The core population of India has drive and ambition and that's why its economy will always continue to thrive, US Commerce Secretary Howard Lutnick has said, underlining that President Donald Trump deeply admires and respects India and the two countries are going to have a "great relationship together."
India has one of the most extraordinary economies, Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) Leadership Summit here on Monday.
"The key that makes an extraordinary economy is the determination of the people. How much do your people care about being in business? How entrepreneurial are they? How much do they drive to be better for their families?" he said.
"From what I know about India, the core population of India has that drive and ambition, and that's why the Indian economy will always continue to grow and thrive because it has that from the underpinning and so you can do things in India that many other countries, you just can't get done."
He added that while President Trump thinks 'America first', he does not think 'America only' or 'America exclusively'.
"First, he's got to take care of home so we're big and strong, but then he's going to take care of his allies. He's going to make sure he takes care of India, who he deeply, deeply admires and respects and we are going to have a great, great relationship together," Lutnick said.
Responding to a question on Indian talent in the US against the backdrop of ongoing visa and immigration discussions, Lutnick said the success of Indian entrepreneurs in America, individuals of Indian nationality leading and running so many of the "great companies" of America "because they're fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way.
"But I think the ordinary path of immigration for America is changing. The Trump Card is coming out. I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America," he said, referring to the USD 5 million ' Trump Gold Card', on the lines of a Green Card, that will fast-track the process for foreigners to live and work in the US.
Lutnick said he feels "we are going to be incredibly successful in India. So when people ask me, 'When are you coming to India?' I'd say, 'When I launch the Trump Card, I promise you I'm coming to India'."
He said it's a wonderful opportunity for people to be part of two economies - the Indian economy and the American economy, and people will be able to come to America and participate in America.
"Here's the key. You can become like a green card holder, the equivalent of it, it's the Trump Gold Card. You can do it that way and pay global tax, or you can keep everything the way it is and just pay US tax on US assets, and you pay nothing on your global assets and no inheritance tax, and none of that kind of stuff either.
"And that's what we're going to call it an international entrepreneur.
That's a special category, and I think it will be very, very well received amongst the great people of India who want to participate and have the means to participate in America," he said.
In response to a question on whether the US will be doing more to help push more manufacturing in India, Lutnick said America wants to bring advanced manufacturing back to the United States.
"That's a key industrial platform for us, to bring back domestic manufacturing and reshoring in America," he said, adding that there are an enormous number of product categories that "we are going to be delighted for India to produce."
He said that there will be a trade deal that says certain kinds of industries would be great for India to produce.
"And in fact, there are enormous numbers of industries that we'd really like to go to India. What happens is, you create the sort of trade deal that puts India in a unique position because it'll have a special relationship with the United States and certain industries.
"It will have a better tariff relationship than most other countries in the world, which means India will be the beneficiary of those kind of products," he said, adding that some will need to be reshored to America but they'll be replaced with incredible opportunity for India, which has one of the most extraordinary economies.
On whether he sees opportunities for collaboration between India and the US in areas such as artificial intelligence, cybersecurity, and emerging tech, Lutnick said, "Our idea is that we want to embrace our allies and our friends in a way that is much more open than the Biden administration, not even on the same hemisphere.
"So we love our allies. We want our allies to participate in the AI revolution with us. And if India is interested, which of course it is, and it wants to build giant data centres and be a part of that model, we are ready, willing and look forward to embracing India as a partner and friend in that path," he said.
India has one of the most extraordinary economies, Lutnick said in his keynote address at the eighth edition of the US-India Strategic Partnership Forum (USISPF) Leadership Summit here on Monday.
"The key that makes an extraordinary economy is the determination of the people. How much do your people care about being in business? How entrepreneurial are they? How much do they drive to be better for their families?" he said.
"From what I know about India, the core population of India has that drive and ambition, and that's why the Indian economy will always continue to grow and thrive because it has that from the underpinning and so you can do things in India that many other countries, you just can't get done."
He added that while President Trump thinks 'America first', he does not think 'America only' or 'America exclusively'.
"First, he's got to take care of home so we're big and strong, but then he's going to take care of his allies. He's going to make sure he takes care of India, who he deeply, deeply admires and respects and we are going to have a great, great relationship together," Lutnick said.
Responding to a question on Indian talent in the US against the backdrop of ongoing visa and immigration discussions, Lutnick said the success of Indian entrepreneurs in America, individuals of Indian nationality leading and running so many of the "great companies" of America "because they're fantastic entrepreneurs, fantastic business people, smart, thoughtful, educated in every way.
"But I think the ordinary path of immigration for America is changing. The Trump Card is coming out. I expect the Trump Card will create really an enormous opportunity for people to have the ability to come to America," he said, referring to the USD 5 million ' Trump Gold Card', on the lines of a Green Card, that will fast-track the process for foreigners to live and work in the US.
Lutnick said he feels "we are going to be incredibly successful in India. So when people ask me, 'When are you coming to India?' I'd say, 'When I launch the Trump Card, I promise you I'm coming to India'."
He said it's a wonderful opportunity for people to be part of two economies - the Indian economy and the American economy, and people will be able to come to America and participate in America.
"Here's the key. You can become like a green card holder, the equivalent of it, it's the Trump Gold Card. You can do it that way and pay global tax, or you can keep everything the way it is and just pay US tax on US assets, and you pay nothing on your global assets and no inheritance tax, and none of that kind of stuff either.
"And that's what we're going to call it an international entrepreneur.
That's a special category, and I think it will be very, very well received amongst the great people of India who want to participate and have the means to participate in America," he said.
In response to a question on whether the US will be doing more to help push more manufacturing in India, Lutnick said America wants to bring advanced manufacturing back to the United States.
"That's a key industrial platform for us, to bring back domestic manufacturing and reshoring in America," he said, adding that there are an enormous number of product categories that "we are going to be delighted for India to produce."
He said that there will be a trade deal that says certain kinds of industries would be great for India to produce.
"And in fact, there are enormous numbers of industries that we'd really like to go to India. What happens is, you create the sort of trade deal that puts India in a unique position because it'll have a special relationship with the United States and certain industries.
"It will have a better tariff relationship than most other countries in the world, which means India will be the beneficiary of those kind of products," he said, adding that some will need to be reshored to America but they'll be replaced with incredible opportunity for India, which has one of the most extraordinary economies.
On whether he sees opportunities for collaboration between India and the US in areas such as artificial intelligence, cybersecurity, and emerging tech, Lutnick said, "Our idea is that we want to embrace our allies and our friends in a way that is much more open than the Biden administration, not even on the same hemisphere.
"So we love our allies. We want our allies to participate in the AI revolution with us. And if India is interested, which of course it is, and it wants to build giant data centres and be a part of that model, we are ready, willing and look forward to embracing India as a partner and friend in that path," he said.
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