CII Communique - October, 2010

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eportChandrajit Banerjee, Director General, CII, Robert Hormats,Under Secretary for Economics, Energy and Agriculture Affairs,US Department of State, and Tarun DasWhile welcoming Indian investments in US, Mr. Hormatsexpressed the need to restart negotiations on the BilateralInvestment Treaty (BIT) between the two countries. He alsosaid that the US welcomes Indian companies as providersof capital, know-how, American jobs, dynamic innovationand highly talented people. He urged the Government ofIndia to open up FDI limits in India in sectors such asinsurance and defence, infrastructure and retail. The USwill work even closer to strengthen the bilateral economicrelationship, which includes the re-launch of a high levelinvestment focus group under the US-India Trade PolicyForum in September 2010, he declared.Mr. Hormats also talked about the high potential of Indiato be a pioneer in alternative energy sources, greendevelopment and low-carbon growth and expressed thewillingness of his country to work with India towardssustainable and responsible economic growth.India and the US have launched the US-India AgricultureDialogue to usher a second Green Revolution in Indiaand address the challenge of hunger and malnutrition.He added that the US wants to share its expertiseand develop tools and resources to benefit the‘Aam Aadmi.’Spotlight: CII-India Business Forum MembersSBI TargetsIndia’s largest lender, the State Bank ofIndia (SBI), is targeting 20 per cent of itsnet income from international operationsin the next two-three years, a top officialof the bank said.L&T Financial ServicesRestructuring of financial services is the first priority forLarsen & Toubro Ltd, according to Mr Y. M. Deosthalee,its Chief Financial Officer. The mode and timing offinancial services (being offered under L&T Finance)restructuring would depend on many conditions includingthe market behaviour, he said.US Economy and Policy WatchAnti-Outsourcing Act fails to clear US SenateThe ‘Creating American Jobs and End Offshoring Act’introduced by Senate Democrats failed to clear the USSenate after some Democrats rallied with Republicansto oppose the proposed law. The Act sought to end taxdeductions for expenses incurred when companies inUSA move jobs overseas; impose a new tax on productsonce made in the United States but now manufacturedby foreign workers; and would have offered employersa two-year payroll tax holiday on jobs repatriated fromoverseas.Ohio bans Outsourcing Govt IT ProjectsThe US state of Ohio has banned outsourcing ofgovernment IT and back-office projects to offshorelocations. Ohio Governor Ted Strickland signed theexecutive order enforcing the ban, even though he hadpreviously actively wooed Indian companies settingup operations in the state. The Indian IT industry hasexpressed concern about the protectionist move andthe possibility of similar moves by other Americanstates in the face of persistently high unemploymentrates.President Obama Signs Small Business Jobs ActThe US President has signed the Small Business JobsAct, which gives small business owners tax breaks andbetter access to credit.US-India Bilateral UpdateIndia and IMF: International Monetary Fund headDominique Strauss-Kahn has said the Indian economy isrecovering well and New Delhi would get higher quota inthe IMF board, a review of which is currently underway,reflecting its enhanced economic standing.Nuclear Liability Law: The United States considersresolving its concerns regarding India’s nuclear liabilitylegislation an ‘important priority’, according to USAssistant Secretary for South and Central Asian AffairsRobert Blake.India-US Partnership: The promise of India-US partnership"looms bright and unmistakable" ahead of PresidentBarack Obama's historic India visit, says a senior USofficial praising Prime Minister Manmohan Singh for hisrole in forging the relationship. "As President Obamaprepares for an historic state visit to India later thisautumn, the promise of our partnership, built on strongbipartisan foundations in both our countries, loomsbright and unmistakable," said Under Secretary of StateWilliam Burns.Communiqué October 2010 | 67
oifcpartnersInvestment & InteractiveMeets in the USAThe United States of America is today hometo one of the largest Indian populations inthe world, comprising of a nearly 3 millionstrong Indian American community, specializinglargely in the fields of IT, healthcare, educationand services, as well as entrepreneurs and students.To strengthen the engagement of the resourceful Indian community in theUSA with ‘Opportunity India’, the Overseas Indian Facilitation Centre (OIFC),along with the Ministry of Overseas Indian Affairs (MOIA), the ConsulateGeneral of India, New York, and CII, hosted an Investment and InteractiveMeet, in New York, on 13 September. The Asia Society, a leading globaland pan Asian organization in the region, was the official partner of theMeet.The Meet was organized to apprise Indian Americans about the host ofengagement opportunities existing in India to tap their growing investmentand intellectual potential.A delegation from India, led by Dr A Didar Singh, Secretary, MOIA, andChairman, OIFC, invited the Global Indians to partner in India’s emerginggrowth story and connect with the country. The business delegation includedprominent players from Indian industry such as BNP Paribas (infrastructure),Kotak Mahindra Bank, and Everonn Education Ltd, among others.The Meet was attended by over 100 delegates comprising of professionals,HNIs, academicians and potential investors, of Indian origin, exploring thegrowing Indian market.In his opening remarks, Mr Prabhu Dayal, Consul General of India inNew York, appreciated the special initiatives of the OIFC and the MOIA toexpand diaspora inter linkages with India. He stressed on India’s growingeconomic achievements with a stable business environment and urged thediaspora to participate in India’s progress.Dr A Didar Singh described the various MOIA schemes to nurture andsustain the symbiotic relationship of the diaspora with India. Reiterating onIndia’s emergence as a favorable investment destination, he invited IndianAmericans to benefit from the opportunity that India provides.Ms Shefali Chaturvedi, CEO, OIFC, and Mr G. Gurucharan, CEO, theIndian Council of Overseas Employment (ICOE), described their respectiveorganisations’ objectives and programmes. Industry delegates from Indiapresented sector specific investment prospects.In general, the diaspora expressed interest in investment opportunities insectors such as infrastructure, manufacturing and servicesm, and in findingsuitable business partners for their potential ventures and outsourcingopportunities in India.The Meet in New York was followed by an interactive session with theIndian diaspora, held on 14 September, in Washington DC, by the IndianEmbassy in Washington.68 | October 2010 Communiqué
Page 2 and 3: ContentsVolume 19 No. 10 October 20
Page 4 and 5: india & the worldThe CII delegation
Page 6 and 7: india & the worldCII SME Business D
Page 8 and 9: cover storyS B Mathur, Secretary Ge
Page 10 and 11: cover storyneeds like basic banking
Page 12 and 13: cover storyA Vaidheesh; Dr. Naresh
Page 14 and 15: featuresustainabilityDeveloping a S
Page 16 and 17: accounting standardscorporate india
Page 18 and 19: aerospacesectoral synergiesOverview
Page 20 and 21: defenceRahul Chaudhary, Convenor, C
Page 22 and 23: competitivenesstowards excellenceCI
Page 24 and 25: leadershiptowards excellenceCII-Sur
Page 26 and 27: qualitytowards excellenceQuality in
Page 28 and 29: qualityFuture personal transport sy
Page 30 and 31: qualityGifu Autobody Company Ltd, N
Page 32 and 33: India Innovation Initiative -i3 Reg
Page 34 and 35: knowledge & innovation initiativesC
Page 36 and 37: development initiativesIt provided
Page 38 and 39: yiOn 25 September, Yi Erode organis
Page 40 and 41: eportglobal economic recovery. The
Page 42 and 43: eportBusiness Forums were also orga
Page 44 and 45: eportUzbekistanCII organised a meet
Page 46 and 47: eportLatin America & CaribbeanEngag
Page 48 and 49: eportthe frequency of such interact
Page 52 and 53: EastRegionDistribution of Books to
Page 54 and 55: egionsand Chairman cum Managing Dir
Page 56 and 57: egionsSouthConnect 20108-9 Septembe
Page 58 and 59: egionsPricing Litigation issues in
Page 60 and 61: egionshas signed a MoU with Guidanc
Page 62 and 63: egionsDirector, Anjaleem Enterprise
Page 64: egionsRound Table on Supply Chain24

CII Communique - October, 2010

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