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<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

<ul class="summary-list"><li>Indian PM <keyword id="11895802" type="UNKNOWN" weightage="60" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>'s <keyword id="11892744" type="UNKNOWN" weightage="60" keywordseo="twitter" source="Orion">Twitter</keyword> was hacked on Sunday and said the country had adopted <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>.</li><li>The tweet said that <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> had bought 500 bitcoins and would distribute them to residents.</li></ul>Indian Prime Minister Narendra Modi's Twitter account was hacked on Sunday, broadcasting that the country had accepted bitcoin and would start distributing it to citizens.Modi's Twitter account, which has more than 73 million followers, was "very briefly compromised," announced <a href="https://twitter.com/PMOIndia/status/1469786236990607361?ref_src=twsrc%5Etfw%7Ctwcamap%5Etweetembed%7Ctwterm%5E1469786236990607361%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Findianexpress.com%2Farticle%2Findia%2Fprime-minister-narendra-modi-twitter-hack-bitcoin-7668424%2F">the prime minister's office on Sunday.</a>"The matter was escalated to Twitter, and the account has been immediately secured," it said. "In the brief period that the account was compromised, any Tweet shared must be ignored."The hoax tweet said that India had "officially accepted bitcoin as legal tender" and that the government "officially bought 500 BTC" that it would distribute to Indian residents, <a href="https://www.cnn.com/2021/12/12/india/modi-twitter-hack-intl/index.html">CNN</a> reported. At press time, 500 bitcoins would be worth $24,455,200."The future has come today! #BTC," the tweet read with several emojis (which Modi does not regularly use on his Twitter handle) and a potential <keyword id="41357" type="UNKNOWN" weightage="60" keywordseo="scam" source="Orion">scam</keyword> link, according to a screenshot posted online. Cryptocurrencies like bitcoin are not <a href="https://www.indiatoday.in/india/story/cryptocurrency-ban-legal-tender-rbi-bitcoin-ethereum-1880972-2021-11-26#:~:text=It%20said%20there%20is%20no,the%20status%20of%20legal%20tender.&amp;text=In%20a%20major%20setback%20to,legal%20tender%20by%20any%20means.">recognized in India as legal tender.</a>This isn't the first time a Twitter account linked to Modi has been compromised. Last September, <a href="https://twitter.com/narendramodi_in">@narendramodi_in,</a> the Twitter account of Modi's personal website and mobile app with around 2.6 million followers, <a href="https://www.bbc.com/news/business-54007995">encouraged people to donate cryptocurrency to a COVID-19 relief fund.</a>Nor is this the first time a high-profile Twitter account has been hacked for a crypto hoax. In July 2020, 130 Twitter accounts, including former President Barack Obama, Kim Kardashian, Bill Gates, and Elon Musk, <a href="https://www.businessinsider.com/twitter-130-accounts-affected-hack-direct-messages-dms-2020-7">tweeted links to a bitcoin scam.</a> Twitter's stock lost <a href="https://www.businessinsider.com/twitter-market-value-losses-after-massive-hack-2020-7?r=US&amp;IR=T">$1.3 billion in value</a> following the breach.The Indian government has been the target of over 30,000 cyberattacks this year up to the month of October, <a href="https://timesofindia.indiatimes.com/india/pm-modis-twitter-account-hacking-over-30000-cyber-attacks-targeted-govt-organisations-this-year/articleshow/88242665.cms">The Times of India reported</a>, citing government figures. In 2020, the country's government organizations faced more than 50,000 cyber security incidents, according to the outlet.

Indian PM Narendra Modi's hacked Twitter account told 73.4 million followers that the country would distribute 500 bitcoins among its citizens

As venture capital (VC) funds squeeze the flow of money to traditional startups and invest in emerging tech like Web3.0, <keyword id="8918130" type="General" weightage="50" keywordseo="binance-labs" source="Orion">Binance Labs</keyword>, the venture capital and incubation arm of leading cryptocurrency exchange <keyword id="6359140" type="General" weightage="80" keywordseo="binance" source="Orion">Binance</keyword>, on Wednesday announced closing of a $500 million investment fund to boost Blockchain, Web3.0 and value-building technologies. The fund is supported by leading global institutional investors such as DST Global Partners, <keyword id="13441808" type="General" weightage="50" keywordseo="breyer-capital" source="Orion">Breyer Capital</keyword>, as well as other major private equity funds, family offices, and corporations as limited partners, Binance said in a statement. The new fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of Web3.0 and Blockchain technologies. "The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, <keyword id="11121339" type="General" weightage="50" keywordseo="metaverse" source="Orion">Metaverse</keyword>, social and more," said Changpeng Zhao 'CZ', Founder and CEO of Binance. Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes industry-leading projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, <keyword id="2462624" type="General" weightage="50" keywordseo="polygon" source="Orion">Polygon</keyword>, <keyword id="28936" type="General" weightage="50" keywordseo="optimism" source="Orion">Optimism</keyword>, The Sandbox, and STEPN. With the new fund, Binance Labs will make investments across three different stages: incubation, early-stage venture, and late-stage growth. Early-stage venture investments include token and equity investments across all sectors of cryptocurrency and Web3.0, including infrastructure, DeFi, NFTs, gaming, Metaverse, social, and crypto adoption platforms. Late-stage growth investments target more mature companies looking to scale or bridge into the Web3.0 ecosystem with the Binance ecosystem as a solid strategic partner, said the company. Earlier, US-based investment firm Andreessen Horowitz (A16Z) announced two new funds -- a massive $4.5 billion fund for crypto and Blockchain companies and Web3.0 startups and a $600 million 'Games Fund One' that is exclusively focused on the gaming industry. A group of former executives from one of the largest cryptocurrency exchanges Binance has also reportedly created a $100 million venture fund. Web3, or Web 3.0, represents the next generation of the Internet. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/pm-modi-mourns-the-loss-of-singer-kk-who-passed-away-at-53/articleshow/91931110.cms">PM Modi mourns the loss of singer KK who passed away at 53</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/health/news/pmbi-crosses-100-crore-in-may-centre-to-increase-the-number-of-janaushadhi-kendras-by-march-2024/articleshow/91921003.cms">PMBI crosses ₹100 crore in May; Centre to increase the number of Janaushadhi Kendras by March 2024</a>

Binance Labs announces $500 million fund to boost Blockchain technologies and Web3.0 startups

<ul><li><keyword id="7412577" type="General" weightage="20" keywordseo="Dealshare" source="Orion">DealShare</keyword> is looking to hire upto 1,500 employees across tech and product side to increase its workforce to 3,500.</li><li>The four-year-old <keyword id="623994" type="General" weightage="20" keywordseo="social-commerce" source="Orion">social commerce</keyword> startup plans to expand its business 3x and enter another 100 cities in this fiscal year.</li><li>It serves more than 3 lakh orders per day across 1,000 pin codes spread over 150 cities in 10 states.</li></ul>Grocery-focused social commerce startup DealShare is looking to hire upto 1,500 employees across tech and product side to increase its workforce to 3,500 by the end of this fiscal year. The company has already doubled its workforce to 2000 since last year, Vineet Rao, founder and chief executive officer of DealShare, told Business Insider. The hiring outlook is a part of DealShare’s plans to further strengthen its business this quarter by focusing on filling the gaps in the business in order to build a stronger offering. Simultaneously, the company plans to expand its business 3x and enter another 100 cities in this fiscal year (FY 22-23). “Because we were growing up so fast there have been lots and lots of problems that have also creeped in. In some places my assortment is not perfect the way it should be, people are not finding all the things that they should find in DealShare, in some places pricing and promotions are not right, in some places the inventory is not available as much as it should be,” Rao told Business Insider. DealShare serves more than 3 lakh orders per day across 1,000 pin codes spread over 150 cities in 10 states. The company believes that even with the expansion to 250 cities, a large part of their traffic would come from their existing 150 cities instead of the newly added 100 cities. The company also claims to have crossed a billion dollars in gross revenue run rate last month. DealShare has raised $393 million to date since its inception in 2018. The company was founded by Vineet Rao, Sourjyendu Medda, Sankar Bora and Rajat Shikar. It primarily focuses on sale of groceries and household essentials through social media and messaging platforms like WhatsApp. The Jaipur-based company entered the unicorn club earlier this year, after being <a href="https://www.businessinsider.in/business/ecommerce/news/social-e-commerce-platform-dealshare-raises-45-million-from-adia/articleshow/89641250.cms">valued at $1.7 billion</a>. DealShare competes with other social commerce platforms like <a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms">CityMall and BulBul</a>, among others. Looking beyond hiring, Dealshare has plans for inorganic growth, too The company is also looking to strengthen its business by acquiring 5-10 small brands, with their own manufacturing units, in an attempt to expand its offerings. Rao emphasised that they would be looking to acquire fast moving consumer goods (FMCG) and staples companies majorly, but will also look at essential fashion. The four-year-old startup has not yet decided on an average ticket size yet as the deal size would depend on the acquired company. Rao noted that the transaction could go as low as ₹25 crore. The company is currently exploring options for debt to fund these acquisitions. Separately, DealShare also claims to always be on the lookout for acquiring companies that can further boost its operations like logistics or technology. The Jaipur-based startup claims to have over 1,000+ micro-entrepreneur partners registered on the platform, who help sell products online. The company targets to increase this figure to 5,000 by year end, DealShare’s chief operating officer and founder Sankar Bora previously said. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/enterprise/news/cognizants-latest-earnings-have-a-silver-lining-for-indian-it-majors-tcs-infosys-and-wipro/articleshow/91334290.cms">Cognizant’s latest earnings have a silver lining for Indian IT majors TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/business/corporates/news/google-india-appoints-former-modi-think-tank-official-as-policy-head/articleshow/91333970.cms" data-type="tilCustomLink">Google India appoints former Modi think-tank official as policy head</a> <a href="https://www.businessinsider.in/stock-market/news/these-domestic-mutual-funds-stepped-up-for-lic-ipo-anchor-book-as-foreign-investors-remain-cautious/articleshow/91306852.cms">LIC IPO anchor book — domestic mutual funds step up as most marquee foreign investors skip India’s biggest IPO yet</a>

Social commerce unicorn DealShare is now on a lookout to hire 1,500 employees, acquire 10 businesses this year

India is emerging as the most sought after developing market and an important partner for the US. According to a survey conducted by PwC and Indo American Chamber of Commerce (IACC), the bilateral trade between the two countries is likely to touch $500 billion by 2025. 
 
Even ahead of <a href="http://www.businessinsider.in/searchresult.cms?query=modi+us+visit">Prime Minister Narendra Modi's</a> visit to <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword>, the <keyword id="181958" type="ORGANIZATION" weightage="20" keywordseo="US-India-Business-Council">US-India Business Council</keyword> (<keyword id="160091" type="COMPANY" weightage="20" keywordseo="USIBC">USIBC</keyword>) had expressed support for his key initiatives such as <a href="http://www.businessinsider.in/searchresult.cms?query=digital+india">Digital India</a>, Start up India, Stand up India, and Skill India. 
 
The trade between the two countries has the potential to grow up to $500 billion through concerned efforts from all stakeholders - government leaders and investors, corporates, businesses and entrepreneurs. 
 
Shashank Tripathi, Strategy Consulting leader at PwC India, said, "India continues to emerge as one of the most important markets in the developing world and an important trading partner for the US. This is evident by the four-fold growth in the India-US trade since 2006 to $100 billion in 2014." 
 
Tripathi further added that the drivers to achieve this trade growth would be the five key sectors: 
· Aerospace and defence (A&amp;D) 
· Infrastructure and logistics 
· Energy 
· Manufacturing 
· Services 
 
"These sectors are of the utmost importance to the <a href="http://www.businessinsider.in/searchresult.cms?query=indo+us+relationship">Indo-US relationship</a>," said Tripathi said. 
 
As per the report, there is a large space to release the real potential of the trade in order to strengthen strategic relationship between the two countries. 
 
According to Tripathi, "This is increasingly important, since in the new world order, economic interests drive strategic partnerships to the mutual benefit of the world's largest and oldest democracies. The two nations should initiate more trade missions and remove barriers that affect the trade and investment among other initiatives from the government and corporates." 
 IACC secretary general Ranjana Khanna said, "Both the governments need to improve the business environment, provide tax incentives and simplify regulations. Positive signs are already emerging with the government's focus on the Make in India initiative, bilateral shared forum on manufacturing, and the <keyword id="338363" type="POSITION" weightage="20" keywordseo="India-US-CEO">India-US CEO</keyword> Forum." 
 
She further said strategic trading relationship is only the first step in creating a more meaningful partnership between two of the largest democracies in the world. 
 
This relationship may lead the two nations to work together in areas such as space exploration, climate change and counter-terrorism. Apart from these, both the US and India can also build a stronger people partnership and can together solve some of the grave issued that the world is facing today. 
 
While roadblocks may arise in the course of time, the commonalities of interests are immense for growth in trade between India and the US, she said. 
(Image: Reuters)

India-US bilateral trade likely to reach $500-billion mark by 2025

New York, Nehal Modi, the brother of fugitive jewellery merchant <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, has been charged by a New York prosecutor in an alleged $2.6 million fraud carried out through a multilayered scheme to cheat one of the world's <keyword id="10464786" type="UNKNOWN" weightage="20" keywordseo="biggest-diamond-companies">biggest diamond companies</keyword>. Announcing the charges against Nehal Modi on Friday, the prosecutor, Cy Vance, said, "While diamonds maybe forever, this flawed scheme was not, and now Mr Modi will face the clarity of a <keyword id="297950" type="COMPANY" weightage="20" keywordseo="New-York-Supreme-Court">New York Supreme Court</keyword> indictment." Modi was charged in the state supreme court with "grand larceny in the first degree" for allegedly "fraudulently obtaining over $2.6 million worth of diamonds from a diamond wholesale company located in Manhattan," said Vance, who is the prosecutor for the city's Manhattan district. The crime of grand larceny in the first degree under <keyword id="357933" type="LOCATION" weightage="20" keywordseo="New-York-State">New York State</keyword> laws is theft involving more than $1 million and it carries a maximum penalty of 25 years in prison. According to the New York Post, Modi told the court he was not guilty of the charge and was released without bail. In a short video on the Post site, Modi is seen walking with a man who may be his lawyer in what appears to be the corridor of a court building. Asked about the case, he replied, "There's nothing about the case." Asked about the Interpol notice, the man accompanying him, said, "We are not discussing anything about the case, I told you that." Nehal Modi is wanted in India in connection with an alleged ₹13,500 crore (about $1.9 billion) fraud involving the Punjab National Bank, and at the request of India the Interpol has issued a Red Notice, which is a request to law enforcement worldwide to arrest him pending extradition. Under the judicial procedure in New York, the prosecutors first presented the case to a grand jury -- a panel of citizens -- to determine if there was a prima facie case to proceed with prosecution. The grand jury indicted him -- a finding that there were enough grounds to charge him. The alleged crime goes back to 2015 when Nehal Modi asked a company identified as <keyword id="10466697" type="COMPANY" weightage="20" keywordseo="lld-diamonds-usa">LLD Diamonds USA</keyword> to obtain over $2.6 million worth of diamonds with "false representations", some of which he pawned for loans and sold the rest as steeply discounted prices, the prosecution said in a statement. LLD Diamonds says on its website that it "is the world's largest privately held diamond manufacturer and cutting group -- entirely independent of external suppliers, having its own widespread sources of rough goods through ownerships in mines around the world." The prosecution said that in March 2015 Modi first asked the company to give him diamonds worth about $8,00,000 claiming they were to be shown for potential sale to a company identified as Costco Wholesale Corporation, a chain that gives price discounts to its customers who join as members. Modi then claimed that Costco agreed to buy the diamonds and LLD gave it to him on credit to be paid within 90 days, the prosecution said. But he pawned the diamonds to another company for a short-term loan and came back to LLD to get more diamonds, this time worth $1 million, claiming that Costco had agreed to buy them, according to the prosecution. He made some payments to LLD but used the major portion of the proceeds to for business and personal expenses and in order "to cover his fraud, Modi falsely claimed that he was he was having payment problems because of a "Costco fulfilment error," prosecutors said. In August, Modi returned to LLD "with the false claim" that Costco wanted to buy more diamonds and after picking them up, he pawned some of them and sold the rest to retailers at a "steep discount", according to the prosecution. By the time when LLD discovered the fraud and demanded payment or return of the diamonds, Modi had already pawned or sold off all the gems and spent most of the money, prosecutors said. LLD then filed a complaint with the Manhattan prosecutor's office. Vance asked others who may be "the victim of this type of theft" to call the financial fraud hotline of his office. 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