By Soumitra Bose/Mukesh Kumar Sinha
Indeed Our Namobama, Our Pride (Who Cares for Any One’s Envy, J(ealousy), et al ! Jab Obama, NaMo Raazee to Kya Karega Qazi, got it?) After (now) countless denial of rights to the Indians of all hues since 1947, they now unobtrusively have full scale unhindered reason/s to openly celebrate “India’s Good Days Finally Have Begun, India Now All Set to Constantly Get Its All-Out Patronoage” as the World’s Most Powerful Person+US President Barack Obama sat on Indian soil, gladly had “delicious” tea prepared by our “Swatantra-Bhaavaapanna Bahool” Pradhan Mantri NarendraBhai DamodarDas Modi and chatted (exchanged notes) with him 1-to-1 basis with no go-between in between them. Since no one was within the vicinity of them, none know what they spoke/discussed/exchanged/assured to each other. From their Body Language(s), it was clear that both had so much to discuss and they thought it best to discuss it in India-soil (for reasons known only to them) which they did it then.
Lensmen present there saw them having freewheeling talks. It was as if both thrashed out some long pending but extremely easy issues before getting onto new projects/could be projects/would be projects. All through Obama held the tea in his hand and kept on sipping at it. He liked Modi’s “(Obama, Twam) Atithi Devo Bhava” move.
Their aides interacted wherever necessary, elsewhere. America’s First Lady Michelle Obama fulfilled her own schedules albeit, separately.
Bilateral trade and investment ties between India and USA deepened. Modi and Obama successfully clinched issues concerning trade and investments with the aim to increase two-way trade five-fold in the coming days.
Modi put forth range of economic issues, including seeking resolution of long-pending visa concerns and the long-pending Totalisation Agreement, on the discussion table. US sought a tougher IPR (Intellectual Property Rights) regime in India. US also preferred to sort out trade barriers, including the country’s tariffs and customs practices and the mandatory local content requirements by foreign companies in some industries.
Obama reiterated to Modi that US is looking at India as a strategic partner to get a greater access to the huge Indian Market for its 1.2 billion people for its companies.
(Earlier US Secretary of State John Kerry during his visit made a strong case for enhancing the economic ties between the two nations especially in trade, policy, energy, telecommunications, climate change and intellectual property. “It is now easier for American Companies to invest in India”, declared Kerry.)
In the last 14 years, FDI inflow from US to India stands at $ 13.28 Billion, 5% of total FDI received in the country during that period. The number is expected to go up, given a slew of steps taken to improve ease of doing business in India while liberalizing FD policy in various sectors, including defence, insurance and railways.
The relationship between the two countries witnessed a boost when last year in November, the India-US Trade Policy Forum met after a gap of 4 years to discuss a host of bilateral issues. The meeting took place after they resolved differences on food security issue at the World Trade Organisation.
India has already announced an inter-ministerial committee to fast track US Investments while it has also opened up, through an ordinance, the insurance sector for foreign investment, another long pending demand by the US.
India now is working on the National IPR Policy (at the instance of US), the first draft of which has been circulated among all stake holders’ for their comments. This has been specifically done aiming at addressing all the concerns of US investors in the country.
Indi and US are working together to develop energy smart cities. New Delhi has offered US Industry to be the lead partner in developing smart cities in Ajmer, Vishakapatnam and Allahabad. Also, for raising investment by institutional investors and corporate entities, the two sides have established Indo-US Inestment Initiative with special focus on capital market development and infrastructure financing.
Both Modi and Obama discussed new areas of cooperation including innovation in advanced manufacturing. (In their meeting in September last, they had decided to hold public-private discussions in early 2015 on new areas of cooperation, including innovations in advanced manufacturing.
MoU between the US Export-Import Bank and India Renewable Energy Development Agency, which would make up to $ 1 billion in financing available to bolster India’s efforts to transition to a low-carbon and carbon-resilient energy economy, while boosting US renewable energy exports to India.
With US, India is flourishing, so to speak in plain terms. Bilateral trade between India and US reached at US $ 63.7 Billion in 2013 registering a growth of about 1.7% over the previous year. Indian exports accounted for US$ 41.8 billion whereas US exports stood at US$ 21.9 billion. India-US bilateral merchandise trade during the period January-October 2014 amounted to US$55.86 billion with a trade surplus of US$ $20.97 million in favor of India. …During Prime Minister Modi’s US tour, India and US set a target to increase bilateral trade in goods and services to US$ 500 billion. Both Modi and Obama have done so now. US has finalized India’s Nuclear deal…All’s well, Its going also well, perfectly.