US Commerce Secretary Howard Lutnick has praised India's entrepreneurial culture, terming it as the force that drives the country's strong and growing economy.
Addressing the 8th US-India Strategic Partnership Forum (USISPF) Leadership Summit, Lutnick asserted that the natural drive and ambition of India's people are what make its economy stand out.
"India has one of the world's most incredible economies," Lutnick said during his keynote speech. "What actually powers an outstanding economy is the intent of its citizens — that they want to better themselves, start businesses, and work for their children's future."
He also observed, "The cutting population of India is abound with that desire and drive. That's why India's economy will continue to thrive. There are things you can do in India that simply aren't possible anywhere else."
Lutnick also pointed out mutual respect between India and former US President Donald Trump, citing that though Trump gives prominence to the American people, his attitude is not discriminatory. "He puts America first, yes, but not America only," Lutnick clarified. "He has deep admiration and respect for India, and the relationship between the two countries is set to become even greater.
Regarding Indian professionals and businessmen in the US, Lutnick complimented their role in American business and innovation. "Indian nationals are heading many of America's top companies. They are extremely bright, entrepreneurial, and highly educated — business visionaries to the core," he added.
Pointing to a new immigration plan called the "Trump Gold Card" — a fast-track residency path for high-skilled or high-net-worth immigrants — Lutnick indicated it would change U.S. immigration policy. "I think the Trump Card will provide an opportunity for exceptional talent to move to America. It provides the opportunity to live and work in the US and engage in both the Indian and US economies."
He expanded on the advantages of the suggested card: "It would be a green card, but with greater flexibility — permitting holders to pay taxes just on U.S.-based assets and exempting worldwide assets and inheritance from taxation. We'll identify such persons as 'international entrepreneurs,' a class that I believe will appeal powerfully to India's best talent and investors."
Responding to the question regarding the future of the manufacturing partnership between the US and India, Lutnick reiterated America's commitment to increasing domestic production. Still, he indicated that India would continue to be an important partner in specific industries.
“Advanced manufacturing is returning to the US as a strategic priority,” he said. “But there are many product categories that we’ll happily see produced in India. We’re working on a trade deal that places India in a unique position with favorable tariffs — better than most other countries. This will create enormous opportunities for Indian industry.”
He ended by looking towards possible collaborations in future technologies. "We would like to cooperate with friends in AI, cybersecurity, and other cutting-edge tech. The US government under the current administration hasn't been as forthcoming but our strategy is not the same. We would like to go hand-in-hand with India, particularly if it is willing to invest in data infrastructure and join the AI revolution. We are prepared and eager to collaborate with India in these important areas."
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