Obama visit: India-US trade gets boost
The four-day India visit of US President Barack Obama marks a significant move to strengthen economic ties with India. His India visit comes at a critical juncture after the US adopted a hard stance on outsourcing and the domestic economy is still struggling with exceedingly high unemployment rate. Obama announced 20 new bilateral trade deals worth $10 billion (nearly Rs 44,000 crore) which could create over 50,000 jobs in the US. “I make no apologies and to do whatever I can for job creation and businesses invest in America,” he said. The deals announced includes a sale of jets by Boeing to SpiceJet, and a $750 million contract for supply of gas turbines by GE to Anil Ambani's 2,400-MW Samalkot Power Plant in Andhra Pradesh. The US also announced to form export committees to ensure that security measures don't impede trade in hi-tech areas.
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The four-day India visit of US President Barack Obama marks a significant step in strengthening economic ties and building strategic partnership between the two countries.
Business seems to have been at the top of Obama's agenda for his India trip, with more than a dozen export deals worth about $10 billion inked so far, which will create approximately 50,000 new jobs in the US . Seeking to double bilateral trade and create employment in both the countries, he seemed optimist that India in the coming years could become US' top trading partner. (PTI Photo) -
In line with his agenda to create more jobs for the Americans, US President Barack Obama on the first day of his India visit on November 6 announced 20 new bilateral trade deals. Business leaders accompanying US President Barack Obama on his visit feel India has the potential to become America's largest trading partner.
In this picture, Barack Obama, seated with General Electric's Jeffrey Immelt, center, and Anil Ambani of Reliance Anil Dhirubhai Ambani, left, holds a roundtable discussion with CEO's and business leaders organised by the US-India Business Council (USIBC) in Mumbai on November 6, 2010. (PTI Photo) -
The deals were announced at the US-India Business Council and Entrepreneurship Summit in Mumbai.The summit was jointly organised by U.S.-India Business Council, the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI).
During the USIBC meet, Obama met hundreds of American and Indian business leaders. Along with the USIBC Chairman, the meeting was attended by GE CEO Jeff Immelt, PepsiCo CEO Indra Nooyi, Honeywell Chairman David Cote, Reliance Industries Ltd Chairman Mukesh Ambani and Bharti Enterprises Vice Chairman Rajan Bharti Mittal.(AFP Photo) -
The US President said in 2010, trade and investment ties was not just a one-way street, rather it was a dynamic two-way relationship creating jobs and growth in both the countries.
In this picture, US President Barack Obama, seen shaking hand with Mahindra & Mahindra Managing Director Anand Mahindra at Obama's meeting with entrepreneurs in Mumbai. (PTI Photo) -
US Commerce Secretary Gary Locke (left) shakes hands with Anand Mahindra (right) of Mahindra and Mahindra and Ajay Piramal of Piramal Enterprises Limited (center) during US President Barack Obama's meeting with entrepeneurs at the Trident Hotel in Mumbai on November 6, during the US-India Business Council and Entrepreneurship Summit. US President Barack Obama arrived in India's financial capital along with his wife Michelle, for a two day visit of his Mumbai leg of the India trip. (AFP Photo)
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"There is no reason why India cannot be our top trading partner (from 12th position now)... I'm absolutely sure that the relationship between India and the US is going to be one of the defining partnerships of the 21st century," President Obama said addressing the US India Business Council meet. (PTI Photo)
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Not only Indian businesses, corporate America too looked pleased with the way US President Barack Obama has put trade and economic ties right at the top of priorities during his India visit. 'We welcome President Obama shining the spotlight on business opportunities for American companies in India,' said Harold 'Terry' McGraw III, chairman and chief executive, The McGraw-Hill Companies. (PTI Photo)
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The US is India's second-largest import partner, accounting for 6 percent — or $16.4 billion — of India's fast-growing import market, a number Obama would like to see grow. The White House said trade deals worth $14.9 billion were announced on the trip, supporting an estimated 53,670 US jobs. (AFP Photo)
