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India has grown into a major economic force that is finally getting recognized on the world stage, Ron Somers, president of the U.S.-India Business Council told students at the Investing in India Conference at the Embassy Suites in Chicago May 7. The event was hosted by the South Asia Business Group.
In addition to his role with the council, Somers heads the Manhattan Roundtable in New York, comprised of the top 20 Fortune 500 financial service institutions, banks, and insurance companies investing in India.
“India is a coherent democracy that embraces all of the attributes of a mature democracy, including a vibrant and free press, an informed electorate, and a devotion to the right to vote,” Somers said. In its last election, India enjoyed a voter turnout in excess of 60 percent, he said.
Most importantly, of the country’s 1.2 billion people, 54 percent are under the age of 25, Somers said. “This is where all the hope lies and why so many companies are now taking a fresh look at India,” he said. “It is an extremely young population filled with the hopes and dreams that we all share, which translates to India truly becoming the land of hope and opportunity.”
Since 1992, U.S. companies have invested $55 billion in India, Somers said. Two-way trade among businesses in the two nations is about $20 billion a year and is growing by 20 percent each year, he said. “India is the fastest-growing telecom market in the world,” Somers said. In addition, India is the largest producer of milk on the planet, number two in fruits and vegetables, and operates the second largest military in the world, he said. “With all of these attributes and considering the integrity and continuity of India’s democracy, it only makes sense for U.S. interests to engage India in strategic partnership in the 21st century,” Somers said.
Phil Rockrohr