India-US Business Summit: Barack Obama announces $4 billion investments, loans to IndiaNew Delhi: Trade and economic issues, including visa, totalisation pact and impediments hampering investments, are likely to figure at US-India CEO Forum meeting, which is being attended by both President Barack Obama and Prime Minister
New Delhi: Trade and economic issues, including visa, totalisation pact and impediments hampering investments, are likely to figure at US-India CEO Forum meeting, which is being attended by both President Barack Obama and Prime Minister Narendra Modi.
The meeting is significant in the light of 'Make-in-India' initiative, which seeks to make the country a hub for global manufacturing, design and innovation.
Here we are giving you live updates of this event:
07:45: US President Barack Obama concludes his speech at India-US Business Summit in Delhi
07:40: Obama: I know he (PM Modi) has been sweeping streets himself, we might try that in the United States
07:38: Obama:Growth cannot just be measured by GDP, it has to make people's life better in more tangible and lasting ways
07:36: Obama: We need to make sure economic growth of both countries is inclusive and sustained
07:34 PM: Obama: We can work together to develop new technologies that will help India move forward
07:32 PM: Obama: We have to keep working to make it easier to do business together
07:30PM: We have taken another big step forward in Defence cooperation,we have agreed to resume dialogue on bilateral investment treaty
07:29 PM: Obama: Our (US) growing trade is a win for India as more American made machinery can upgrade India's infrastructure
07:27 PM: Obama: We can grow and prosper together, and can establish global norms on how business can be done
07: 25 PM: Obama: Fortunes of India and fortunes of USA are inextricably linked
US President Barack Obama speaking at India-US Business Summit
07:16 PM: PM Modi:India-US will together make this World a better for all
07:14 PM: PM Modi: In our relationship (India-US) I see a greater chance for a world united in shared pursuits
07:12PM: PM Modi : Prosperity is no guarantee for peace, but India sees World as one family, and we wish to share our values
07:10 PM: PM Modi:We have energy of our youth, enterprise of our business and genius of farmers: PM Modi
07 :08 PM: PM Modi: Investment in infrastructure is the first sector, I see for growth of economy
07:06 PM: PM Modi : Investment in infrastructure is the first sector, I see for growth of economy
07:04 PM:India has tremendous scope for service sector, tourism is an untapped sector: PM Modi
07:02 PM: PM Modi : I believe most of the issues can be addressed with good governance and pro-people governance
07: 00 PM:PM Narendra Modi addressed India-US CEO Forum meeting
06:55 PM: Obama : Indian diaspora have created incredible companies, values all over the world
06: 53 PM: Obama: Incredible business talent exists in India
06:51 PM: Obama : There is a natural convergence between the 2 countries
06:49: Obama: Possibility of US bilateral investment treaty will serve both countries well
06: 47 PM: Obama: The good news is that our (Indo-US) trade in the last few years has increased by 60%
06: 45 PM: President Obama at Indo-US CEO Meet : I am excited that not only is the US investing in India but a lot of Indians are investing in the US
06: 41: PM Modi: PMO will monitor all big projects
06: 38 PM: PM Modi: To boost purchasing power in India,need to improve economy&only way to improve is heavy investment in infra,agriculture:
06: 34 PM:PM Modi : Issues that you have flagged is good for me to know, helps to know how investors feel about how govt should work
06 : 10 PM: India-US Business Summit to start at 6.40 PM at Hotel Taj Palace
Earlier, the Indian business heavyweights sounded optimistic when they were asked about the CEO meet with the US President. We are looking at it very positively, the communication between the Governmentsts is clearing logjam said Sidharth Birla.Adi Godrej also sounded very optimistic about the meet. He said, "The personal equation between the two leaders is very good, it is a very timely visit. The level of mutual investment & trade will rise tremendously"
Finance Minister Arun Jaitley and Commerce and Industry Minister Nirmala Sitharaman are also expected to attend the meeting, which among other things is likely to focus on 'Make In India' campaign and ease of doing business.
Critical issues, including visa impediments for professionals, intellectual property rights and bilateral investment treaty too may be discussed, sources said.
Cyrus Mistry of Tata Sons and David M Cote from Honeywell will co-chair the high-profile meeting. Industry captains from Indian and the US will attend the meeting.
Industry leaders who are expected to participate in the meeting include Reliance Industries Chairman Mukesh Ambani, Bharti Enterprises chief Sunil Mittal, ICICI Bank MD & CEO Chanda Kochhar, Reliance Group Chairman Anil Ambani, Infosys CEO Vishal Sikka, Adani Group head Gautam Adani, Shashi Ruia, Chairman of Essar Group, Mahindra & Mahindra Chairman Anand Mahindra, Hari Bhartia, Co-chariman and and Director of Jubilant Life Sciences, Biocon Chairman and MD Kiran Mazumdar-Shaw and Sudhir Mehta of Torrent Pharma.
State Bank Of India Chairman Arundhati Bhattacharya, Oil and Natural Gas Corp (ONGC) Chairman and Managing Director Dinesh K Sarraf and BHEL head B Prasada Rao too are part of the 17-member Forum.
The US team includes Indira Nooyi of Pepsico, Harold McGraw, Chairman McGraw Hill Financial and Ajay Banga, CEO Mastercard.