core sector communique

India to Spend US $ 1 Trillion on Development of Infrastructur- Opportunities for US Companies for Investment & Partnership: Anand Sharma

The Union Commerce and Industry Minister, Shri Anand Sharma, gave the Keynote Address at the 36th Annual Summit of the US India Business Council (USIBC) on 23rd June 2011 at Washington DC. Mr William Daley, the Chief of Staff of President Obama represented the US Government at the Summit. During his address Shri Sharma pointed out that there is requirement for investment to bring about the Second Green Revolution in India and to develop the agro-processing and food processing sectors. Apart from this, India will be spending around $ 1 trillion on the development of infrastructure in the next Five Year Plan beginning in 2012. There are many gaps in the infrastructure which present opportunities for investment, especially in energy, roads and power. He also emphasized on the need to give strength to the ongoing technological collaboration between the two countries through institutional linkages and co-development of technologies. He also pointed out the opportunities available in India in the manufacturing sector, in pharmaceuticals, in research and development and in a number of other sectors.

While delivering the key note address, Shri Sharma highlighted the strategic partnership between India and the United States, which is based on shared values of democracy, plurality and the rule of law. He stressed on the commercial aspects of the relationship and pointed out the tremendous opportunities are available to US companies for investment and partnership with India. The USIBC is the premier business advocacy organisation in the US committed to strengthening US-India commercial ties and deepening two-way trade between the two economies. It comprises 370 of the top US companies investing in India.

Earlier in the day, Under Secretary of State for Political Affairs William Burns and Deputy National Security Adviser Mike Froman called on Shri Sharma. Later the Commerce Minister had a meeting with Mr William Daley, Chief of Staff in the US administration. During his interactions, Shri Sharma conveyed a message of the stability of India’s growth, continuity of our economic reforms and a commitment to enhance and deepen India-US trade and economic ties. He emphasized the concerns on issues of commercial interests to India. He stressed on the need to make progress on Bilateral Totalization Agreement and to mitigate the impact of discriminatory measures such as the Border Security Legislation and Zadroga Bill enacted last year which would unfairly tax Indian companies. India has been enhancing economic linkages with countries though Free Trade Agreements and Bilateral Investment Agreements. On 22nd June 2011, Shri Sharma met with Ambassador Ron Kirk, the US Trade Representative, during the present trip; the two sides agreed to fast track the negotiations towards a successful conclusion of an India-US Bilateral Investment Agreement.