According to Mukesh Aghi, president of US India Strategic and Partnership Forum (USISPF), India must focus on ESG (Environment, social and governance) factors in order to draw the attention of Foreign Directive Investments or FDI and get the sustained foreign direct investment of $100 billion per annum to reach the required 8 to 9 percent growth. This will help India to become an ESG-centered business hub.
The article mentions that the global investment pool counts for $45 trillion, of which $12 trillion come under ESG, making ESG an important factor. During an interview with PTI, Aghi said “Today India is around 130-133 on the ESG factors. It needs to start coordinating as it is no longer a World Bank ranking. Companies that are focusing on ESG factors are being rewarded by the investors.” Mukesh Aghi also speaks about the significance of ESG factors for the institutional investors and for the new government administration in the US.
The USISPF will be holding a 3rd week-long leadership summit in December which will be addressed by India’s Minister of External Affairs Subrahmanyam Jaishankar and the American Vice President Mike Pence, where the USISPF Chairman will be speaking to the Vice President Pence.
Aghi speaks about the role of India in order to strengthen the India-US ties. India should focus on health-care sector and making the agriculture sector technology-friendly to make it more efficient and competitive. As stated by Aghi “Our recommendation is, pick up specific areas, collaborate, cooperate and find a win-win value proposition”.
Further, the article highlights the H-1B visa issues as there is shortage of software engineers and this can be solved if India and USA aligns. USISPF recommends to increase the number of H-1B visa to help the US companies.
As per Mukesh Aghi’s words, the article suggests that both the countries should focus on different sectors to collaborate especially on economic or technological fronts and on cultural and agriculture fronts. ESG factors and stronger India-US business ties are crucial factors for a sustainable development in a post COVID-19 world.