The Indo-US CEO Forum meeting, which was held on Monday at the Hotel Taj Palace in New Delhi, highlighted trade and economic issues, including totalisation pact and impediments hampering investments.
The meeting assumed significance in the light of Prime Minister Narendra Modi’s ‘Make-in-India’ initiative, which seeks to make the country a hub for global manufacturing, design and innovation.
Here is how the event unfolded :-
-Next time I come to India, I would like to see that we have made more progress. Thank you: Obama concludes his speech.
-We need to make sure that economic growth in both the countries is inclusive and sustainable. Growth has to make people’s life better, says Obama.
– We have to cut red tape, make way for ease of business. We need to have a business environment that is more transparent, says Obama.
– Prime Minister Modi, I will like to thank you for your personal commitment for investment, says Obama.
– Two percent of American exports comes from India. We do a USD 100 billion trade with India every year. We have got to do better, says Obama.
– More trade and investment will benefit people of India and US. Fortunes of India and America are inextricably linked. A lot of Indians are investing in US, says Obama.
– India and US can grow and flourish together. In the last few years we have improved trade relation with you for more than 60 percent, says Obama.
– Thank you Prime Minister Modi for your invitation. After all those hours, I have figured that PM must be tired. But what’s another speech between two friends, says Obama.
-Good evening. Thank you very Much. Thank you very much for your warm welcome. Thank you CII, FICCI and Government of India, says Obama.
– US President Barack Obama begins his address.
– This morning America joined us to join us in celebrating our shared values. This evening we have come to a shared commitment towards our future. We will turn our commitments into concrete actions. Thank you to you all for coming from the US and all over India. Thank You all, concludes PM Modi.
– I offer an open environment for doing business in India. If we work together, we will achieve success, says the PM.
– Empowered and skilled youth will power India’s economic growth, says Modi.
– India sees the world as one family. We worked hard to usher in the green revolution, says PM.
– Everything we wish to do involves enterprise and investment and, above all, involvement and innovation, says Modi.
– The scale of our dream is vast. Therefore the opportunities we offer are immense. We speak of a revolution in our railways. It carries more people daily than the population of many countries in the world, says Modi.
– Growth in the core sector has increased sharply, inflation is at five-year low, says Modi.
– Our economic growth has increased by a percentage point. Today, business sentiments in India are biggest in the Asian market, Modi says.
– India has the energy of its youth, says Modi.
– We are conscious of our challenges but also inspired by many of our successes, says Modi.
– We are two nations blessed because of right inheritance. Vision and values are what that define India and US, says Modi.
– PM Modi addresses CEOs during the India-US Business Summit.
– Thank you all once again, Modi says.
– I want to stress upon three sectors: skill, scale and speed, says Modi.
– Investment in infrastructure is the first sector I see for growth of economy, says Modi.- I am confident that we will bring positive outcomes from our ‘Ease of Business’ initiative, says Modi.
– We can work on tourism sector. You have heard that Gujaratis are everywhere – “Hotel, Motel and Patel”. It should be done here as well, says Modi.
– India has tremendous scope for service sector, tourism is an untapped sector, says PM Modi.
– I believe most of the issues can be addressed with good governance and pro-people governance, says PM Modi.
– PM Narendra Modi addresses India-US CEO Forum meeting.
– Indian diaspora have created incredible companies, values all over the world, says US President Obama.
– Obama says, Incredible business talent exists in India.
– There is a natural convergence between the 2 countries, US President says.
– PM (Modi) and I are interested in smart regulation, says Obama.
– Possibility of US bilateral investment treaty will serve both countries well, the US President says.
– We want to see more trade & investment, it will benefit people of India and US, says Obama.
– The good news is that our (Indo-US) trade in the last few years has increased by 60 percent, President Obama says 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, says Obama.
– PMO will monitor all big projects, says PM Narendra Modi.
– To boost purchasing power in India, need to improve economy and only way to improve is heavy investment in infra, agriculture, says PM Modi.
– Solution to all your problems is good governance – pro-people, good governance – is the only solution, says PM Narendra Modi.
– Ease of doing business initiative has been taken up by the government to make business easy, says PM Modi.
– Policy-driven state with consistency will solve many problems, says PM Narendra Modi.
– Issues that you have flagged is good for me to know, helps to know how investors feel about how govt should work, says PM Modi at Indo-US CEO meet.
– India-US Business Summit to start at 6.40 pm at the Hotel Taj Palace shortly just after the Indo-US CEO forum meeting concludes, say reports.
– India-US CEOs submit recommendations to PM Narendra Modi and President Barack Obama, tweeted Syed Akbaruddin, Official Spokesperson, Ministry of External Affairs, India.
– PM Narendra Modi, President Barack Obama reach Indo-US CEO forum. To interact with business leaders shortly.
– PM Modi, President Obama arrive at Hotel Taj Palace to attend the Indo-US CEO roundtable.
Minutes ahead of the meeting, HSBC chief Naina Lal Kidwai said that defence and renewable energy are big areas of opportunity. Nuclear sector will see private sector investment from US, she added.
“We need 6 lakh crore investment in the renewable energy sector. US can provide tech and financing for the sector. I believe investment will come from US in the nuclear sector. Companies will wait for the details of the deal before making any investment, ” she told a private news channel.
Commerce and Industry Minister Nirmala Sitharaman also attended the meeting.
Cyrus Mistry of Tata Sons and David M Cote from Honeywell were the co-chair of the high-profile meeting.
Several industry captains from Indian and the US attended the meeting.
Among those who participated in the meeting included 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 were part of the 17-member Forum.
The US team included Indira Nooyi of Pepsico, Harold McGraw, Chairman McGraw Hill Financial and Ajay Banga, CEO Mastercard.
Apart from the Forum, there was another meeting – the US-India Business Summit – where nearly 250 Indian business leaders will participate and meet their US counterpart. The US-India Business Council (USIBC) along with India’s Department of Industrial Policy & Promotion (DIPP), the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce & Industry (FICCI) have played a key role in organising this meeting.