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Sunday, November 7, 2010

Obama declares Rs. 44,000 crore worth deals with India!

What is the advantage of Obama’s visit to India? For some there are so many and for some others there are not any… But here is some good news for both! Obama announced that "several landmark" deals worth nearly Rs. 44,000 crore have been reached between the two countries for creating about 50,000 jobs in the US!!! Sound good…?

"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. "Boeing is going to sell dozens of planes to India and GE is going to sell hundreds of electric engines. The deals are worth USD 10 billion and will create more than 50,000 jobs in the US," he said.
Just before the address at US-India Business Council (USIBC) in Mumbai, Reliance Power announced a power equipment deal for 2,400 MW plants from GE and low-cost carrier Spicejet announced a deal to buy 33 new-generation 737 aircrafts from Boeing. India-US trade stood at US $36.5 billion in 2009-10 fiscal and the two countries aim to double trade in the next five years.

Describing India, which receives about 8 per cent of its total foreign direct investment from the US, as a defining and indispensable partner of the 21st century, President Obama asked India to reduce trade barriers, while committing to reciprocate. This may seems not so good for the Anti-Americans…so to say.
Above all this, the United States could back India's membership of the 45-member Nuclear Suppliers Group or NSG. This membership makes it easier for India to get dual-use technology from member countries though it's subject to rules of individual nations. It's also means India has a say in framing export control rules. Three Indian entities will be taken off embargoed list - Defence Research and Development Organisation (DRDO), Indian Space Research (ISR0) and the Hyderabad-headquartered Bharat Dynamics Limited (BDL).


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