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Message
Da e r Member,
At the outset, let me express my gratitude to al l for electing me as the National
President. I a m aware that this honor comes with a lot ofresponsibilities
and
challenges. As a bi-national chamber dedicated to addressing th e scope,
velocity and ra nge of economi c engagement between t he two countries, we
hav eto chase newer agenda and ferre tout ideations that can cement and foster
relationships. We have to sensitize the two administrations and industry
segments t o create empowering situations to flourish and nourish the
engagementsand to bring about a paradigm shiftin the development ethos so
that partnership goesbeyond business.
Interestingly, many o f the challenges emanate fro m developments that we foster
and initiatives that we launch. Signing of civil nuclear liability agreement is a
historic step towards cementi ng Indo-US partnershi p in an unprecedented
manner. T he benefic ial streams o f that treaty ca n accrue on ly if we put in place
an enabling platform for it to work. Exclusionof private sector in the civil use of
nuclear power, will undoubtedly dilut e t he favorable impact of this treaty. IACC
in many forums, particua l rly in the Indo-US Economic Summits flag marked the
need for involvement of the private sector from both the countries to take the
treaty to its logc i al end. We have yet to see an effort to cobble together a
consensus among the Indian politica lparties to realize thi sobe j ctive. A political
economy has to tra de off between politics and economic s. Sometimes good
politics may b e a disastrous economic decision. Indian agriculture and
manufacturing sector need uninterrupted supply of qualitypowe rto realize the
growt h potential s. We may have to make political compromises fo rachieving
larger economic interests. IACC has an important role in moulding the public
opinion.
Undeniably, outsourcing business has c learly given a qualitative push to Indo-
ship. B ut it has brought in its wake a few issu es, which I
US economic partner
believe has more political connotations than economi c ramifications. At the
sam e time, we canno t sit over the issue and wish that it will be kept under the
wrap once the election s in the U S ar e ove r. Even if we categorize them as
rhetoric during el ectioneering in the US, it is casting uncertainties in the Indian
IT landscape. Our businesses with US in the outsourcing segment are close to
US $ 50 billion annually andare increasing with eachpassing year. W e have to
insulate this segme nt from frequent shocks and uncertainties. One wa y is
opening up newer avenues fo rIT companies by involving them more creatively
in several billion dollar e-governanc e programs of t he Government o f India.
The other way is to go for a paradigm shift in t he Indo-US economic
engageme nt. IACC was the first business organization to embark on the need
for aIndo-US SMEForum to catalyze greater cooperation among the mid size
and small businesses in two countries. This i s an area, where t he two countries
will have great pay offs. There are many Indian companies in this category
looking forward to have technology and technical
know-how from the US,
which can be leveraged to take the bilatera l relationship to a higher orbit of
growth. IACC will continue to organize campaigns to make both
administrations realize the potentials o f this industry segment.
Co l sely entwined in this strategy is the need for cementing the people to people
INDO-US BUSINESS
SPECIAL ISSUE
05