Conclusion of 20 deals worth 10 billion dollars, indication of easing of restrictions on High Tech trade and removal of trade barriers are some of the high lights of American President Barack Obama’s first day’s engagements in Mumbai.In his address to US – India Business summit at Trident Hotel, which was also a target of the terrorists on that fateful day, Obama announced conclusion of 20 deals worth 10 billion dollars by the US and Indian Business firms saying it will create over 50 thousand jobs in US and job opportunities in India as well. He also announced that High tech trade will go up indicating easing of restrictions. He asked India to remove trade barriers and promised to reciprocate.Obama said several landmark deals have been done including Boeing selling dozens of planes to India and General Electric selling hundreds of Electric engines. The increased commerce between the two countries will be a win win situation. Referring to the enormous untapped potential in bi-lateral trade, Obama said that India can be America's top trading partner. He said due to the liberal economic policies pursued by India, tens of millions of people were taken out of poverty and now India enjoys the status of having the largest middle class population in the world. The economic growth in India in the last two decades is one of the stunning achievements in human history.Allaying the fears of small businessmen in India, the US president asserted that bi-lateral partnership has an enormous potential and they are not creating only wealth but huge job opportunities in both countries.Earlier, Obama visited Mani Bhawan, Gandhi's Residence, nowa Museum. In his remarks in the visitor’s book, US president said that Mahatma Gandhi is a hero not just to India but to the whole world. Obama said that he is filled with hope and inspiration as he had the privilege to view this testament to Gandhi's life. Michelle wrote that this visit is the one that she will always treasure. She said that the life and teachings of Gandhi must be shared with children around the world. The president also read the remarks written by American civil rights leader Martin Luther King, who visited Mani Bhavan in 1959.
News On AIR | November 6, 2010 8:42 PM
Indo-US firms seal $10 billion worth deals