The Hindu : Business : Obama visit will spur growth

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Wednesday, Nov 10, 2010
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Business

Obama visit will spur growth

Special Correspondent

NEW DELHI: India Inc on Tuesday viewed U.S. President Barack Obama's visit to India as the beginning of a new chapter in the relations between the two countries and exuded confidence that it would spur the next phase of economic growth.

FICCI chief Rajan Bharti Mittal said Mr. Obama's visit would transform Indo-U.S. relations ushering in a global knowledge partnership for achieving mutual prosperity and growth.

He said India would gain access to critical frontiers of knowledge economy from nuclear energy to weather forecasting for agriculture to climatic change and space technology. He said the decision of the U.S. to remove Indian entities from its export control regulations in high-tech sectors and participation of U.S. companies in civil nuclear energy in India and partnership for development of advanced clean energy technologies would result in a burst of economic activities and spur the next wave of India's economic growth.

Assocham underlined that it marked a considerable change in attitude and approach dictated by an increasing unemployment rate and a slogging economic recovery back home and the need to counter the increasing clout of China.

50,000 jobs

While the MoUs are expected to generate about 50,000 employments in the U.S., the statement stressed that these agreements also promise to meet India's long pending technology requirements and added that it would help create the beginning of another chapter in the relations between the two countries.

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