US Deputy Secretary of Treasury, Wally Adeyemo on Wednesday visited the Indian Institute of Technology (IIT), Mumbai’s Society for Innovation and Entrepreneurship start-up incubator, and said that India will continue to be a leader alongside America in the digital economy, while addressing the students and entrepreneurs.
Taking to Twitter, Adeyemo said, “Today I toured IIT Mumbai’s Society for Innovation & Entrepreneurship start-up incubator. I spoke with students & entrepreneurs about how their innovations & strong US-India ties can help expand economic opportunity in both of our countries & address pressing global challenges.”
Speaking at the IIT, Mumbai, US Deputy Secretary of Treasury said, “It’s clear from India’s recent history and conversations I’ve had with leaders of the public and private sectors that this country will continue to be a leader alongside America in the digital economy.”
“India has 560 million internet subscribers and 1.2 billion mobile phone subscribers, a massive market that will fuel innovation for years to come. According to a study by McKinsey & Company, India is digitizing at a faster rate than any other country.”
Adeyemo said that American businesses and consumers rely on the products and innovations developed here in India, by companies like Infosys, Mindtree, and others.
“Technology and innovation are longstanding pillars of the economic relationship between our two countries. For decades, America’s leading technology companies–from Apple to Intel–have tapped into India’s world-leading technology talent pool, including coders and engineers trained right here at IIT Bombay,” he said.
“I expect in several years, American consumers will rely on some of the products created by some of the innovators I just met a few minutes ago in the innovation lab that I had a chance to visit,” Adeyemo added.
“What that means is that the future of the global economy will, in large part, be built here–by entrepreneurs like those of you in this room,” Adeyemo said while addressing the students of IIT Bombay.
He said that both countries will play pivotal roles in the next wave of technological innovation – and “it is deployed responsibly to the benefit of all segments of society – especially when our people and companies work together.”
“The need for innovation to address our shared challenges has never been greater: from the need for green technology to meet the urgent challenge of climate change, to 21st-century infrastructure that can meet the demands of the modern global economy, to the information technologies that proved so vital to keep us connected during the COVID-19 pandemic,” the US Treasury official noted