Los Angeles, California: President of the US-India Business Council (USIBC), Ambassador Atul Keshap, emphasized the urgent need for the United States and India to “go beyond tariffs,” citing the Free Trade Agreement announced between the United Kingdom and India on May 6, 2025, as a timely example.

Speaking at a panel discussion titled “Unstoppable or Untenable? Unfolding India’s Growth Outlook,” during the Milken Institute’s 2025 Global Conference in Los Angeles on May 6th, he noted “This is something we’ve been advocating for passionately for years, and we’ve argued for ambition between the two governments, because as much as India is a major trading partner, we have no structure by which our companies engage.” 

The discussion was moderated by Maneet Ahuja, Editor-at-Large of Forbes.

At the event, Keshap, who served as the Chargé d’affaires at the United States Embassy in New Delhi, India in 2021, underscored the absence of a formal framework between the U.S. and India, noting that there is currently no trade agreement or investment treaty in place. “There is nothing for a company on either side to seek recourse from, which we need to change, and we need to change it right away,” he stressed.

He argued that both countries have laid the groundwork necessary to pursue a free trade agreement. “We’ve never been able to get to that moment. I pray we capture it now,” he said.

Reflecting on India’s broader economic momentum, Keshap remarked, “This is India’s global moment. It is a golden opportunity for India. I now represent 200 member companies, American and Indian, who absolutely passionately believe that…” However, he cautioned that to reach its goal of becoming a developed economy by 2047 with a $30 trillion GDP, India must address challenges related to regulation and taxation.

Keshap highlighted the Council’s behind-the-scenes efforts to drive progress. “We do public stuff, but mostly we do private, respectful, constructive engagement with both the American and Indian governments to talk through the problems that get in the way of business investment so that we can accelerate India’s climb,” he said. 

He also praised the transformative impact of Prime Minister Narendra Modi’s leadership, stating that the “Modi magic” needs to extend into the bureaucracy, ministries, and state governments. “Not all of them, but a lot of them, are catching that vibe that they have to deliver for their people,” he added.

Keshap emphasized that trust is now the cornerstone of U.S.-India relations. “In our darkest moments, we relied on one another, whereas other countries [were] trying to fleece us out and play some very vicious games,” he said. This trust, he noted, is fueling strategic alignment across the Quad, the Middle East, Africa, and Sri Lanka—where he previously served as U.S. Ambassador.

Senior Advisor at Reliance Industries Limited, Alok Agarwal, highlighted that the Prime Minister’s long-term vision, laid out three years ago, aims to transform India by its centenary of independence in 2047. 

“It’s an ambitious vision. It makes India the largest economy in less than 15 years from now,” he said, stressing the importance of inclusive growth that benefits India’s 1.4 billion citizens.

Founder and CEO of JC2 Ventures, John Chambers, observed that India has transitioned from a “slow follower” to a global leader under Modi’s leadership. “Once that came into play, all of a sudden, it was obvious to me that India would be the largest economy in the world,” he said. Chambers believes that under a shared vision, the U.S. and India can jointly reshape the global economic landscape.

“India will not only be the largest economy, but I think it will have an influence on a global stage,” he added. 

Founder and CEO of A-Series Management and Investments, Anjula Acharia, said India has surpassed expectations in sectors like luxury and hospitality. She noted that about 25 percent of India’s content production now serves the diaspora. 

Reflecting on generational change, she said, “The South Asian diaspora wants experiences, and they’re willing to pay for them. And I think that’s a huge cultural shift… and gives India a huge opportunity to service the diaspora too.”

She also pointed out to the increasing participations from Bollywood stars such as Shah Rukh Khan, Kiara Advani, Diljit Dosanjh, and Priyanka Chopra attending the 2025 Met Gala event on May 5^th in New York City. 

Managing Partner at the National Investment and Infrastructure Fund (NIIF), Vinod Giri, said India is leveraging its cultural and creative strengths to engage with global markets. Highlighting India’s focus on manufacturing particularly in electronics and semiconductors, he urged India to scale domestic manufacturing, 

“We have 28 states, and the implementation and execution varies from state to state, so I think there’s a lot to catch up there,” he said.

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