Little expectations from Obama's visit, says India Inc
India Inc today said it is not expecting much from US President Barack Obama's India visit, as he is struggling to deal with economic issues back home. See specialdelhi Updated: Nov 04, 2010 20:15 IST
India Inc on Thursday said it is not expecting much from US President Barack Obama's India visit, as he is struggling to deal with economic issues back home.
"Economic situation is not very well (in the US) and jobs are still not being created. Now, it is a serious challenge for any head of the nation and therefore he will be guarded and cautious in strengthening his own domestic industry, especially R & D ," Assocham Secretary General D S Rawat said.
He said the Americans are complaining that "if we continue to do outsourcing as a nation, than the companies or the nations where its is being outsourced will be more innovative and we as Americans will be more complacent".
Noted industrialist Rahul Bajaj too said that Indian businessmen should not expect much from Obama's visit.
"His (Obama's) visit to India is good but we are not expecting much from him, because of the economic problems there," Bajaj said.
Bajaj said unemployment is high in the US and the economic growth is stagnant.
Unemployment in the US continues to hover around 10 per cent, while in the September quarter, the country's economy grew just two per cent.
"He wants us to buy defence equipment from them so that it can generate jobs there, he wants us to open our markets, so that they can sell their products here but what are we getting in return?" Bajaj asked.
Bajaj, a Rajya Sabha member, also said US needed to show concrete support to India on issues like countering cross-border terrorism from Pakistan and on-border dispute with China.
The Confederation of Indian Industry said they want a commitment from the US President that American market would remain open for Indian exports and protectionist tendencies would be curbed.
Indian priorities with the US also includes "ensuring removal of barriers to trade in dual-use technologies", it said.