Obama announces US$10bn deals
Mumbai: US President Barack Obama on Saturday said 20 major deals worth $ 10 billion were inked between Indian and US companies creating at least 50,000 jobs in USA.
Obama, who arrived here in the forenoon, made the announcement at a business summit organized by the business bodies FICCI and CII.
"50, 000 jobs in USA, from hi-tech jobs in California to manufacturing jobs in Ohio," said Obama, who is smarting from an electoral jolt in USA owing to the joblessness and the recession of the past years.
US company Boeing has procured order for thirty three 737s from India's Spice Jet airlines, reports said.
Media reports said it is a deal worth $2.7 billion and can create 12,000 US jobs, reported NDTV.
The channel said the company has also reached preliminary agreement on the sale of C-17 engines and it can support 22,000 jobs from the over $4 billion deal.
US engineering firm General Electric is likely to get the contract for 414 engines to power India's indigenous Light Combat Aircraft (LCA), it said.
Obama said USA would reform their restrictive controls to allow Indian companies in USA in hi-tech jobs.
"I am absolutely confident that we will meet this challenge," he said referring to removal of roadblocks between the two countries.
He said India and US partnerships would be the most defining in the 21st century.
He regretted that Indo-US trade is far too low, even less that US trade with The Netherlands.
He called India the most "amazing success stories" and said with its sheer size and pace India made stunning achievement in human history.
"This is a fact," he said.
"India has lifted tens of millions of people from poverty and created largest middles classes in the world," he said.
He said in the coming decades "you will be world's most populous and one of the most largest economies".
He said India and USA would engage in healthy competition.
"USA sees Asia and specially India as the market of the future," he said.
He said India and USA can be and will be in a win win proposition.
Allaying concerns of various groups in USA and India who are fearing loss of jobs and employment owing to outsourcing and protectionism, he said: "For Americans it is jobs going overseas. Here in India many still see arrival of American companies and products as threat to Indian, small shop keepers."
He said these are old stereotypes, since in 2010 "trade is not a one way street", but a dynamic two way one.
He said US "sees an opportunity to sell their exports to one of the fastest economy (India)".
He said by doubling American export in next five years to India, thousands of jobs would be supported at home.
Also see: Look at India Inc, not India ink
Mumbai: US President Barack Obama on Saturday said 20 major deals worth $ 10 billion were inked between Indian and US companies creating at least 50,000 jobs in USA. Obama, who arrived here in the forenoon, made the announcement at a business summit organized by the business bodies FICCI and CII.
Mumbai: US President Barack Obama on Saturday said 20 major deals worth $ 10 billion were inked between Indian and US companies creating at least 50,000 jobs in USA.
Obama, who arrived here in the forenoon, made the announcement at a business summit organized by the business bodies FICCI and CII.
"50, 000 jobs in USA, from hi-tech jobs in California to manufacturing jobs in Ohio," said Obama, who is smarting from an electoral jolt in USA owing to the joblessness and the recession of the past years.
US company Boeing has procured order for thirty three 737s from India's Spice Jet airlines, reports said.
Media reports said it is a deal worth $2.7 billion and can create 12,000 US jobs, reported NDTV.
The channel said the company has also reached preliminary agreement on the sale of C-17 engines and it can support 22,000 jobs from the over $4 billion deal.
US engineering firm General Electric is likely to get the contract for 414 engines to power India's indigenous Light Combat Aircraft (LCA), it said.
Obama said USA would reform their restrictive controls to allow Indian companies in USA in hi-tech jobs.
"I am absolutely confident that we will meet this challenge," he said referring to removal of roadblocks between the two countries.
He said India and US partnerships would be the most defining in the 21st century.
He regretted that Indo-US trade is far too low, even less that US trade with The Netherlands.
He called India the most "amazing success stories" and said with its sheer size and pace India made stunning achievement in human history.
"This is a fact," he said.
"India has lifted tens of millions of people from poverty and created largest middles classes in the world," he said.
He said in the coming decades "you will be world's most populous and one of the most largest economies".
He said India and USA would engage in healthy competition.
"USA sees Asia and specially India as the market of the future," he said.
He said India and USA can be and will be in a win win proposition.
Allaying concerns of various groups in USA and India who are fearing loss of jobs and employment owing to outsourcing and protectionism, he said: "For Americans it is jobs going overseas. Here in India many still see arrival of American companies and products as threat to Indian, small shop keepers."
He said these are old stereotypes, since in 2010 "trade is not a one way street", but a dynamic two way one.
He said US "sees an opportunity to sell their exports to one of the fastest economy (India)".
He said by doubling American export in next five years to India, thousands of jobs would be supported at home.
Also see: Look at India Inc, not India ink
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