One of the top economic advisors to President Donald Trump has said that India has emerged as a big competitor in the recent years. The statement can be supported by the fact that US tech giants like Google and Facebook have announced big investments in India, he mentioned.
“I think it (investment of US companies in India) is interesting. Just a moment on India. I have been to a couple of bilateral meetings with the (Indian) leaders. What (does) that tell you. People are losing trust in China and India becomes a big competitor,” PTI quoted Larry Kudlow, director of the United States Economic Council, as saying.
He also said that with effective corporate taxes, India has become the new hub for attractive investments.
On Monday, Google chief executive Sundar Pichai announced an investment of Rs 75,000 crore in India over next five to seven years to enhance the digital technolgies across the country.
Prior to this, Facebook has announced to a deal of $5.7 billion with Mukesh Ambani’s Jio platforms. While announcing the deal, Facebook had said, “Indian firm is pro-competitive, benefits consumers, Kirana stores and other small and micro local Indian businesses, and takes forward the vision of digital India.”
India’s relationship with China, who has remained a major trading partner of the country for years, continues to be at loggerheads in the wake of recent LAC dispute. Hence, America’s investment in India at a time like this will be beneficial for both the countries.
Meanwhile, the US and China are at dispute over several issues. Trump has bltantly called out China for hiding coronavirus pandemic severity earlier. Beijing had rejected the claims made by the US president.
The Trump administration has also lashed at China for opressing Hong Kong, a semi-autonomous Chinese territroy which is involved in trade with America.
However, Kudlow remains cautious against India continuing to be “protectionist” country.
