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US grasps Indian hands in partnership

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CIOL Bureau
New Update

NEW DELHI: Nasscom and CII organized a special session with the Congressional delegation from the US. With Indo-US relations taking the best ever shape, this delegation will look at the consolidation of relationship between the two countries that will recognize equality and mutuality as the twin pillars of an expanding engagement.



With India sustaining an annual growth rate of at least 8 percent over the next twenty years, US delegation foresee a strong potential partnership that can result in a win-win situation. A recent Mckinsey report says that if the Governement procedures are eased, India could attract $ 20 billion per year, which stood at $ 1 billion in the year 2002.



CII’s Vice Chairman Gautam Thapar said, "India had shown tremendous transformation and a great strategic partnership can be formed between these two nations." The Indo-US economic cooperation can be greatly enhanced by creating conducive partnerships at all levels. He added, this partnership is growing and right now the US is India’s largest trading partner and foremost export destination. During 2002, India’s merchandise exports to the US were about $ 11.8 billion and imports nearly $ 4.1 billion, for a total two-way merchandise trade of $ 15.9 billion. Adding services further increases the bottom line: two-way India-US trade in 2002 was approximately $ 24.7 billion, compared with $21.1 billion in 2001.



Nasscom’s Vice Chairman, Jerry Rao remarked that India is a growing knowledge economy that has become a leader in the world IT scenario. He said that a major concern–IP and data security would be aptly addressed. Indian exports of software and IT-related services to the US grew from $ 4.8 billion in 2001 to approximately $ 5.7 billion in 2002. Thus, total Indian exports to the US (merchandise plus software) crossed $ 17.5 billion in 2002.



US Senate John Cornyn was here on his first ever visit to India. "Big is better, with one of the largest population, democracies and economies; US is looking at larger ties in all aspects. Also, we would be looking at addressing H1B and L1 visa issues."



The Minority Whip at the House of representatives in the US, Steny Hamilton Hoyer said, "India has had deep challenges and nice opportunities and this delegation should put this partnership on a solid ground. We are here to emphasize that US is your partner in progress and it is committed to foster a greater economic partnership."



The Co-Chair of the Indian and Indian American Congressional Caucus Joseph Crowley said that Indo-US partnership is growing in every field, whether in cultural exchange, politics, defense or economy. Issues such as outsourcing needs to be handled with constant attention and US people needs to be educated with the opportunities available in India and what all Indian can create in India."



This delegation will now travel across the nation to understand the various aspects of India and has in the pipeline meetings with government agencies at all levels.

CyberMedia News Service

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