SEARCH

International » World

Updated: July 12, 2013 13:45 IST

Chidambaram calls for closer Indo-US economic ties

PTI
Comment (6)   ·   print   ·   T  T  
A file picture of Union Minister for Finance P Chidambaram.
The Hindu A file picture of Union Minister for Finance P Chidambaram.

Pitching for closer business ties between India and US, Finance Minister P Chidambaram has said the two nations should not let “a few cases of business rivalry” stand in the way of good relations.

Delivering the key note address at the 38th annual Leadership Summit of the US India Business Council (USIBC) on Thursday, Mr. Chidambaram expressed concern over provisions of an immigration legislation passed by US Senate that would make it harder for Indian IT professionals to get temporary work visas.

Stating that economic woes back home had been exacerbated by the global economic slowdown, he asked for patience as India creates jobs for its young and growing population.

India had paid a price for its earlier period of rapid growth “in terms of a high fiscal deficit, high inflation and now a high current account deficit. But these are not problems that we cannot overcome,” Mr. Chidambaram said.

Competition

Noting that business competition is the foundation of a free market and free economy, Mr. Chidambaram said business rivalries should not be brought to the political table.

“I therefore appeal to you there is great opportunity to work together for the two countries,” he said in his speech.

“We are a country where we are building our economy brick by brick, and in that process we seek your help,” Mr. Chidambaram told the audience that included executives, officials and lawmakers from both India and the US.

Immigration Bill

Expressing concern over the Comprehensive Immigration Reform Bill passed by the US Senate, Mr. Chidambaram said there is a need to find a way to “disentangle” it.

“In no dictionary is immigration defined as including temporary relocation of knowledge workers. Yet the immigration bill has a clause that seems to erect non-tariff barriers on temporary relocation of knowledge workers,” he said. “I have spoken to officials, Senators and Congressmen (on our concerns on immigration bill). They understated that.” (MORE)

Economic ties

Calling for closer ties between the businesses of two countries, Mr. Chidambaram said India is facing the challenge of elevating its large population from poverty and building its economy brick by brick.

As a result of India’s economic reforms, a number of Indian companies have grown in size and stature and at times tend to compete with the US companies. This has resulted in competition between Indian and US businesses, he said.

“We have a very young population which is hungry and aspirational. We have a talent pool which is largely untapped,” he said, adding, there is need for the two countries to work together.

“We can do much better if we work together. I sincerely hope that our meeting today and tomorrow and in the future would give us more and more opportunities to build a prosperous society,” Mr. Chidambaram said.

Mr. Chidambaram strongly defended India’s policy on intellectual property, including compulsory license.

Poverty

India, he said, is the largest country in the world that faces the challenge of eliminating poverty.

“We will do it. We have demonstrated our capacity to do it. Even after financial crisis, India’s growth has been impressive,” he said. “We would overcome them working with you. My appeal to you, my business friends in India and US, we have a common goal and great opportunity in eliminating this poverty,” said Mr. Chidambaram.

He is scheduled to meet US Treasury Secretary Jack Lew on Friday, after which he will fly back to India.

Dear Sir, if you want to make india proud dont humilate us. Though it
has high level of poverty it does not mean you have to beg for the
Industrial Growth. just be optimistic Sir. This idea of putting indias
status down for growth between two countries wont work. WE ARE RICH IN
with its heritage, culture, tradition in all by heart.WE ARE NOT A
BEGGARS.SIRJI

from:  Jennifer John
Posted on: Jul 13, 2013 at 02:37 IST

We all understand that we are playing in global economy, we cannot stand alone, we need to be an active participant to be a successful nation. Having said that, we as a nation have plenty of house cleaning to do. Politicians who have the powers in their hand must first stop swindling our country either by themselves or by their kith and kin. Making use of one’s office while in power and swindling all that he or she can is what we see every day. Even if giants of economies like the USA and similar come out to help us will not take us anywhere, if our politicians continue their episodes of swindling. Let’s first clean our house and then invite the guests.

from:  Raj Subbaram
Posted on: Jul 12, 2013 at 22:02 IST

Within 3 months - India have became from an emerging power to a failed power in economic terms.. This is what happens when you don't control your alliances well.. No doubt manmohan and PC is good at what they are doing but they have to take tough decisions when it need to be.

from:  Thennarasu
Posted on: Jul 12, 2013 at 22:01 IST

Our present FM is making our head low by his abject surrender to USA.If India has to make a name and a place in global arena, the growth has to be looked within by raising the human index level of Indian population.Already we are sliding to the level Pakistan has gone into and also being treated by USA in a similar fashion!

from:  atis
Posted on: Jul 12, 2013 at 15:33 IST

Gimmick to tide over CAD ?

from:  Samuel
Posted on: Jul 12, 2013 at 14:31 IST

FM should also have added-" we have a corrupt govt and corrupt govt
employees who will not work without bribes adding to delays,frustrations
of every businessman ..whether US or Indian!!.."

from:  kannan
Posted on: Jul 12, 2013 at 13:51 IST
Show all comments
This article is closed for comments.
Please Email the Editor


O
P
E
N

close

Recent Article in World

US launches 22 air strikes against IS positions in Iraq

The US military has carried out 22 air strikes against Islamic State (IS) positions in Iraq and one in Syria over the past two days, the... »