21st Indo-US Economic Summit: Stakeholders deliberate on joint efforts to unlock potential in healthcare & food processing

By Ayushi Jain

New Delhi: The 21st Indo-US Economic Summit, organized by the Indo-American Chamber of Commerce (IACC), took place on September 24, 2024, in New Delhi, under the theme “Building Bridges, Shaping Futures: Pioneering Pathways for 21st Century Growth.”

The event brought together key figures from the Indian and American business sectors to discuss potential cross-border collaborations and future growth in areas like healthcare and agro-food processing.

During the session on healthcare, Madhukar Kumar Bhagat, Joint Secretary of the Union Ministry of Health and Family Welfare, emphasized the critical need for public-private partnerships to ensure that healthcare remains accessible and affordable across India. He stressed that while commercial interests often drive the private sector, healthcare must transcend these concerns to meet the needs of the population. 

“We have to talk about a partnership between the government and private sector to bring about these four fundamental things: availability, affordability, access, and quality of healthcare,” Bhagat stated. He further elaborated on the government’s role in addressing market failures in healthcare, particularly in rural areas, where private hospitals are less likely to operate. Bhagat also highlighted the government’s focus on using technology, including Artificial Intelligence (AI), to improve healthcare services.

Genessa Giorgi, Health Attaché at the US Embassy in New Delhi, brought a global perspective to the discussion, stressing the importance of partnerships that extend beyond national borders. By prioritising healthcare and fostering innovation, she emphasized that the US and India could create a more prosperous and equitable society. “By prioritizing healthcare, investing in innovation, and fostering partnerships, we can create a prosperous, equitable, and healthy society—not just for India and the US, but for the whole globe,” Giorgi remarked. 

This session also saw contributions from healthcare leaders like Dr. Upasana Arora, Chairperson, Healthcare Services Comm, Executive Council Member, IACC & MD, Yashoda Super Specialty Hospitals Pharmaceuticals and Affordable Medicines; Dr. Shefali Misra, Group VP, Public Policy & Government Affairs, Biocon Group; Rajeev Juneja, Vice Chairman & MD Mankind Pharma Ltd; Dr. Sangeeta Sharma, Professor & Head, Department of Neuropsychopharmacology, Institute of Human Behaviour & Allied Sciences (IHBAS), all advocating for closer collaboration between India and the US to drive healthcare innovation.

The second major session focused on the vision for the future of Indo-US economic relations in agro and food processing. Jasmohan Singh, Chairman of IACC’s Agro & Food Processing Committee, set the context for the discussion by highlighting the challenges and opportunities in the agricultural trade between the two countries.

Singh pointed out that agriculture faces a range of issues, including tariffs, non-tariff barriers, regulatory problems related to safety and quality, subsidies, market access, and genetically modified organisms (GMOs). He also noted the challenges posed by currency fluctuations, which can impact prices. Despite these obstacles, Singh emphasized the immense potential for growth in Indo-US agricultural trade.

Chirag Jain, Partner at Grant Thornton Bharat LLP, expanded on Singh’s points by sharing a broader vision of where the Indo-US relationship stands and its future trajectory. Jain highlighted how trade between the two countries is progressing, noting that India’s agricultural exports to the US are valued at $5.04 billion.

He also pointed out the progress made in recent years with various free trade agreements (FTAs) and regional deals that have enhanced India’s global trade presence. “If we have 100% tariff cuts on goods, US exports to India could jump by almost 200%, and in processed food, it could see a 700% increase,” Jain said, illustrating the tremendous growth potential in the sector​.

Ravinkumar Sivalingam, Sustainable Agriculture Strategy, Digital Food Initiatives, Tata Consultancy Services highlighted the role of technology, especially AI, in transforming India’s agro-food sector. He pointed out that AI could empower small and medium food processors, helping them integrate into the global supply chain. However, he also acknowledged the challenges in leveraging AI effectively, stating, “The goal of building AI systems is to ensure that the whole food processing industry grows, enabling these processors to be part of the global supply chain.” 

Sanjeev Bisht, VP, Value Added Products, Agri Business Division, ITC Limited, echoed this sentiment, emphasizing the need for regulatory harmonization between India and the US to ensure smoother trade in agro-food products. He highlighted that aligning safety and quality standards between the two countries would be key to unlocking growth​.

The event provided valuable insights into the future of economic relations between India and the US, emphasizing the need for continued collaboration to navigate the challenges and unlock the full potential of these sectors.