Global Business Briefing with Her Excellency Smriti Irani, Former Indian Cabinet Minister (2019 – 2024)

 

In the 21st century, the relationship between the United States and India is one of the most consequential in world politics. India's emergence as a leading global power and economic behemoth has made it a leader in the Indo-Pacific. With recent elections guaranteeing a strong mandate for the ruling BJP party and Prime Minister Modi, there seems to be a clear path forward for the country. To dig deeper into this path, the Meridian Corporate Council partnered with Cargill to host former BJP Minister, Her Excellency Smriti Irani. The conversation, moderated by Mr. Puru Trivedi, Meridian’s Vice President of External & Corporate Affairs, covered the BJP’s outlook on India-US relations, educational and financial incentives implemented by the nation in past years, and India’s future both domestically and globally after the BJP retained power in recent elections.  

About Her Excellency Smriti Irani

With a political career spanning over 25 years, Ms. Irani’s journey as a public representative began in 2011 when she was elected to the Rajya Sabha, the Upper House of the Indian Parliament, representing Gujarat, followed by her re-election in 2017. In 2019, she made history with a landmark victory in the Amethi Parliamentary Constituency in Uttar Pradesh, becoming the first candidate to defeat a sitting National President of the Indian National Congress. While her tenure in the Lok Sabha, the Lower House, concluded in June 2024, her political career remains active as she continues to play a key role in shaping governance and public policy at the national level.  In her constitutional roles, Ms. Irani has served in several key positions within the Indian government. As the youngest Union Cabinet Minister, she became the first woman to lead the Ministry of Education (formerly Human Resource Development) in 2014 and the Ministry of Textiles in 2016. Her appointment to the Cabinet Committee on Political Affairs in 2021 enabled her to engage with critical national matters, including economic, political, and foreign policy issues. In addition to her political career, Ms. Irani has a two-decade-long background in the media industry, contributing to television, films, and theatre in four Indian languages. She holds the unique distinction of winning five consecutive Best Actress awards at the Indian Television Academy Awards for her role in Kyunki Saas Bhi Kabhi Bahu Thi, the first Indian television series to surpass 1,000 episodes. The show also became a symbol of cultural diplomacy as the first Indian series to air in war-torn Afghanistan, where it gained significant popularity. 

Here are some takeaways from the program:

A Strong Partnership Looks to the Future 

Over the last few years, the United States and India have strengthened and grown their bilateral trade relationship, increasing activity by roughly 7% in 2023 to a staggering $128.55 billion. U.S. companies continue to expand their operations abroad, in part due to India’s young and educated labor force. With a workforce of almost half a billion, the jobs created by U.S. companies have become essential to India’s economy. This essential partnership brings positive economic outcomes to both countries, with Prime Minister Modi and President Biden reiterating their commitment to the critical nature of this diplomatic and economic relationship. 

India on the World Stage 

As geopolitical tensions heighten, India often toes the line between competing parties, ultimately becoming a bridge between the Global North and the Global South as well as a stabilizing presence in South Asia and the Indo-Pacific. India seems to have found its diplomatic niche. While maintaining membership in both BRICS and the QUAD, they have charted a course of non-alignment. India does face controversy however, with participation in BRICS, unfettered trade with Russia, as they continue to cooperate with adversaries of the West. India’s unique posturing has given it a central role in international negotiations as a mediating force in geopolitically delicate regions. 

Education Paving the Way for Prosperity  

India has completely overhauled its educational system in recent years. According to the 2021 Annual Status of Education Report, the number of children enrolled in school is the highest in the country’s history and the number of high school and college degrees is expected to significantly increase. With education serving as a key metric for economic prosperity, the Indian government began the implementation of several initiatives focused on improved access to education such as the creation of a digital learning platform and learning programs being offered in multiple languages to better cater to India’s diverse population. Efforts to reduce employment have resulted in a competitive labor force, attractive to both domestic and international corporations. 

Growing Network of Professionals Abroad 

Roughly 6% of the US foreign-born population are Indian immigrants and on average they are more likely to be highly educated and involved in local politics and the economy in significant ways. While some might characterize this as “brain drain”, the Indian government has, historically, chosen to view this as representative of India’s influence on an international level. The Indian government has undertaken several measures to help members of the diaspora retain their connections to their home country in recent decades. The Overseas Citizenship of India, a form of permanent residency available to members of the diaspora is a prime example. This is available to people of Indian origin and their spouses, which allows them to live and work in India indefinitely.   

Shaping Global Influence Under the BJP 

As a relatively young political party in India, the BJP has seen a sharp uptick in support in recent years, from 2 seats in 1984 to 240 seats in 2024. By winning a majority in the last 3 of its total 11 elections since inception, India has seen greater investment in basic services like infrastructure and access to water and electricity and in rising industries, particularly in the technology sector. The party has also been adamant about making India an important voice in the global economy. The country has partnered with the US to expand the semiconductor ecosystem while simultaneously deepening its economic ties with BRICS, recording over $100 billion in trade in 2022. As Prime Minister Modi begins his next term with a mandate for BJP rule, it will be imperative to track the international political and economic approach he will take during his continued tenure.