India should create a business culture that rewards risk-taking, says HE Richard Verma, US Ambassador to Indiaat the 12th Indo-US Economic Summit

Organized by Indo-American Chamber of Commerce - North India Council, Day 1 of the summit saw panel discussions on Media & Entertainment industry, Defence & Aerospace and Smart Cities

New Delhi : Over the years,Indo-US bilateral relations have improved significantly with governments in both the countries engaging with each other consistently to identify mutual growth opportunities. Organized by Indo-American Chamber of Commerce – North India Council (IACC-NIC) in Delhi, the 12th Indo-US Economic Summit saw leaders from the world of politics and business gather for an ideas exchange on how to take this partnership to the next level.

Setting the tone for the summit,Dr. Lalit Bhasin, Summit Chair & Regional President, IACC-NIC said,“Our hon’ble Prime Minister Shri Narendra Modi has met President Obama on several occasions in the last one year. It goes without saying that both the democracies have common issues to deal with including terrorism, trade, defence, cyber security, science and technology and environment, among others.” HE Mr Richard Verma, US Ambassador to India, spoke at length on how the chemistry between the US president and PM Modi and the work done by Indian diaspora in the US have contributed significantly towards strengthening the ties between the two countries. He said, “There are no doubts about the pace, intensity and scope of Indo-US relations.

Between August 29 and September 8, both the governments have engaged actively in dialogue, signing agreements in health, science and defence. We look forward to reforms in bankruptcy, establishment of commercial courts for settling contractual disputes, and liberalization of FTI. By 2030, India will lead the world in every category.” Mr Verma added that going forward India needs to continue reforms. “To boost investor confidence, the government should bring more transparency to the regulatory process,” he said.

Mr Vermaalso shared his views on the role of innovation in achieving the target of $500 billion in bilateral trade. He said, “There are two things we need in this area. First the IP regime should be reformed. Next, India should create a business culture that rewards risk-taking by allowing people to fail fast and move on.”

As part of the summit, technical sessions were conducted on focus sectors of Indo-US engagement. The first panel discussion on Day 1 of the summit was on the challenges holding back Media & Entertainment (M&E) space from becoming a global industry. Moderated by media expert and writer Vanita Kohli Khandekar, the panel saw participation ofPulak Bagchi, Senior Vice President (Legal & Regulatory Affairs), Star India, Uday Singh, Managing Director, Motion Picture Distributors Association, and Sai Krishna Rajagopal, Managing Partner, SaiKrishna & Associates.

Khandekar started the discussion by drawing everyone’s attention to the fact that India’s M&E industry is least profitable anywhere in the world. Panelists responded by providing details on the lack of regulation and dialogue in India. Bagchi of Star India pointed out that in the last 15 years, only 1.61 per cent of the overall FDI investments in India have gone into the M&E space. Singh of Motion Picture Distributors Association said, “Still archaic laws are followed to deal with piracy in India. This has to change.” Rajagopal of SaiKrishna Associates said, “Regulators must leave things to market forces allowing some inflationary hikes to TV channels which have not been allowed to revise pricing since December 2003.”

Making an observation, one of the attendees asked panel members to partner with consumers through sensitization. This way the regulator will pay attention to the challenges faced by the industry.

Commending the leadership in India and the US for taking bilateral relations to new heights, Mr Rana Kapoor, Managing Director & CEO, YES BANK, said, “The recently concluded landmark US-India Strategic & Commercial Dialogue on August 30 is testament to the deep commitment shared by India and the US towards promoting a new era of greater trade, investment and economic partnership. As India and the US strive towards becoming ‘best partners’, cooperation in key strategic sectors including Smart Cities and Infrastructure development, Innovation & Entrepreneurship, Tourism, Renewable Energy and SMEs, among others will help actualize our bilateral trade target of USD 500 billion in the coming years.”