Former Indian Foreign Secretary Harsh Vardhan Shringla . / Courtesy photo

Former Indian Foreign Secretary Harsh Vardhan Shringla underscored the critical role of the Indian diaspora in India’s goal of becoming a developed nation by 2047. Speaking on the sidelines of the Indiaspora Forum for Good (IFG) at the Grand Hyatt in Abu Dhabi on Feb.24, he pointed out the significant role that the Indian diaspora plays.

“Prime Minister Modi, in his earlier address to the U.S. Congress, highlighted how India moved from being the ninth-largest economy to the fifth-largest economy,” he said. “By the time President Trump finishes his term, we will be the third-largest economy.”

Shringla credited the Indian diaspora, particularly venture capitalists in the US West Coast, for driving India’s booming startup ecosystem. “Many startups have become unicorns today…to a certain measure due to very generous funding from Indian-origin venture capitalists,” he said.

He added that organizations like the Indiaspora and the Indian community in the UAE can play a key role in the journey towards becoming a developed India.

US-India trade

Addressing key trade concerns between India and the United States, Shringla emphasized the need for a targeted bilateral trade agreement rather than general tariff reductions. He pointed out that trade issues have persisted since Donald Trump’s first term as the US President.

“This has been an issue right from Trump 1.0,” Shringla said, recalling past negotiations on a partial free trade agreement. “If we can conclude that early, then some of the issues would have been addressed because it’s a question of giving mutual access to our markets based on a preferential trade agreement. Lowering tariffs in general doesn’t serve that purpose because it will allow market access to other countries, not only the US.”

He noted that the joint statement between India and the US targets September as the deadline for concluding the agreement. “Since we have given ourselves a timeline and an objective, we should wait for that before taking any unilateral steps that could adversely impact trade,” he added.

Strategic and defense partnerships 

Shringla also reflected on Prime Minister Narendra Modi’s recent visit to White House, which took place just 25 days into Trump’s second term. He described the visit as “very significant” given its outcomes, particularly in trade and defense.

“We saw new initiatives in strategic and economic areas. The decision to pursue a mutually beneficial multi-sectoral partial free trade agreement by September, as well as negotiations on a new major defense partnership framework, are crucial steps forward,” he said.

On defense, Shringla highlighted the easing of US restrictions on critical technologies for India, including underwater domain awareness systems and advanced aircraft like the F-35 stealth fighter. “Some in the US administration had previously argued that these systems were incompatible with India’s S-400 defense system, but that issue seems to have been sorted out,” he noted.

Additionally, he underscored the importance of counter-terrorism cooperation, citing the US decision to extradite Tahawwur Rana, a key figure in the 2008 Mumbai attacks.

India’s stance on global conflicts

Discussing India’s stance on international conflicts, Shringla reiterated Prime Minister Modi’s position that India is “on the side of peace”.

“The Prime Minister has made two visits to Russia and Ukraine, meeting both presidents in an effort to secure peace long before President Trump spoke about ending the conflict,” he said. “Our interests and vision in this regard coincide with the US.”

Funding allegations

Shringla also responded to recent remarks by President Trump regarding U.S. aid to India, cautioning that the details remain unclear.

“The facts of the matter need to be corroborated,” he said, referencing Indian External Affairs Minister S. Jaishankar’s remarks on the issue. “But prima facie, there seems to be an effort to interfere in India’s democratic process, which is unacceptable. As two democracies sharing values and principles, we really shouldn’t be interfering in each other’s electoral processes.”