US Commerce Secretary Gina Raimondo is on a four-day visit to India, aiming to strengthen the commercial ties between the two countries. One of the key focuses of the visit is to relaunch commercial dialogue between the two countries which has been inactive for the last three years.

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The renewed dialogue will primarily center on resilient supply chain and ease of doing business, with concerns raised around digital technology trade and the proposed digital competition law, according to CNBC-TV18 sources. The US delegation is hoping to increase bilateral trade with India to $500-600 billion by 2030, up from the current $175.5 billion.

On the sidelines of the US-India CEO roundtable, Jennifer Scanlon, President, and CEO of UL Solutions, said that there is an important opportunity for partnership between the two countries. She highlighted that initiatives like Gati Shakti, supported by the Indian government, will improve partnerships with manufacturers.

Venkee Sharma, CEO of Aquatech, emphasised the potential in green energy, critical minerals, semiconductors, and electric vehicles. He also acknowledged the importance of the discovery of lithium in Jammu and Kashmir, which he believes can significantly contribute to a resilient supply chain.

"I think there are opportunities around the green economy, clean energy, EV critical minerals and electric vehicles. It's a fantastic find in Jammu Kashmir of lithium."

"I think the US and India can do a lot together. The energy storage, semiconductor, these are all areas that are very exciting and India can play a major role in the global economy," Sharma said.

Both CEOs agreed that policies from companies and governments encouraging education and opportunities for women are crucial to their businesses.

They also highlighted the need to review tariffs on both sides and build financial frameworks and world-class concession chances that bring finance in place to enhance India's goal of reaching $5 trillion by 2025.

The visit comes at a critical time as both countries look to recover from the COVID-19 pandemic and strengthen their economic ties. With a renewed commercial dialogue and a focus on critical sectors like green energy and resilient supply chains, the US and India are optimistic about expanding their economic relationship in the years to come.

Watch video for full interview

(Edited by : Pradeep John)