209, The ERISA Improvements Act of 1979: Summary and Analysis of Consideration,". " Report to Congress on the Capital Gains Tax Reductions of 1978," Page i. " Pitchbook-NVCA Venture Monitor Q4 2022." " Pitchbook-NVCA Venture Monitor Q4 2022," Download Excel Spreadsheet, Select "Deals x Region." " The Rise and Fall of Venture Capital,". " Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn," Pages 238-244. " Welcome to the Unicorn Club: Learning from Billion-Dollar Startups."Īmerican Economics Association. " Venture Capital in the Great Recession." "Organizing Venture Capital: The Rise and Demise of American Research & Development Corporation, 1946–1973,". University of Pennsylvania, Wharton Faculty Research. World Intellectual Property Organization, " Global Innovation Index 2022," Pages 32-33. " The Rise and Fall of Venture Capital," Pages 5-8. And the person driving this will be the Indian PM.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.The Business History Conference. Over the next few years, expect India to call out China more loudly and move closer to the US. This will be the other signal from the Biden-Modi hoopla. But India took a geopolitical call to go with one that was interoperable with similar fleets of other Quad members. There were other drone offers of equal or better quality, say officials. The purchase of a fleet of MQ-9b Predator drones approved by GoI last week is a different kind of signal. And it is committed to taking on India's primary adversary. The largest, wealthiest and fastest-growing Indian diaspora in the world is in America. The US is almost certainly India's largest source of foreign investment, the largest customer for India's IT and services exports, and last year overtook China as India's largest trading partner. Modi, on his part, has come to understand that no other country can contribute as much to his New India vision. The Initiative on Critical and Emerging Technologies (iCET) launched in January was the White House saying, 'Let's start banging heads to get India the technology it wants.' The GE F414 jet engine blueprints that will be handed over - following a final congressional vote in favour - will be the first of a series of such technology deals. New Delhi's response: give us the means and we will make ourselves tough. This 'integrated deterrence' policy also required a more capable and assertive India. The Aukus (Australia, Britain, US) agreement, Japan's re-militarisation and wooing the Philippines are all part of the Indo-Pacific gambit. The US has been putting its strategy in place rapidly, accelerated by fears of a Taiwan conflict in the next five years. Indian officials remark about the 'humility' of their US counterparts these days. While concerned at the heavy-handedness of the Modi regime against its opponents, the Trump trauma and the overall erosion of US standing across the global South has made Washington reluctant to wag fingers. His advisers also believe Modi to be the most ardent supporter of green transition among emerging economy leaders.Ĭhina, climate and strategic technology were a winning threesome. The US president, by many accounts, has been impressed by Modi's vision and sagacity. Its main arms supplier, Russia, is losing a battle to keep Made-in-China components out of its weapons.Īll of this has come to a head under Biden and Modi. The Ukraine war added a new supply chain issue specific to India. This experience was replicated by many countries and then war-gamed and table-top-tested by others as Beijing released its wolf warriors, talked dirty about Taiwan and sparred with almost all of its territorial neighbours. As one Indian official said of the lockdown experience, 'Every time we were told we absolutely needed something, we found we don't make it.' The strategic side of supply chains started to emerge as China experimented with economic warfare - rare earths against Japan, wine and barley against Australia, and inadvertently the Covid virus. When former US secretary of state Mike Pompeo was congratulated on energising the Quad, he responded, 'Why thank me? It was 80% the creation of China.' Beijing, in what will come to be rated as the 21st century's greatest strategic blunder, spurned the overtures. Each of its members tried to work out a bilateral deal with China. The Quad's revival as a technology coalition was an important signpost. An end to nuclear sanctions began the journey. The yellow brick road towards strategic trust has been long and winding. One reason was a Cold War labyrinth of rules designed to safeguard US defence technology from all but treaty allies. But the US baulked at handing over technology. The two put together the Defence Technology and Trade Initiative (DTTI).
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