Obama Heralds new era with India |
US President Barack Obama graced India`s Republic Day on January 26, 2015, at historic Rajpath in New Delhi witnessing what he admitted was a grand display of Indian military might and rich cultural diversity. India`s President Pranbab Mukherjee took the saluté at the annual parade. The crowd erupted in cheers as Obama, along with first lady Michelle Obama, emerged from his armored limousine and took his place on the rain-soaked parade route in the capital. The parade was the centerpiece of Obama`s three-day visit to India, which is aimed at strengthening the relationship between the world`s largest democracies. Obama spent more than two hours on an outdoor viewing platform, an unusual amount of time given Secret Service security concerns. Obama nodded in approval as Indian tanks and rocket launchers, some of them Russian-made, rolled down the parade route and helicopters ferrying Indian flags flew overhead. Republic Day marks the anniversary of the India`s democratic constitution taking force in 1950. Beyond the show of military power, the parade also includes ornate floats highlighting India`s cultural diversity. Following the parade, the Obamas attended a reception with dignitaries at Rashtrapati Bhawan. Indian Prime Minister Narendra Modi`s invitation for Obama to attend the parade came as a surprise to White House officials, who after some internal deliberation, finally decided to attend and has sought to use the visit to turn his burgeoning personal friendship with Modi into policy breakthroughs. US officials have welcomed Mod`s efforts to forge deeper ties with Washington, despite his own difficult history with the US. Modi was denied a visa to visit the U.S. in 2005, three years after communal riots killing more than 1,000 Muslims in the state of Gujarat then controlled by him as chief minister. Indian Prime Minister declared the chemistry that brought Barack and him closer, as it did the countries. Officials said it would be up to U.S. companies to determine whether the new agreements with India adequately addressed their concerns. Several American business leaders joined Obama in New Delhi, including the chief executives of Disney, PepsiCo and Marriott. They joined Indian executives at a business leader`s summit later. Obama and Modi on January 26 also highlighted the huge potential on economic ties. India-US trade is worth just $100 billion. US imports just 2 per cent from India and US exports about 1 per cent to India. US trade with India is $100 billion as compared to $560 billion with China. President Obama highlighted “untapped potential" between the two countries. To scale up the trade relationship, President Obama announced $4 billion in government-backed investments and lending to India - $1 billion would be used to finance exports of `Made-in-America` products, while another $1 billion will be made available to small- and medium-sized enterprises in underserved rural areas of India. Investment worth $2 billion will be committed for renewable energy in India, President Obama told a gathering of 50-odd top business leaders. Obama praised Indian Prime Minister Modi to cut red tape, but added that too many barriers continued to stay remain and didn`t help doing free business in India. Obama assured Modi that he will look into India`s concerns on the H-1B visa issue as part of his comprehensive immigration reform. Obama told Modi his administration would be in touch with the Indian government on issues related to H-1B visas, popular among Indian techies. Modi did not announce any specific investment, but he promised a stable and predictable tax regime. Modi said his government is ready to accept suggestions made by a joint working group with the US on intellectual property rights. Much of PM Modi`s focus was on convincing US businessmen to invest in India. Modi said his PMO would monitor all big projects to ensure they are complete in time. Infosys founder Narayana Murthy, who was part of the India-US CEO forum, was hopeful that the $500 billion trade target will be reached in less than a decade. Seventeen Indian CEOs attended the India-US CEO forum, which was co-chaired by Cyrus Mistry of Tata Sons and David M Cote from Honeywell. Others on the forum from the Indian side included Mukesh Ambani of Reliance Industries, Anil Ambani, Chairman of Reliance Group; Bharti chief Sunil Mittal; ICICI Bank MD & CEO Chanda Kochhar; Infosys CEO Vishal Sikka; Adani Group head Gautam Adani; Shashi Ruia, Chairman of Essar Group; Mahindra & Mahindra Chairman Anand Mahindra; Hari Bhartia, co-chairman and director of Jubilant Life Sciences, Biocon Chairman and MD Kiran Mazumdar-Shaw; and Sudhir Mehta of Torrent Pharma.
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