US-India biz forum moots 5-point plan to push trade

President Obamas visit: Trade ties set for new trajectory

In defense, the US is becoming major supplier to India which looks to spend $45 billion over five years to upgrade nearly every aspect of its military capabilities.The US can hope to close a few big deals including roughly $4.5 billion to $5.8 billion sale of Boeing transport aircraft.

In agriculture USIBC said there’s scope for the “Ever-Green Revolution,” in which US best practices in water utilisation and crop management could propel India further and address problems that lead 40 per cent of country’s food harvest to spoil before reaching market.

In infrastructure, USIBC said, India needs about $500 billion investment in the five years ending 2012 and another $1 trillion in the following five years to cope with a growing population and economy. It suggested that the two countries “should make capital market development and cross-border transactional access a major priority. On free trade agreement, USIBC said the two countries can take steps toward wide-ranging trade pact especially tailored for India. Currently, the bilateral trade between India and the US stands at $37 billion or Rs 1,71,000 crore, which is expected to double in five years.  USIBC, which is organising the business summit in Mumbai on November 6, will host a speech by US President, laid out its vision for US-India trade cooperation in a new report titled “Partners in Prosperity.” 

Though excited about Obama visit, chairman of a large Indian group said, “We have to make it clear to the US President that we are keen on cutting costs and not jobs, which will help improve economy for both.”  After all, no one can deny that the Indian IT industry has been adding value significantly to corporate sector across the world including US, he said.

However, some domestic business leaders led by N R Narayanmurthy (of Infosys) dropped hints succinctly not to expect anything tangible from Obama visit, at least not immediately. Murthy made his stance clear when he said: “There was no need for Indian IT industry to be apologetic or shy about US outsourcing curbs during his visit. Instead, Obama would be an honoured guest and be treated without any expectations from him.”
USIBC President Ron Sumers viewed that: “Business is leading the way as it should, as it always has done in pioneering the contours and pushing the envelope of this unique partnership.”  Nearly 200 business leaders, representing both Fortune 200 companies and small enterprises, from US will be accompanying US President Barrack Obama.

USIBC is leading largest ever US business leaders —including Jeff Immelt of GE, Terry McGraw of The McGraw Hill Companies, Indra Nooyi of PepsiCo, W James (Jim) McNerney of Boeing Inc., David M Cote of Honeywell and Louis Chenevert of United Technologies Corp.