President Barack Obama makes his first visit to India, early next month on 6th November, with an eye to strengthen economic ties between the two countries. America’s primary interest lies in increasing US business investment in India as well as increasing the export of US goods and services to India. Barack Obama india visit schedule or itinerary comprises of visit to Taj Hotel, a 26/11 attacks target, and Diwali with Mumbai kids
Some Major Plans and Investment In India
The emergence of India as a major market player, has led to the boost of economic ties between the two countries. Today, trade between the countries have reached a new level. Over the past seven years, the United States has quadrupled its goods exports to $17 billion. It has also tripled its service exports to around $10 billion a year. On the other hand Indian companies are the second-fastest-growing group of investors in America. Indian companies, today, support 57,000 American jobs.
The president is also expected to sign some major commercial deals with the India. One such deal includes, a proposal by motor cycle maker Harley-Davidson to set up a assembly plant in India. There will also be agreements on defense transfers and dual use licensing policies specific to India leading to greater high-tech trade between the two countries. Talks are also expected on greater collaboration on commercial aerospace and internal security as well as a revitalized agriculture knowledge initiative.
The contracts expected to be signed between the two countries include include sale of marine engines to the Indian coast guard, sale of Boeing next generation aircraft and sale of 10C-17 Globemaster III strategic aircraft. Besides, India’s Aeronautical Development Agency has selected 99 F414 General Electric fighter jet engines to power the MK II version of the tejas light combat aircraft. GE looks forward to a MOU to be signed during the president’s visit.
The US is also expecting announcements that will make American companies source $4 billion next generation diesel locomotives for the Indian Railways. Each of the deal comes with significant job creation potential for both the countries. For instance while Harley Davidson plant in India will employ thousands in India, Boeing estimates, its sale will sustain thousands of jobs across 44 states in the US.
However, a backlash has been building up in the US against outsourcing jobs. This, in all likelihood, will not spur Obama’s economic team to pursue protectionist policies directly.
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