Edward Knight, Chairman of the US-India Business Council (USIBC) and Executive Vice Chairman of NASDAQ, recently discussed India’s vibrant entrepreneurial landscape, emphasizing the potential for collaboration between India and the United States.
Knight expressed his confidence in India’s entrepreneurial culture, predicting that the country could host over 200 unicorn startups by 2025. He attributed this potential to India’s workforce, demographics, legal system, and entrepreneurial spirit, which together create an environment conducive to innovation, especially in technology.
Regarding artificial intelligence (AI), Knight highlighted its transformative power in addressing complex global challenges, including finding cures for diseases like cancer. He stressed the need for establishing guidelines and fostering collaboration between India and the US. Knight suggested joint efforts to build essential AI infrastructure, such as data centers, cloud computing facilities, and data policies. He identified AI and cybersecurity as ideal areas for collaboration between the two nations.
In recent news, JPMorgan Chase & Co. announced the inclusion of Indian government bonds (IGBs) in its benchmark Emerging Market index, starting June 28, 2024. The inclusion will be phased in over ten months, with a 1% weightage increase each month until March 31, 2025. Knight highlighted that this move could attract an additional $25 billion in investments, offering India improved access to global investors and bolstering its position in the international financial arena.
Knight also expressed the United States’ eagerness to collaborate with the Indian government to foster capital creation, ensuring alignment with India’s legal framework, values, and economic policies.