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U.S. Chamber sees risk of faltering Indian economy due to COVID-19 spike

CoronavirusApr 26, 2021 08:35PM ET
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© Reuters. FILE PHOTO: Spread of the coronavirus disease (COVID-19) in Delhi

By Andrea Shalal

WASHINGTON (Reuters) -The U.S. Chamber of Commerce on Monday warned that the Indian economy - the world's sixth largest - could falter as a result of a record spike in coronavirus cases, creating a drag for the global economy.

Myron Brilliant, executive vice president of the Chamber, the biggest U.S. business lobby, said the risk of spillover effects was high given that many U.S. companies employ millions of Indian workers to run their back-office operations.

"We expect that this could get worse before it gets better," Brilliant told Reuters, citing a "real risk" the Indian economy would falter.

"There's a big concern about the drag on the (U.S.) economy by a devastating, spreading virus in India."

For now, he said the focus was on helping the Indian people.

The Chamber and CEOs from 40 firms on Monday launched a public-private task force to provide India with urgently needed medical supplies, oxygen and other assistance, and unveiled a new portal where U.S. firms can offer in-kind donations.

The partnership also includes the U.S.-India Business Council, the Business Roundtable and the U.S.-India Strategic Partnership Forum, the Chamber said.

Chamber officials and the CEOs met with Secretary of State Antony Blinken and White House adviser Kurt Campbell on Monday to discuss the depth and breadth of the economic and humanitarian crisis facing India.

India is now the epicenter of the global pandemic, with infections rising by 352,991 in the last 24 hours and crowded hospitals running out of oxygen supplies and beds.

The United States and other countries pledged urgent medical aid to try to contain the emergency.

Many U.S. companies had already pledged to provide financial assistance, logistics and transportation support, and key medical supplies including oxygen generators and concentrators, the Chamber said.

U.S. goods and services trade with India totaled $146.1 billion in 2019, according to the U.S. Trade Representative's office. India was the ninth largest U.S. goods trading partner, with some $92 billion in two-way trade in 2019.

U.S. Chamber sees risk of faltering Indian economy due to COVID-19 spike
 

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Comments (3)
Daniel Hodel
Daniel Hodel Apr 26, 2021 10:11PM ET
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Thoughts & prayers! I don’t care, do you?
danny Levine
danny Levine Apr 26, 2021 10:00PM ET
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lockdowns will kiill more people than covid
Kaveh Sun
Kaveh Sun Apr 26, 2021 9:40PM ET
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India export high tech workers n generic drugs here. high tech companies outsource entry level jobs to India. That create shortage at upper levels. They import workers to solve it. That is about it.
 
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