CII Communique November 2012

eportChandrajit Banerjee, Director General,CII; Deepak Parekh, Chairman, HDFC; Timothy Geithner, Secretary, US Department of the Treasury;Ben Bernanke, Chairman, Federal Reserve Board; and Adi Godrej, President, CII, and Chairman, Godrej Group, at an interaction in MumbaiThe discussion encompassed opportunities for workingtogether in India’s massive infrastructure build-out andgreen technology for sustainability. India’s mountingpurchases in defence were noted, as was the needto tailor technological solutions based on India’srequirements, environment and market. GovernorGregoire highlighted Research and Development inaerospace and defence as a major area that couldbenefit from joint efforts in technology innovation andproduction. She also elaborated on Washington State’sstrength and India’s growing leadership in life sciencesto lead to breakthroughs in global health. A presentationon doing business in the State of Washington highlightedthe state’s strong education system and highly-skilledworkforce, excellent infrastructure, and expertise in R&D,specifically in hydro/thermal/wind power generation.CII also signed a Memorandum of Intent with theWashington State Department of Commerce forfacilitating direct foreign investment between India andthe state.CII-USIBC Investment RoadshowCII and USIBC co-organized an investment roadshowon 2 October in Washington DC for a delegationfrom Madhya Pradesh visiting the United States. MrShivraj Singh Chouhan, Chief Minister of MadhyaPradesh, who led the delegation,e m p h a s i z e d t h e i m m e n s einvestment opportunities inMadhya Pradesh, outlining sectorsincluding Automobile Engineering,Pharmaceuticals, ITeS, Tourism,Food Processing, Textiles andRenewable Energy. (The GlobalInventors' Summit was held inIndore, Madhya Pradesh, on28-30 October.)Ms. Diane Farrell, Executive VicePresident, USIBC, who moderatedthe session, observed that thereShivraj Singh Chouhan, Chief Minister of MadhyaPradesh, addressing a CII-USIBC business sessionin Washington DC, as Diane Farrel, Executive VicePresident and Senior Director, Policy Advocacy,USIBC, looks onwas growing recognition among both US and Indiangovernments as well as businesses to engage moreat the state-level. Such a proactive approach wouldgive a strong boost to the overall trade and investmentrelationship, she said. The delegation also visited Detroitand Chicago.Treasury Secretary Geithner Visits IndiaCoinciding with the 2012 US-India Economic andFinancial Partnership dialogue, CII organized interactivesessions for its members with Mr Timothy Geithner,Secretary, US Department of Treasury, in New Delhiand Mumbai.In New Delhi on 9 October, Secretary Geithner expressedoptimism about India’s growth story. “It is highly encouragingto see the current wave of economic reforms being initiatedby the Indian Government as they would help in restoringinvestor confidence, thus reviving growth too,” he said. Thesession was organized by CII in partnership with the USIndia Business Council (USIBC).Mr Geithner said that though India and USA havehistorically had a good economic relationship, itneeds to be further strengthened to face the currenteconomic challenges. The US, he said, has supportedG-20 initiatives for better financial regulation to tacklethe current global financial crisis. Mr. Kiran Karnik,Chairman, CII National Committeeon Telecom & Broadband, and MrSanjay Nayar, CEO, KKR IndiaAdvisors Pvt Ltd also spoke atthe session.On 10 October in Mumbai, CIIorganized a meeting with SecretaryGeithner and Mr. Ben Bernanke,Chairman, Federal ReserveBoard, and leaders of India'smajor multinational corporations.The discussions examinedways to deepen the bilateraleconomic engagement to expand66 | November 2012 Communiqué