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By Our Correspondent: The recently concluded much-hyped Global Entrepreneurship Summit (GES) in Hyderabad has set the ball rolling and the US administration does not seem to be leaving at there. The US embassy in India which runs a dedicated entrepreneurship and business development centre in Delhi will now run a special programme for as many as 50 young (below 35 year) entrepreneurs jointly with University of Texas. As part of the year long project, a select group of 50 young entrepreneurs from Kolkata, Ranchi and Patna will undergo intense training and mentoring on entrepreneurship, said Craig L Hall, consul general of the US in Kolkata. On successful completion of the programme, the best ideas from these young and aspiring entrepreneurs will be connected to potential VC funds and business partners from the US, he said, adding that the whole idea is to see actual business in SME sector (in the start-up ecosystem) happen across sectors. Interestingly, Ivanka Trump, daughter and advisor to the US President, Donald Trump also reiterated at the GES 2017 that two of the largest democracies in the world should work together in fulfilling the common goal of mutual cooperation to be the harbinger of change in creating more entrepreneurs and fostering more start-ups in both the countries. While speaking at an interactive session with the members of ALFA network, an Assocham-affiliated body of young entrepreneurs, Hall said, “Both India and the US share mutual beliefs about the need of empowering the entrepreneurs and opening the doors for potential investors and mentors to champion one’s vision and celebrate your success. It has been a prerogative of the US as well as Indian Government to create a favorable climate to enable the growth of more innovators and reduce the regulatory hurdles that limit opportunities for any prospective start up. Both our countries are collaborating to increase bi-lateral ties, economic and social security measures and facilitating a level playing field for the future entrepreneurs is an optimistic step in that direction.” This initiative is just the beginning in this direction and there will be many more, going forward, said Hall. The sectors where entrepreneurs and start-ups from the two countries can successfully team up include IT & ITeS, travel and tourism, hospitality, education, energy, particularly renewable energy, healthcare, franchise business, he said. Significantly, at present, the US is number 5 on the list of foreign investors ($660 million) in India which is nearly 6 per cent of the total FDI in India. In the past few years the US has been the top trading partner of India with $42 billion (16.1 per cent of total Indian exports). India’s bilateral trade with the US totaled an estimated $114.8 billion in 2016. India is currently US’s 9th largest goods trading partner with $67.7 billion in total (two way) goods trade during 2016.
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