Dennis Hightower, the Deputy Secretary nominee under Obama administration said that countries like Brazil, India, Russia can throw a major challenge to US dominance in the world market. He also mentioned that those countries implemented major industrial policy that can be compared with the dominance of Japan in the 60’s. He further said that he was amazed by India’s commitment to reinvesting in technology and the implications for the United States after his recent visit to India.
Visiting “a veritable who’s who of global technology giants” in Bangalore, the would-be Obama official said he “was struck not only by the technological inroads being made in newly designed, avant-garde factories and laboratories, but also by the fact that this technological revolution was often being led by IIT-educated young men and women under the age of 27.”
“By and large, these young people were not educated in the United States like many of their fathers — at MIT, Cal Tech, or Rennselaer, for example — but at the Indian Institutes of Technology.”
Dennis further stated that as per the projection, US can be ranked fourth in 10-15 yrs in the area of consumerism, manufacturing capacity, and the growth of an entrepreneurial base that keeps global development and delivery system. He also thinks that if America has to dominate in the world market, they need reform the way they use healthcare, consumes energy and educates our children. This is the time for US to act otherwise other global players may surpass US down the road.Filed under Business News | Tags: Fact, India, Indian Institute of Technology, Obama | Comment Below