US Treasury Official Wally Adeyemo Says India 'Leader' In Digital Economy

(MENAFN– Trend News Agency)

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

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