CEOs of India-US submitted their recommendations to PM Modi. Issues that you have flagged are good for me to know, helps to know how investors feel about how government should work, PM Modi told the CEOs. PMO will monitor all big projects and solution to all your problems is good governance, PM Modi told them. President Obama told the CEOs that the good news is that our (Indo-US) trade in the last few years has increased by 60 per cent. “I am excited that not only is the US investing in India but a lot of Indians are investing in the US,” President Obama said.
The India-US CEO Forum has been meeting since this afternoon; President Obama and PM Modi will now join them in discussions on bilateral trade and then both will address the India-US business summit, open to more business leaders and the media.
Business is a key agenda on Mr Obama’s three-day trip, with the US targeting a five-fold increase to 500 billion dollars in two-way trade by 2025. America is the sixth largest investor in India.
PM Modi’s pet initiative “Make in India” is a key thrust of talks today, with discussions on creating the right atmosphere for massive bilateral business cooperation, particularly in the light of the US being a major potential source of manufacturing investments.
30 business leaders from the US – including Indira Nooyi of Pepsico, Harold McGraw, Chairman McGraw Hill Financial and Ajay Banga, CEO Mastercard – have flown in to Delhi to attend the meetings. 17 Indian CEOs are attending the US-Indo CEO forum, to be co-chaired by Cyrus Mistry of Tata Sons and David M Cote from Honeywell.
Others on the forum from the Indian side include Mukesh Ambani of Reliance Industries Limited, his younger brother Anil Ambani, Chairman of Reliance Group, Bharti chief Sunil Mittal, ICICI Bank MD & CEO Chanda Kochhar, Infosys CEO Vishal Sikka, Adani Group head Gautam Adani, Shashi Ruia, Chairman of Essar Group, Mahindra & Mahindra Chairman Anand Mahindra, Hari Bhartia, Co-chariman and Director of Jubilant Life Sciences, Biocon Chairman and MD Kiran Mazumdar-Shaw and Sudhir Mehta of Torrent Pharma.
Anand Mahindra told NDTV that while the removal of hurdles yesterday in the nuclear deal opens up a huge opportunity for American companies with billions of dollars of trade unlocked, it is the defence space which will allow a greater focus on technology transfer and on “Make in India.”
India and the US have renewed their 10-year Defence Framework Agreement and agreed to pursue joint development and production projects. PM Modi said yesterday that this will help upgrade the country’s domestic defence industry and expand its manufacturing sector.
Critical issues like visa impediments for professionals, intellectual property rights and a bilateral investment treaty are also expected to be discussed today. Bilateral trade between the two countries stood at $61.64 billion in 2013-14. India has received $13.28 billion in FDI from the US between April 2000 and November 2014.
Biocon chief Kiran Mazumdar-Shaw said told NDTV that it is possible to increase India-US trade to $500 billion. “India is a great place to invest. We need enablers,” she said. Chanda Kochhar of ICICI bank said, “We hope for concrete results from Indo-US CEO forum.”
