Barack Obama Starts India Trip With $ 10 BN BIZ Deals

Barack Obama

Obama In India: A three day visit to India of American President Barack Obama has begun today with the surprise announcement of business in power, aviation and other sectors worth USD 10 billion that will create jobs in US about 50000, for reducing trade barriers for New Delhi he made a strong pitch. To create employment in both the nations and double the bilateral trade, from the twelfth position to US top trading partner it was asked by him, why India could not do all this. Barack Obama said that US companies are ready to invest more in India, he appeared strongly for the access of Americans to Indian market and so he is making the trip though he faced a strong electoral reverses and slow economic recovery, with high unemployment rate. Between the US and India several landmark deals were sealed, in a surprise announcement, in moments before he arrived, Obama said. Low cost airline Spice jet (a commercial aircraft) is also included with the Boeing’s cargo, along with advanced jet engines by GE. Among more than twenty deals GE would be giving more than one hundred electric engines worth ten billion USD (Nearly forty four thousand crore rupees) and Boeing will be selling dozens of planes, was sealed before his arrival. He further said that cooperation should not be a one way street, in different sectors of both trade and investment he wanted India to cut the barriers and in both the countries for the creation of the jobs efforts should be made.

Barack Obama

Barack Obama address a press conference: Some serious challenges, of infrastructure are greater trade barriers and other issues still poses. To support entrepreneurship and growth India is creating a great transparency; India is today making major investments in its infrastructure. It is the maiden visit of Barack Obama in India he said in his address to the US India Business Council that to lower the barriers to investment and trade in a global economy, new jobs and growth flows to the countries. The commitment must be matched by a steady reduction in barriers to foreign investments and trade, from agriculture to infrastructure and from retail to telecoms, when the Nations are going forward. US President said that in the next 5 years to double the bilateral trade both the countries have the potential, he is committed of enhancing American investment in India, for both the nations such a situation would be a win- win proposition.

Barack Obama

Conference with Indian entrepreneurs: A round table conference with Indian entrepreneurs and from both the countries the chief executive officers was held with Obama before his address on Saturday.  James McNerney, Chairman & CEO of Boeing Co. (BA), Jeffrey Immelt, Chairman & CEO (GE) General Electric Co, Louis Chenevert, Chairman & CEO United Technologies Group (UTX), Indra Nooyi, Chairman & CEO Pepseco, Inc, (PEP), David Cote, Chairman & CEO Honeywell International Inc.(HON), erru MacGraw III, CEO of McGraw Hill Companies Inc (MHP) were among the three hundred odd US CEOs as part of the business delegation. On the Indian side Mukesh Ambani, Chairman of Reliance Industries Limited, Rattan Tata, Chairman Tata Group, Anil Ambani , Chairman of ADAG, Anand Mahindra, Vice-Chairman and MD of Mahindra & Mahindra were included. A new plant has been announced in India by Harley-Davidson to assemble an American made motorcycle kits. For the supply of over once thousand diesel locomotives of Indian Railways over ten years, Electro-Motive Diesel, a unit of Caterpillar Inc. (CAT) is the bidders.

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