold\u201d by Western countries what it should do. This is especially true concerning legitimate human rights issues, including mistreatment of Muslims, political repression, and attacks on free speech that have become more frequent under Modi\u2019s rule.\u00a0<\/p>\n

Washington browbeating won\u2019t improve any of those conditions. Soft power influence through increased exposure to U.S. society may do better than the widely perceived hypocrisy of Washington\u2019s penchant for global moralizing. India is the fifth largest source of inbound tourists to the U.S., but still only accounted for 430,000 visits in 2021, just ahead of Ecuador and the Dominican Republic.\u00a0\u00a0<\/p>\n

With all of these difficulties, mutual interests and a long, vibrant history of exchange can form the basis for this much-needed closer relationship.<\/p>\n

Washington and New Delhi are already warming in ways rarely seen among non treaty partners. Reaction to China\u2019s regional expansion is certainly one reason. India shares a long, hotly contested border with China. Beijing has also been actively courting India\u2019s neighbors, including Afghanistan, Pakistan, Nepal, and Bangladesh, solidifying their sea access, expanding energy supply lines, and investing heavily in regional infrastructure.<\/p>\n

Modi has no desire to be completely cut out by China\u2019s strategic moves and is looking for assistance. The Biden administration is happy to help. That\u2019s why, in an unusual step in regional relationship building, India is included in the Quad along with Japan and Australia. Cooperation in that framework includes \u201cinfrastructure, maritime security, public-private partnership, climate, health, critical and emerging technologies and space.\u201d<\/p>\n

India is sizing up to be a new global growth engine, minus much of the ideological differences seen in U.S.-China relations. The World Bank projects India\u2019s growth to be 6.9% for 2023. U.S. exports to India have more than doubled from 2016 to 2022 reaching $47 billion last year and making India the tenth-largest market for U.S. goods.<\/p>\n

Commercial opportunities abound, much as they did during China\u2019s now defunct opening and reform period. Billions of dollars in investment are heading to India .GE will build aircraft engines for India\u2019s military and Micron is planning a chip making factory. Apple has finally opened its first retail stores in Mumbai and New Delhi and analysts expect 25% of iPhones to be manufactured there by 2025. Tesla is planning to expand into India\u2019s burgeoning electric vehicle market. U.S. companies are also actively seeking alternatives to using China as a manufacturing hub. The more they\u2019re squeezed out of that domestic market, the greater the opportunity for India\u2019s sustained growth.<\/p>\n

And bilateral trade tensions, long a source of friction, are on the decline. The U.S. Trade Representative\u2019s Office announced on Thursday that six World Trade Organization disputes are being terminated. India is also removing retaliatory tariffs on several U.S. products, including some agricultural goods. Issues can now be managed more proactively after the Senate finally confirmed Eric Garcetti as U.S. ambassador to India in March.<\/p>\n

All of these readily apparent affinities don\u2019t mask the significant hurdles that remain in this budding new diplomatic romance. For now it may be mostly a relationship of convenience. But the South Lawn reception, dinner at the White House, an address to the U.S. Congress, and even a rare press event for Modi all signify the importance of this newfound diplomatic partnership.\u00a0<\/p>\n

U.S. businesses will benefit by taking into consideration this backdrop and the immense cultural diversity of a rapidly growing India. Any difficulties that come up, and there will be many, are surmountable, as long as Washington policy makers take a measured and pragmatic approach to forging stronger ties.\u00a0<\/p>\n

Guest commentaries like this one are written by authors outside the Barron\u2019s and MarketWatch newsroom. They reflect the perspective and opinions of the authors. Submit commentary proposals and other feedback to\u00a0<\/em>ideas@barrons.com<\/em>.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

About the author:\u00a0Brian P. Klein\u00a0is the founder of RidgePoint Global, a strategic advisory firm, and a former U.S. diplomat. Indian Prime Minister Narendra Modi\u2019s visit to Washington this week marks the strongest sign in decades of a warming bilateral relationship driven by current geopolitical realities. The courtship, however, is fraught with limits that have historically […]<\/p>\n","protected":false},"author":1,"featured_media":26851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-26850","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nModi's U.S. Visit Shows a Warming Relationship. Opportunity Is Knocking. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"About the author:\u00a0Brian P. 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