What's another speech between pals, asks Obama

US President Barack Obama began his speech at the Indo-US Business Summit on a lighter note by saying, “I thought Prime Minister Narendra Modi would be tired of me by now” but added, “what’s another speech between friends!”

Obama, however, quickly got down to business by fully endorsing Modi’s initiatives–  from “Clean India” to “Make in India”.

Speaking after Modi, Obama noted that the prime minister has taken to sweeping the streets. “I might have to try that in the US,” he added.

Obama, who agreed with Modi that growth cannot be measured by GDP alone and it has to be inclusive and improve the lives of people, said there were still too many barriers to doing business in India, even as he hailed moves made by Modi to cut red tape.

“Modi has initiated reforms that will help overcome these barriers. We have to keep working to make it easier to do business with both our countries,” he said.

“Modi and I are interested in smart regulation. There is a natural convergence between the two countries. We can establish a set of global norms for (doing) business. More trade and investment will benefit the people of India and the US.”

Obama noted that “in the last three years, we have increased our trade by 60 per cent. Today, it is worth $100 billion. But only 1 per cent of American exports go to India, a nation of a billion-plus people. India makes for just 2 per cent of US imports. We do trade worth $100 billion with India, But with China we do $560 billion.”

Obama, however, said, “I am excited that not only is US investing in India but a lot of Indians are investing in US. There is a possibility of US bilateral investment treaty that will serve both countries well.”

Supporting Modi's priority to develop infrastructure, he said: “We can work together to develop technology that will help India leap forward. US companies are ready to help build railways, digital infrastructure and everything India needs for the future.”

The US president said he will send to India two trade missions on infrastructure. “We have to keep working to make business between India and the US easier. Growing trade in the US is a win for India as more American-made machinery can upgrade India's infrastructure.”
DH News Service