India, US need to collaborate, operate projects jointly: Prabhu

There is a need for both India and the US to not only invest in each other countries but also to collaborate and operate projects jointly, former union minister Suresh Prabhu said on Saturday.

Speaking at a digital conclave on 'Indo-US Trade Cooperation post-COVID19', the former commerce and industry minister said: "Now, India and the USA need to not only continue investing in each other's countries but also invest and operate projects in other countries jointly".

The panel saw opportunities for a new realm of Indo-US trade and economic collaborations.

"The methods of wealth creation for a nation have evolved from conquering to colonization to cartels to the competition. The way forward now is collaboration. Here, India and the USA are perfect partners," said Naushad Panjwani, Regional President, Indo-American Chamber of Commerce (IACC) West India Council.

Pointing the way forward for India as it battles and recuperates from the crisis, Ajit Ranade, Chief Economist of the Aditya Birla Group said sectors like healthcare and pharmaceuticals will become more prominent.

"In India, public health spending will go up considerably and many new ways of conducting business will come up," he opined.

There will be scope for greater collaboration between Indian and American companies in vaccines and medical research going forward, he added.