Time right for India-US trade to grow exponentially: TCS
“I have not seen a better business-friendly climate from both governments and there is an increasing interest from US companies to deal with India, especially in areas of technology.”
NEW DELHI: The time is right for the US-India trade to grow exponentially as the business environment between the countries is improving and India’s growth story is attracting a large number of American companies, as per the N America head of Tata Consultancy Services.
“I have not seen a better business-friendly climate from both governments and there is an increasing interest from US companies to deal with India, especially in areas of technology,” Suresh Muthuswami, chairman of North America TCS, said.
India-US bilateral trade has been on the rise since 2000, but from 2020 to 2022, it has grown from $120 billion to $191 billion. “I think we’re just scratching the surface. (There is) enormous interest from the US government. India is a growing economy and(there is) a lot of interest to do business with India. So, the time is right for trade between the two countries to grow exponentially. When it comes to the United States technology has always led the way and it will, it will continue,” Muthuswami said.
TCS which has been in the US for more than 50 years has been the growth and transformation partner for America’s most valuable companies. TCS has more than 1,000 clients in the US. “We have a lot of room to grow,” he said, noting that every company increases their spending on technology, they all want to be technology companies, irrespective of the industries they are in.
Responding to a question, Muthuswami said there is a need for sharing technology, advanced technology skills and sharing best practices for upskilling. The TCS North America head said the collaboration between the US and India, on game-changing technologies such as quantum computing, artificial intelligence, 5G, Internet of Things is very critical for both countries.
“In my discussions with various government officials, it is abundantly clear that that’s an area where both countries want to partner,” he said.
“Another area is cybersecurity. TCS also has been working with White House initiatives on this,” he said.
“To remain competitive, innovative American companies need well-trained employees. We have more than 45,000 people in our workforce in the US. We have been investing in innovation in the US,” he said.
To a question, Muthuswami said TCS has hired about 21,000 people in the last three years in the US. “We have hired 4,500 people from universities in the last three years in the US.”