India Ideas Summit Advanced Innovation for the U.S. and India

As the U.S.-India relationship continues to flourish, business leaders converged in New Delhi for the U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC) India Ideas Summit.

Themed “Partnership and Prosperity in the Era of AI and Critical Technologies,” the India Ideas Summit on Sept. 12, 2024, convened top U.S. and Indian government and business leaders to accelerate the ambitious course charted by both countries to ensure technology serves the global good.

"The U.S.-India relationship is stronger than ever," Amb. Atul Keshap, USIBC President, said at the opening plenary. "This conference highlights our shared vision for a brighter, more stable world, built on trust and cooperation. Together, we aim to secure the happiness of our people and the global community. Our partnership is ambitious and reflects the values of the world's 8.3 billion freedom-loving people."

Transforming U.S.-India Tech Collaboration  

The realization of Washington and New Delhi’s shared vision for reaching the full potential of the U.S.-India economic, strategic, and technological relationship, USIBC—now in its 49^th year—is made up of over 200 member companies from both nations employing tens of millions of people and delivering world-class products and services to our combined 1.7 billion citizens.

In recent years, USIBC has worked closely with government and business leaders from across the U.S.-India corridor to foster our technological convergence, including hosting the first Track 1.5 talks of the iCET, organizing the first and second rounds of the India-U.S. Defense Acceleration Ecosystem (INDUS-X) between the U.S. Department of Defense and Indian Ministry of Defense, and arranging the first two rounds of the U.S.-India “Innovation Handshake” between the U.S. Department of Commerce and Indian Ministry of Commerce. This year, USIBC also launched the AI Task Force (AI-TF) to promote responsible, ethical AI policy and development and better align the U.S. and India in the next technological frontier.

“India's digital innovation of the last 10 to 15 years has helped scale the economy," said Ananth Nag, Area Vice President, India, ASEAN, and GCR, Zscaler. "The next 20 years will be dependent on the digital infrastructure provided by the government – and for India to scale from a $4 trillion economy to a $50 trillion economy, organizations in the digital space will be critical.”

Embracing Democracy Amid Global Uncertainty 

The U.S.-India relationship is of increasing importance amid rising geopolitical uncertainty, particularly in the Indo-Pacific, home to critical supply chains and the demographic and economic growth markets of the future. As tensions in the Indo-Pacific rise, deepened U.S.-India economic, innovation, and security ties are more critical than ever – a fact emphasized during last year’s historic State Visit by Indian Prime Minister Narendra Modi.

USIBC has advocated for U.S.-India defense co-production and alignment, including through the launch and leadership of the INDUS-X initiative. The Ideas Summit advanced many of these commitments, including helping India reach $5 billion in defense exports.

“India and the U.S. are not just in an additive relationship but a multiplicative relationship," Ambassador Eric Garcetti, U.S. Ambassador to India, said at the Summit. "We have crossed $200 million in two-way trade, creating innumerable records. We are two nations focused on building peace, tying our manufacturing together. Peace is a predicate for prosperity, and we want to find ways our actions can grow the pie together. Prosperity is at the front of this partnership. Today marks an inflection point, where our shared interests and values come together, because the world and our people are counting on us."

Championing Economic Gender Equality 

Women’s economic empowerment is vital to promoting peace and stability and building resilient economies. As evidenced in India’s latest annual budget, women’s economic empowerment initiatives are front and center as the Indian government works with the private sector to promote labor force participation for over 650 million Indian women.

USIBC made women's workforce participation a prominent discussion topic at the Summit.

“In the last five years, we have seen an encouraging 13% increase in women’s participation in the workforce, rising from 23.3% in 2017-18 to 37% in 2022-23,” the Honorable Minister of Women and Child Development Smt. Annapurna Devi said. “To realize our vision of economic growth, we need to accelerate this trend so that every woman can realize her potential. Therefore, it is crucial for the private sector to open its doors to women. With the support of businesses, reaching 50% women's workforce participation is not just achievable, but essential for India's future economic success.”

Hired in America, Hired in India  

Cooperation in critical and emerging technologies will create high-value, high-skilled jobs for Americans and Indians alike. India, home to one-fifth of the world’s population and a young, educated workforce, and the U.S., home to top universities, advanced technologies, and global innovation hubs, make for a formidable growth engine.

USIBC member companies—American and Indian—are the leading sources of jobs in both countries’ formal sectors. As India reassumes its historic place as a global power, its private sector is increasingly looking outward, including at the U.S. Recently, investment between the U.S. and India is beginning to resemble a two-way street: there are now over 160 Indian companies with operations in the U.S., employing nearly 500,000 Americans and investing nearly $40 billion to the U.S. economy.

With India’s economy approaching $4 trillion, on its way to becoming the world’s third largest by 2027, its government preparing to spend heavily on expanding youth employment, and the U.S. competing for foreign direct investment, the India Ideas Summit featured discussions around job creation, skilling, and promoting investment in both countries.

“The U.S. is one of India’s most important partners with various levels of partnership existing between both the countries, ranging from investments to upskilling the workforce,” India’s Department for Promotion of Industry and International Trade, Ministry of Commerce and Industry, Joint Secretary Himani Pande said during Summit. “With big ticket schemes announced for skilling and reskilling this year’s budget, people are now moving towards digital transformation for a ready talent pool for both nations.” 

Stay In Touch

The India Ideas Summit is a powerful demonstration of our countries’ shared trust in one another. Whether you’re a longtime India watcher, interested in the latest technologies, or considering how your company is positioned in this new world, join the conversation and follow USIBC on X and LinkedIn.

About the authors

Martha Lewand

Martha Lewand is an International Communications Intern at the U.S. Chamber of Commerce.