Obama embarks on a sales trip to India!
For Whom President Barack Obama Brings DIWALI Gifts with Focus on Free Indian OPEN Market!As President Obama and accompanying American CEOs' reached Mumbai today, it is quite evident why he chose India's financial capital as his first stop.
Obama wins India business; controversy over Pakistan!President Barack Obama will announce the easing of U.S. controls on exports to India when he addresses business leaders here on Saturday in a move to boost trade between the two countries, the White House said.
Outsourcing costing Americans their jobs: Obama
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Obama embarks on a sales trip to India!
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WASHINGTON: President Barack Obama embarks Friday on a history-making trip to India to take Washington's ties with what he himself describes as an "indispensable partner of the 21st century" to a new level.
From Obama down, officials have held out prospects of significant announcements during his Nov 6-9 without spelling out the specifics, but the president himself has made clear his focus would be on selling US goods and creating jobs in the US.
That has been Obama's consistent message, more so since voters unhappy over the slow pace of recovery gave his Democratic party what has been called a "shellacking" in the mid-term elections.
On the India trip, "the primary purpose is to take a bunch of US companies and open up markets so that we can sell in Asia, in some of the fastest-growing markets in the world, and we can create jobs here in the United States of America," he said Thursday after a cabinet meeting to take stock after the debacle.
"And my hope is, is that we've got some specific announcements that show the connection between what we're doing overseas and what happens here at home when it comes to job growth and economic growth," Obama said.
Officials are also at pains to temper Indian expectations about US support for permanent membership of the UN Security Council or easing of US export controls of high technology items to India with Obama calling it a very "complex issue".
National Security Council spokesman Mike Hammer though left out an opening Thursday saying, the two sides were "working through it" and Commerce Secretary Gary Locke and others "have been very engaged with our Indian counterparts, and so we'll see where this ends up."
More than 200 business leaders, including those from the Fortune 200 to small and medium enterprises, are making the trip to India for the Obama visit.
During his India visit, Obama will meet top US business leaders, including India-born Pepsico chairperson Indra Nooyi, to "discuss the opportunities and challenges of doing business in India," according to the White House.
The business delegation meeting Obama will include Honeywell International Inc's David Cote, who co-chairs the India-US CEO Forum with Tata Sons chairman Ratan Tata, Boeing Co's Jim McNerney, General Electric Co's Jeffrey Immelt and Mcgraw Hill Companies' Terry McGraw , who is also USIBC chairman.
Louis Chênevert, CEO of aerospace major United Technologies Corporation and Ellen Kullman, chief executive of chemicals giant DuPont may also be joining.
Trade between the US and India more than doubled to $37 billion in 2009 compared with 2003, according to US Commerce Department data. In the first eight months of 2010, total trade topped $32 billion, Commerce figures show.
Ahead of Obama's trip, a major US trade association representing 300 top US companies doing business with India, has backed India's aspirations for a permanent Security seat as also removal of barriers to high technology trade
http://economictimes.indiatimes.com/news/politics/nation/Obama-embarks-on-a-sales-trip-to-India/articleshow/6875707.cms
For Whom President Barack Obama Brings DIWALI Gifts with Focus on Free Indian OPEN Market!As President Obama and accompanying American CEOs' reached Mumbai today, it is quite evident why he chose India's financial capital as his first stop.Unlike his predecessor-George W Bush-who offered India a historic civil nuclear deal in 2005, Obama is more likely to take than give to India.Visiting American President Barack Obama today addressed corporate honchos from India, opening discussions on crucial areas of cooperation like pharma, manufacturing, transportation and clean energy.
During the roundtable, Obama was accompanied by US Commerce Secretary Gary Locke and other top officials as also corporate leaders who are part of his entourage.
The deliberations covered areas like electric cars, clean transport, solar power, drinking water and recent discoveries in the pharmaceutical sector.
The discussions, which focused on growing trade and investment, were attended by Anand Mahindra , vice chairman and managing director of Mahindra and Mahindra Group, Ajay Piramal of leading pharma group Pirmal and other business leaders.
Also present at the meeting were 15 young entrepreneurs who are spreading initiatives in job creation and improvement in delivery of basic services -- healthcare, education, clean water, power, financial services -- through market-based strategies that benefit low-income communities.
Highlights of Obama's address at business summit
Mumbai, November 06, 2010
First Published: 19:50 IST(6/11/2010)
Last Updated: 19:51 IST(6/11/2010)
Key quotes from US President Barack Obama's address to a 400-strong gathering of business leaders at a summit organised by the United States-India Business Council (USIBC): * I believe the relationship between the United States and India will be one of the defining and indispensable partnerships of
the 21st century
* We not only welcome India's rise, but we ardently support it, as we live in an inter-connected world. Commerce between America and India will benefit both
* Americans have helped build India and India has helped to build America
* Knowledge is the currency of the future
* Today your country is one of the fastest growing economies in the world. Many amazing success stories and rapidly expanding market in Asia. The sheer size and pace of India's progress in just two decades is one of the most stunning achievements in human history
* Trade between our two countries is not just a one-way stream - American jobs and companies moving to India - It is a dynamic two-way relationship. It is creating jobs growth and higher living standards in both our countries
* Despite all the progress, the economic relationship between the United States and India is still one of enormous untapped potential
* Last year I was honoured to become first American president to help celebrate the festival of lights (Diwali) at the White House
* There still exists a caricature of India as a land of call centres and backoffices that cost American jobs. That's a real perception.
* In 2010, trade between our countries is not just a one-way street of American jobs and companies moving to India.
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06/11/2010
Obama avoids mentioning Pakistan
In a disappointing speech, Obama skips role of Pakistan in the 26/11 attack on Mumbai
Mumbai: In what could be a big dampener and disappointment, US President Barack Obama on Saturday skirted mentioning Pakistan's role in the 26/11 attack in Mumbai and instead focused on the financial capital's spirit.
In his speech at the Taj Hotel after he paid homage to the victims of the terror attack, Obama only made vague references saying that the images of the attack were horrifying. And he went on to add that the terror attack was an attempt to divide India. But here again he did not mention anything on the people who masterminded the attack.
The only silver lining came when he said his decision to stay at Taj Hotel is a powerful message against terrorism and demanded that the perpetrators of the horrific Mumbai attacks should be brought to justice. Beginning his three-day maiden visit to India by paying homage to the victims of 26/11 attacks, he said he was looking forward to deepening partnership in counter-terrorism during his meeting with Prime Minister Manmohan Singh.
Obama's signed statement
Accompanied by his wife Michelle Obama, he signed the visitors' book, looked at the plaque on which the names of 26/11 victims are engraved and delivered a six-minute speech in which he paid tributes to people of Mumbai and India hailing their resolve and resilience.
"There has been a great commentary on our decision to begin our visit here, in this dynamic city at this historic hotel. Those who have asked whether this is intended to send a message, my answer is simply, absolutely," Obama told a gathering that included kin of victims and staffers of the hotel who braved the 2008 attack.
He made a special reference to General Manager of the Hotel Karamveer Kang who continued to work at the hotel during the 60 hours of mayhem despite losing his family. "Taj is a symbol of strength of Indian people."
Obama also talked about the role of an Indian nanny who saved the life of a toddler, who lost his Jewish parents during the attack at the Chabad House. "We will never forget the awful images of the 26/11 attacks, the flames from Taj Hotel that lit up the skies on those four days of November, 2008," the US President said with the Gateway of India forming the backdrop.
"We today, US and India are working together, more closely than ever to deepening counter-terrorism (cooperation), to keep our people safe," he said, adding the two countries have been sharing intelligence to avoiding more attacks and demanding that the perpetrators be brought to justice.
In this context, he said he was looking forward to meeting Prime Minister Manmohan Singh in Delhi to deepening cooperation in counter-terrorism. He said Mumbai was a symbol of hope and peace. Obama then left for Mani Bhavan where he spent over an hour.
Earlier in the day, Obama arrived on the dot at 12.50 pm at the Mumbai airport on his first leg of four-nation Asia trip that would also take him to Indonesia, South Korea and Japan. Air Force One carrying the President landed on schedule in Mumbai. Air traffic was closed over Mumbai two hours prior to the touchdown of the Presidential plane.
As soon as he landed, US Marine Commandos surrounded the plane. Three fighter planes and five choppers accompanied the Air Force One. During his visit in India, the US is likely to make 18 announcements on a wide range of areas covering economy, security and political spheres including possible easing of export controls on dual use items.
The Presidential couple was warmly received by Maharashtra Chief Minister Ashok Chavan, Union Minister Salman Khursheed, who is the minister-in-waiting, US Ambassador to India Timothy Roemer and Indian Ambassador to the US Meera Shankar.
Chavan presented Obama a coffee table book on the state and requested him to keep it in the White House museum. The book was published by the state government in the Diamond Jubilee year of creation of Maharashtra.
"The Chief Minister welcomed the President and his wife Michelle and presented a coffee table book on Maharashtra," an official who was accompanying the CM at the airport said. Chavan told Obama that the book would give him every information about the state including history, culture and major events and requested him to keep it in the White House museum, the official said.
Obama said that the world has been always curious about Mumbai and therefore he chose the destination for his India visit apart from Delhi. After pleasantries, the President and his wife walked across the tarmac to a waiting US Marine One which flew them to the downtown. A smiling President waved to a strong gathering of journalists and photographers.
En-route to Mumbai, National Security Adviser Tom Donilon told the travelling media that major announcements across a range of economic, security and political dimensions could be expected during the visit.
"There will be a number of specific announcements, obviously, as we go forward. But it really isn't just the transactional nature here. It is the overall thrust of the relationship," the U.S. National Security Adviser (NSA) said.
Under Secretary of State William Burns said the relationship with India has grown "quite dramatically" over recent years and referred to the four-billion-dollar worth of defence sales to India since 2008. "There are some other big sales that are in the offing," he said.
"It is a relationship that has grown an enormous amount in the last decade and, I think, has enormous potential as you look out at this visit and beyond it," he said. Deputy NSA Ben Rhodes said the first day of the trip will focus on the "economic relationship, issues related to the transactions, US exports, export controls, things in that category".
Donilon said the Presidential trip has a "powerful message" to the people of India and the people of the US about the importance and the depth of the relationship and that is a very important thing to do. "The range of specific things that we are doing here really is intended to show and, in fact demonstrate a global partnership," he said.
Images: AP
Source: India Syndicate and Agencies
Obama avoids mentioning Pakistan
In a disappointing speech, Obama skips role of Pakistan in the 26/11 attack on Mumbai
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More news on ObamaBhujbal to attend Taj programme; will gift book to Obama- Mumbai: Maharashtra Deputy Chief Minister Chhagan Bhujbal, who was miffed after his personal details were sought by the US Consulate here for attending programmes during Barack Obama's visit, will attend the President's event scheduled at the Taj Hotel this afternoon.Obama wants Diwali `goodies' from India
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- Ajmer: In Ajmer's Kanpura, Diwali this year is a whole lot brighter than ever before. The villagers are excited about getting to talk to Barack Obama on Sunday when the US President interacts with them from Mumbai, via video-conferencing using the optical fibre cable (OFC) technology.
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http://news.in.msn.com/obamasvisittoindia/
Gandhi, a hero for world: Obama
Gandhi, a hero for the entire world: Obama
Mumbai: U.S. President Barack Obama described Father of the Nation Mahatma Gandhi as "a hero not just to India but to the world."
"I am filled with hope and inspiration as I have the privilege to view this testament to Gandhi's life. He is a hero not just to India but to the world," Obama wrote in the visitor's book at the Mani Bhavan here.
Obama visited the Gandhi Museum at Mani Bhavan to honour the Father of the Nation.
Gandhi, the US President said, has inspired Americans and African Americans, including Martin Luther King.
Obama, accompanied by his wife Michelle Obama, spent about 45 minutes going around the simple, old-style, two-storied building on Laburnum Road in South Mumbai where the Father of the Nation stayed during his visits to Bombay.
Michelle said she will always "treasure" the visit to honour Gandhi's memory. "The visit will be one that I will always treasure. The life and teachings of Gandhi must be shared with our children around the world," she wrote in the visitors' book.
Source: PTI
Obama nudges India to open up retail, farm sectors
Nov 06th, 2010 |
Tags:
US President Barack Obama Saturday asked American and Indian business leaders to look at issues like outsourcing and market access with a fresh perspective that reflected today's market dynamics.
Moving away from the election rhetoric on banning off-shoring activities to countries like India, Obama sought to dispel the notion that the world's largest economy is becoming protectionist and said old perceptions and stereotypes need to put away with.
"I make no apology for what I have done to create jobs in the US. And I want to be honest, that for many Americans their only experience with trade and globalisation has been a shuttered factory or a job that has been shipped overseas," Obama told a business summit at the Trident Hotel here on the first day of his maiden four-day visit to India.Related Articles
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"And there still exists a caricature of India as a land of call centres and back-offices that cost American jobs. That's a real perception," the president added.
Nudging India to open up key sectors like retail and agriculture, which hold a huge potential for American companies, Obama said: "Here in India, I know many still see, perceive the arrival of American companies and products as threats to small shop keepers and to India's ancient and proud culture."
"But these old stereotypes, these old concerns ignore today's reality. In 2010, trade between our countries is not just a one-way street of American jobs and companies moving to India," said Obama.
The president, who Thursday portrayed his trip as primarily economic, said ties with India constituted a "defining and indispensable" partnership of this century and asked businesses from the two countries to look at each other as partners and not threats.
"It is a dynamic two-way relationship which is creating jobs, growth and higher living standards in both our countries and that is the truth."
Editorial
Obama visit: Don't expect a 'big bang'
For India, the United States of America is a land of power and middle-class myths — nevertheless, one whose grand designs and exertions in the world have been out of sync with this country's principalCong could set a new benchmark
A tradition of doubtful utility has crept in — of top political leaders not taking the public into confidence about the challenges we face as a nation, short-term as well as those of longer duration.
http://www.asianage.com/business/obama-nudges-india-open-retail-farm-sectors-701
Obama gets 50,000 jobs; deals worth $10 billion signed
NDTV Correspondent/Agencies, Updated: November 06, 2010 20:40 IST
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New Delhi: It will make headlines back home in the United States, and after his 'shellacking' in the mid-term polls, Barack Obama could certainly use some good press. And, India Inc seems to be buying into President Obama's 'win-win' mantra.
Obama today announced that "several landmark" deals worth $10 billion (nearly Rs. 44,000 crore) have been reached between the two countries for creating about 50,000 jobs in the US.
"There is no reason why India cannot be our top trading partner (from 12th position now)... I'm absolutely sure that the relationship between India and the US is going to be one of the defining partnerships of the 21st century," President Obama said addressing the US India Business Council meet. "Boeing is going to sell dozens of planes to India and GE is going to sell hundreds of electric engines. The deals are worth USD 10 billion and will create more than 50,000 jobs in the US," he said.
Just before the address at US-India Business Council (USIBC) in Mumbai, Reliance Power announced a power equipment deal for 2,400 MW plants from GE and low-cost carrier Spicejet announced a deal to buy 33 new-generation 737 aircrafts from Boeing. Rediff.comTwitterNDTV SocialLive MessengerGmail BuzzPrint
Making his visit against the backdrop of electoral reverses on top of economic difficulties, including a high unemployment percentage, 9.6 percent in October. He talked of the perception elsewhere of India being a haven for call centres and American retail giants being feared in India as putting small Indian shopkeepers out of business, and said these are stereotypes and ignored realities.
Obama said, "...there still exists a caricature of India as land of call centres and back offices that costs American jobs. That's a real perception. There are many Americans whose only experience with trade and globalisation has been shuttered factories or jobs being shift overseas." The US accounts for about 60 per cent of India's about $60 billion IT and IT-enabled services exports. But the reality, President Obama said, was that jobs were being created in both the countries and said India was emerging as one of the fastest markets in the world with one of the largest workforce.
"Increase in trade and commerce was a win-win proposition for both the nations," Obama said. The US President added, in 2010, trade and investment ties was not just a one-way street, it was a dynamic two-way relationship creating jobs and growth in both the countries.
India-US trade stood at US $36.5 billion in 2009-10 fiscal and the two countries aim to double trade in the next five years. Describing India, which receives about 8 per cent of its total foreign direct investment from the US, as a defining and indispensable partner of the 21st century, President Obama asked India to reduce trade barriers, while committing to reciprocate.
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Story first published:
November 06, 2010 19:45 IST
Tags: India, Obama, Obama in India, Obama visit
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Obama lands in India, pays 26/11 tribute in Mumbai at start of Asia tour
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Obama to meet 26/11 survivors
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Obama begins his India visit from Mumbai
NewsX - 5 hours ago Watch video
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Obama meets victims of 26/11 attacks
NewsX - 5 hours ago Watch video
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Protectionism fears cloud Obama's India visit
Al Jazeera - 6 hours ago Watch video
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All related videos »Manmohan-Obama connect: That special chemistry
Hindustan Times - 1 hour ago
Three decades may divide them, but no two world leaders share that special chemistry and intellectual delight of being in each other's company as Barack ...Forward Bloc student wing protests Obama visit
Sify - 2 hours ago
Kolkata, Nov 6 (IANS) Activists from the students' wing of All India Forward Bloc (AIFB), a constituent of West Bengal's Left Front government, ...
Forward Bloc students demonstrate before American Centre
Hindustan Times - 4 hours ago
PTI Around 300 students, owing allegiance to All-India Forward Bloc on Saturday staged a demonstration in front of American Centre and burnt effigies of ...
At the G20 summit in Montreal in June, Obama said: "Whenever the Indian Prime Minister speaks, the whole world listens to him."
more by Barack Obama - 1 hour ago - Hindustan Times (24 occurrences)
Obama in India: SOS to Singh
Financial Times (blog) - James Lamont - 6 hours ago
When Barack Obama won the US presidential race two years ago Manmohan Singh, India's prime minister, was foremost in welcoming the dynamism ...
N-suppliers' liability
DAWN.com - Kuldip Nayar - Nov 5, 2010
Manmohan Singh has undone by signing the convention what parliament institutionalised by law. –Photo by Reuters It is difficult to predict ...
What a Big Idea delivers
Indian Express - Nov 4, 2010
It is famously said about Prime Minister Manmohan Singh that he is among the few world leaders who struck up a strong personal rapport with George W Bush at ...
Looking East, properly
The Hindu - Nov 4, 2010
Prime Minister Manmohan Singh's three-nation tour of East Asia was much more than a sum of its parts. Since the 1990s, when India was looking to build new ...
India on the mind
Hindustan Times - Nov 4, 2010
As the president's speechwriter, Ben Rhodes is paid to second-guess his boss. And he says the India story is very close to Barack Obama's own story as an ...
As India pushes east, so China worries
Asia Times Online - Peter J Brown - Nov 4, 2010
Indian Prime Minister Manmohan Singh's trip to Japan in late October was a success, but not a complete success. ...
Subtle Signs
Businessworld - Kandula Subramaniam - 3 hours ago
FRIENDLY TIES: Indian Prime Minister Manmohan Singh with the then US President George W. Bush (right) in the Oval Office at the White House on 25 September ...
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26/11: Obama thanks CST rescuer Vishnu
Oneindia - 46 minutes ago
Mumbai, Nov 6: After paying tribute to the victims of the Mumbai terror attack, President Barack Obama personally met and thanked Vishnu Zende, ...
26/11 hero Zende overwhelmed after meeting Obama
Times of India - 2 hours ago
"The President shook hands with me and said you did a good job," a smiling Vishnu Zende said after meeting Obama at the Taj Mahal Hotel. ...
Obama to meet railway announcer who saved hundreds on 26/11
Daily News & Analysis - Nov 5, 2010
Place: Mumbai | Agency: PTI Railway announcer Vishnu Zende, whose presence of mind during the 26/11 Mumbai terror attacks saved hundreds of lives at the CST ...
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Obama's visit sparks shutdown in Kashmir
Hindustan Times - 1 hour ago
In the backdrop of US president Barack Obama's India visit, a shutdown sponsored by the Kashmiri separatist group Hurriyat Conference disrupted normal life ...
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Oneindia - 7 hours ago
Srinagar, Nov 6: Though curfew was lifted on Saturday, Nov 6 from all parts of Kashmir, but normal life was disrupted in the Valley due to a three-day ...Curfew lifted across Kashmir, but strike disrupts normal life
Hindustan Times - 7 hours ago
Curfew was lifted today from all parts of Kashmir but normal life was disrupted in the Valley due to a three-day strike call given by hardline Hurriyat ...
Security enhanced in J&K ahead of Obama visit
Hindustan Times - Nov 5, 2010
PTI A day ahead of the arrival of US President Barack Obama in India, security has been beefed up in Jammu and Kashmir to prevent any militant attacks ...
Tight security, alert in Kashmir ahead of Obama visit
Hindustan Times - Nov 5, 2010
Security across the Kashmir Valley has been tightened and an alert sounded ahead of US President Barack Obama's four-day India trip. ...
Srinagar peaceful, curfew imposed in parts
The Hindu - Nov 5, 2010
PTI The Hindu People buy firecrackers on the eve of Deepavali in Srinigar. Photo: Nissar Ahmad Curfew was today imposed in parts of Srinagar city as a ...Normal activities resume in Kashmir Valley
Daily News & Analysis - Nov 4, 2010
Place: Srinagar | Agency: PTI Normal activities resumed in Kashmir Valley today as hardline faction of Hurriyat Conference headed by Syed Ali Shah Geelani ...
Peaceful Diwali expected in valley during two days of 'normalcy'
Sify - Nov 4, 2010
Srinagar, Nov 4 (IANS) Jammu and Kashmir's summer capital Srinagar and the rest of the Kashmir Valley are expected to be peaceful for two more days ...
Geelani for US Intervention in Resolving Kashmir Row
Outlook - 37 minutes ago
Advocating US intervention in resolving the lingering Kashmir issue, Hurriyat hawk Syed Ali Shah Geelani today said this would help in narrowing the gap ...
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Obama's visit sparks shutdown in Kashmir
1 hour ago - Hindustan Times
Tight security, alert in Kashmir ahead of Obama visit
Nov 5, 2010 - Hindustan Times
Normal activities resume in Kashmir Valley
Nov 4, 2010 - Daily News & Analysis
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Michelle Obama dances in the home of Bollywood
AsiaOne - 16 minutes ago
MUMBAI, INDIA - US First Lady Michelle Obama on Saturday danced barefoot to Bollywood tunes, as she visited a charity helping orphans and runaways in ...Smiling Michelle breaks into gig with Mumbai kids
Sify - 45 minutes ago
Mumbai, Nov 6 (IANS) With a wide grin on her face, US First Lady Michelle Obama spontaneously broke into a dance as the hit Bollywood number 'Rang De ...
Michelle Obama Meets a Fan
Wall Street Journal (blog) - Jonathan Weisman - 51 minutes ago
It was a cute-as-a-button, tailor-made television moment when US First Lady Michelle Obama met a young fan at the University of Mumbai. ...
Michelle danced to Rang De Basanti with students at Mumbai University
NDTV.com - 2 hours ago
PTI, Updated: November 06, 2010 18:49 IST Mumbai: When US President Barack Obama was talking serious business with industry honchos this evening, ...
Michelle Obama is Mumbai chic as First Lady makes mid-air outfit change before ...
Daily Mail - Tamara Abraham - 3 hours ago
She boarded the plane in a printed blue dress and knee-high boots, but Michelle Obama touched down in India today in a very different ...
Michelle Obama's style statement
NewsX - 13 hours ago
First lady Michelle Obama has not only set the political world a buzzing, but the fashion arena too with her clothing sensibilities and style being watched, ...
One Michelle raring to meet another
Indian Express - 16 hours ago
Since Thursday, Michelle Rodrigues has been the target of her classmates' jokes at Syndenham College of Management. "Everyone is waiting for when Michelle ...
How I'd like to dress up Michelle
Economic Times - 17 hours ago
With the First Lady landing in India, ET asked three top-notch designers how they'd like to dress up Michelle Obama. Whether a multi-panelled coat or a ...Will Michelle's wardrobe take an Indian hue?
Times of India - Bharati Dubey - 19 hours ago
MUMBAI: US President Barack Obama may take centre state during his brief visit to India, but the sensitive issue of sartorial diplomacy will fall on ...
At University library, Michelle to meet kids and budding managers
Indian Express - Nov 4, 2010
Michelle Obama's visit to Mumbai University's library was confirmed by the US Consulate today, university sources said. The final schedule has two additions ...
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Michelle Obama's style statement
NewsX - 13 hours ago Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/49nV83xsKbo/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=49nV83xsKbo">Michelle Obama's style statement</a> <span class="source">NewsX</span> - 13 hours ago <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=49nV83xsKbo">Watch video</a></div>
Left parties protest Obama's visit
Daily News & Analysis - 1 hour ago
Place: Mumbai | Agency: PTI Left parties today staged protests here against US President Barack Obama's India visit, demanding justice for Bhopal gas ...
Bhopal gas survivors want to meet Obama
Sify - 3 hours ago
Bhopal, Nov 6 (IANS) Even before US President Barack Obama landed in Mumbai, about a hundred survivors from the 1984 Bhopal gas tragedy staged a ...
Bhopal gas victims protest against Obama visit
IBNLive.com - 5 hours ago
PTI Bhopal: Victims of the 1984 Bhopal Gas tragedy on Saturday held a demonstration in Bhopal protesting against US President Barack Obama's India visit and ...
At Churchgate, Left demo against United States policies
Indian Express - 13 hours ago
Demonstrators from the CPI, CPM, Forward Bloc, RSP and other Left organisations will protest outside Churchgate station at 5 pm Saturday against US ...
'Ask Obama to extradite Anderson'
Express Buzz - 12 hours ago
BHOPAL: Madhya Pradesh Chief Minister Shivraj Singh Chauhan Friday urged Prime Minister Manmohan Singh to seek during his talks with visiting US President ...
Bhopal survivors cry for Obama support
Washington Bangla Radio - 2 hours ago
By WBRi IBNS Newswire on 06 November 2010 Bhopal, Nov 6 (IBNS) About 100 Bhopal gas disaster survivors and those affected by ground water contamination ...
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WHITE HOUSE NOTEBOOK: Ripe coconuts picked before Obama visit, Michelle Obama ...
The Canadian Press - Munir Ahmad - 59 minutes ago
Security for President Barack Obama's visit to the Gandhi Museum in Mumbai, India, has included not just a vetting of staff at the historic building, ...
Within sniffing distance of the Obamas
Daily News & Analysis - 1 hour ago
Place: Mumbai | Agency: PTI Two feet. That was the closest any journalist came today to the world's most powerful man during US President Barack Obama's ...
Mahatma Gandhi a hero not just to India, but to the world, says Obama(Lead: Obama)
Sify - 2 hours ago
Visiting US President Barack Obama on Saturday described Mahatma Gandhi, Father of the Nation, as "hero not just to India, but to the world" during a ...
Visiting US President Barack Obama on Saturday described Mahatma Gandhi, Father of the Nation, as "hero not just to India, but to the world" during a personal pilgrimage to Mani Bhawan, the home Gandhi used whenever he visited Bombay at the height of the country's freedom struggle against British colonial rule.
more by Barack Obama - 2 hours ago - Sify (8 occurrences)
Obama follows Martin Luther King with visit to Gandhi home
Livemint - 3 hours ago
"I am filled with hope and inspiration as I have the privilege to visit this testament to Gandhi," Obama wrote in the visitors' book. ...
After Taj, Obama arrives at Mani Bhavan
Sify - 3 hours ago
After attending a memorial service for 26/11 victims at the Taj Hotel, US President Barack Obama and his wife Michelle arrived at Gandhi Museum at Mani ...
Obama Visits Gandhi Museum, "He Is a Hero Not Just to India, But to The World"
ABC News (blog) - 3 hours ago
President and first lady Obama visited the Mani Bhavan Gandhi Museum in Mumbai, India, today, housed in a private residence where Gandhi stayed during the ...Obama: Gandhi is hero to the world
USA Today - 3 hours ago
Presidents walk in the pageant of history, so they like to study the people who created the world they inherited -- which is why President Obama visited a ...
Gandhi, a hero for the entire world: Obama
NDTV.com - 4 hours ago
Mumbai: US President Barack Obama today described Father of the Nation Mahatma Gandhi as "a hero not just to India but to the world. ...
Mani Bhavan turns 'white house'
Times of India - Bella Jaisinghani - 13 hours ago
MUMBAI: The full import of US President Barack Obama's impending visit showed in the sleepy Laburnum Lane where Mani Bhavan is located. ...
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Mani Bhavan turns 'white house'
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All related images »Mahatma Gandhi a hero not just to India, but to the world, says Obama(Lead: Obama)
Sify - 2 hours ago
Visiting US President Barack Obama on Saturday described Mahatma Gandhi, Father of the Nation, as "hero not just to India, but to the world" during a ...
Obama pays homage to Gandhi CNN Political Ticker (blog)
Obama: Gandhi is hero to the world USA Today
Obama calls Mahatma Gandhi world's hero Hindustan Times
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Globe and Mail
Obama salutes Mumbai, Gandhi as he begins India journey
Sify - 2 hours ago
From the Taj, Obama reached Mani Bhavan, where his 'hero' Mahatma Gandhi used to stay and which is now a museum, to pay tribute to the apostle of ...
Video: Obama lands in India, pays 26/11 tribute in Mumbai at start of Asia tour
Obama seeks new partnership with India CNN International
Obama pays tribute to Mumbai terror victims BBC News
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The Hindu
An antidote to amnesia
The Hindu - 3 hours ago
Mahatma Gandhi. Could you explain what Gandhiji meant, not just to Pandit Nehru but to the entire family, to all of you, including you? ...
He'll be an aam admi at Rajghat
Times of India - 15 hours ago
NEW DELHI: US President Barack Obama may be the world's most powerful leader, but when he steps into Rajghat to pay homage to Mahatma Gandhi, ...
NDTV.com
At Rajghat, Obama will be an ordinary man
NDTV.com - Nov 4, 2010
New Delhi: US President Barack Obama may be the world's most powerful leader, but when he steps into Rajghat to pay homage to Mahatma Gandhi, ...
No sniffer dogs at Rajghat, says trustee
Hindustan Times - Nov 3, 2010
No "sniffer" dog will be allowed into Rajghat before US President Barack Obama visits the Mahatma Gandhi memorial, a mistake committed during then president ...
Dalits inspired by Obama, seek recognition during Asia tour
Washington Post - Emily Wax - 28 minutes ago
... President Obama spent the afternoon in the seaside mega-city of Mumbai visiting the old-style house of the father of the Indian nation Mahatma Gandhi, ...
MSN India
Obama, King and Gandhi
Indian Express - Oct 30, 2010
A visit to Mahatma Gandhi's samadhi is customary for all the heads of state coming to New Delhi. For the US President Barack Obama, who arrives in India ...
Obama visit: Mani Bhavan to be shut on November 5, 6 Daily News & Analysis
Mani Bhavan not yet preparing for President Hindustan Times
Mani Bhavan to host Obama Deccan Herald
Zopag - India Today
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Rajghat faces canine threat, says Delhi Police
Sify - Nov 4, 2010
New Delhi, Nov 4 (IANS) Delhi Police will maintain a canine watch to control the stray dog menace in and around the Rajghat, the memorial to Mahatma Gandhi, ...
Mahatma Gandhi in, Golden Temple out
Hindustan Times - Oct 27, 2010
US President Barack Obama will keep his date with his personal hero Mahatma Gandhi and visit a museum and the Rajghat during his India trip but apparently ...
Video: Bardhan on Obama's India visit
Gandhi high on Obama's agenda on India visit Monsters and Critics.com
Obama to visit Gandhi museum, interact with Mumbai businessmen Deccan Herald
Chandigarh Tribune - CNN International
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Obama signals easing of high-tech exports, unveils $15 bn deals
Sify - 4 minutes ago
From the Taj, Obama and Michelle reached Mani Bhavan, where his 'hero' Mahatma Gandhi used to stay and which is now a museum, to pay tribute to the apostle ...
France24
In the Mahatma's shadow
Hindustan Times - Oct 29, 2010
The Collected Works of Mahatma Gandhi are available in print and on the Web; meanwhile, single-volume anthologies of his writings, edited by Homer Jack, ...
The first lady of Indian photojournalism takes a bow AFP
City Walk: New Delhi Wall Street Journal
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MSN India
Admirer Obama puts Gandhi on to-do list for Delhi visit
Indian Express - Oct 25, 2010
United States President Barack Obama has expressed his desire to learn more about Mahatma Gandhi during his visit to India next month, said officials in the ...
No special arrangements if Obama visits Rajghat Hindustan Times
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Mahatma Mandir ki mitti got us votes: Modi
Times of India - Oct 23, 2010
... taluka panchayats and the municipality elections to the government's decision to construct the Mahatma Mandir, a memorial dedicated to Mahatma Gandhi in ...
All India essay competition for students on Mahatma Gandhi
Sri Lanka Guardian - Nov 3, 2010
The topic for the essay for the college students was 'HAS MAHATMA GANDHI'S PHILOSOPHY BEEN LOST IN INDIA ?" The topic for the essay for the school students ...
Rajghat faces canine threat, says Delhi Police
India Talkies - Nov 5, 2010
New Delhi, Nov 4 – Delhi Police will maintain a canine watch to control the stray dog menace in and around the Rajghat, the memorial to Mahatma Gandhi, ...
Obama visit: No sniffer dogs at Rajghat this time
Daily News & Analysis - Mayank Aggarwal - Nov 2, 2010
Mahatma Gandhi's great-grandson Tushar cautioned Indian and American authorities on Tuesday against ...
Daily News & Analysis
Probe into RSS-linked terror strikes should not be hampered: CPI(M)
Daily News & Analysis - Nov 4, 2010
This is precisely what was said about Nathuram Godse after the assassination of Mahatma Gandhi. Godse's brother, however, is on record in an interview to ...
Decision on city mayor today
Times of India - Oct 30, 2010
The ceremony will take place at the newly built Mahatma Gandhi hall at the old AMC campus in Dani Limda. The board will also elect its standing committee ...
Gujarat Governor, CM greet people on Diwali
IBNLive.com - 21 hours ago
Modi further said that in its relentless fight against injustice and insecurity, Gujarat has emerged as the torchbearers of Mahatma Gandhi and Sardar ...
Which Bollywood character can Obama play?
Times of India - 3 hours ago
If British actor Ben Kingsley can be the most convincing portrayal of Mahatma Gandhi who fought against the Britishers, why can't Obama play the ...
Education News Hyderabad
Mahatma Gandhi University VC says: Technology must become transparent
Education News Hyderabad - Nov 3, 2010
... Mahatma Gandhi University (MGU). Prof. Gurukkal was inaugurating the two-day national workshop on Open Access Technologies at the University Library. ...
Frontier India - News, Analysis, Opinion
Modi reads Gandhi's Hind Swaraj during Vanche Gujarat hours
DeshGujarat - Oct 30, 2010
... seat with other readers as if a routine and picked up his favorite – 'Hindswaraj', both written and English-translated by Mahatma Gandhi a century back. ...
Vanche Gujarat campaign launched Times of India
Narendra Modi spends an hour reading Bapu's 'Hind Swaraj' Daily News & Analysis
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Stock Market Today
America seeks to assuage Indian IT industry
Stock Market Today - 3 hours ago
Later Obama visited Mani Bhawan, Gandhi's Residence, now a Museum. In his remarks in the visitors' book, US president said that Mahatma Gandhi is a hero not ...
Gandhi statue had nothing to fall back on
Times of India - Oct 24, 2010
It was almost like second death of Mahatma Gandhi, as closer to Gandhi Jayanti, a photograph from Jamnagar appeared in TOI of a broken statue of Gandhiji. ...
The Hindu
Gandhi Vs Arundhati Roy: patriotic or seditious?
IBNLive.com - Oct 27, 2010
New Delhi: There is little that Arundhati Roy has in common with Mahatma Gandhi. If Delhi police books the writer-activist for her remarks on Jammu and ...
Video: Kashmir issue: Sedition vs free speech?
Arundhati Roy: The debater of big things The Guardian
Jammu celebrates state's accession with India Sify
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NDTV.comObama visit to Delhi: Special vigil against monkeys and dogs
Indian Express - 3 hours ago
... which will host the American President during his stay here, and Rajghat, where Obama will visit to pay respects at the memorial of Mahatma Gandhi. ...
Five layers of security for Obama's Delhi visit Sify
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Vibe Ghana
JJ & JAK nominated for the 'Mahatma Gandhi' award
GhanaWeb - Oct 27, 2010
Bamako, Mali - Six former African heads of state are to be honoured with the 'Mahatma Gandhi' trophy for their roles in the growth of democracy in their ...
JJ & JAK nominated for 'Mahatma Gandhi' award Citifmonline
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California election results 2010 & US midterm election results cloud Obama's ...
Khabrein - 19 hours ago
The official visit of Obama into the land of Mahatma Gandhi is said to bestow relief and tranquility for the President from the debacle, his Democratic ...
NDTV.com
Obama arrives in Mumbai
Sify - 6 hours ago
Obama will then visit the Gandhi Museum at Mani Bhawan to honour the memory of Mahatma Gandhi. He will then attend a business summit organised by the ...
Obama invite upsets Maharashtra leaders Washington Bangla Radio
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The Indo-US Strategic Relationship and Pakistan's Security
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< Prev 1 2 3 4 5 6 7 8 9 10 11 Next >Mahindra's electric car Reva and their US-based partner Curtis reportedly generated considerable interest at the meeting.
"Through this partnership, Mahindra Reva and Curtis are advancing the commercialisation and adoption of clean vehicles in India and across the globe", a White House press release said ahead of the meeting of Obama with the select business leaders.
On clean drinking water, it said, Minnesota-based Pentair Filteration Systems are being used by Piramal's Sarvajal to develop sustainable drinking water solutions for rural and urban population.
The Epic System , an optical biosensor developed and manufactured by Upstate New York's Incorporated, is being used in partnership with Advinus Therapeutics for development of new therapies for a variety of diseases, it added.
Top U.S. chief executives said on Saturday they hope President Barack Obama will ease long-standing trade controls with India during his visit here and this would be good for jobs back home.
President Barack Obama was set to announce $10 billion in business deals on Saturday as he arrived in India to boost U.S. exports and jobs after a mauling in mid-term polls, but he ran into immediate controversy over Pakistan.President Barack Obama will announce the easing of U.S. controls on exports to India when he addresses business leaders here on Saturday in a move to boost trade between the two countries, the White House said.
The United States is still recovering from recession and its unemployment rate is hovering above the nine percent mark, which is adjacent to India's growth rate.
A drubbing in the mid-term poll earlier this week, clearly reflects that Obama's economic policies have failed to captivate the American imagination.
The US recognizes that India can play a big role in bailing the country out of recession.
Recent Indian acquisitions have created and saved 65,000 jobs in the US. Indian companies invested 5.5 billion dollars in American Greenfield projects between 2004-09. In mergers and acquisition of companies in the US, Indian companies have invested 20 billion dollars in the last five years.
US President Barack Obama announced that "several landmark" deals worth USD 10 billion (nearly Rs 44,000 crore) have been reached between the two countries for creating about 50,000 jobs in the US.
Expressing confidence that he was absolutely sure that relationship between the two countries was going to be one of the defining partnerships of the 21st century, he asked India to reduce trade barriers, while committing to reciprocate.
"There is no reason why India cannot be our top trading partner (from 12th position now)... I'm absolutely sure that the relationship between India and the US is going to be one of the defining partnerships of the 21st century," President Obama said addressing the US India Business Council meet as he started his three-day maiden visit to India.
"Several landmark deals have been done shortly before my arrival here. Boeing is going to sell dozens of planes to India and GE is going to sell hundreds of electric engines.
Obama flew into Mumbai, India's financial hub, and announced the United States would also relax export controls over sensitive technology, a demand of India's that will help deepen U.S. ties with the emerging global power and its trillion dollar economy.
Obama's visit, the first leg of a 10-day Asian tour, has been hailed as moving the United States closer to India at a time when Washington is trying to revive a weak economy and gather support to pressure China on its currency.
US President Barack Obama will tout several "significant" business deals as he courts Indian entrepreneurs and top US executives on the first day of his job-focused trip to India Saturday.
White House officials said that Obama, kicking off a four-nation Asia tour in the wake a mid-term election drubbing from Republicans, will seek an economic dividend for the slowly recovering US economy.
He will also pay tribute to India's emergence as a significant security and economic power in Asia and bill it a cornerstone of his policy of deepening ties to a region he considers fundamental to America's future.
"President Obama intends this trip to be and intends our policy to be a full embrace of India's rise," the president's new national security advisor Tom Donilon told reporters on Air Force One.
Obama's first act on Indian soil will be to pay tribute to victims of the November 2008 attacks by Islamist extremists in Mumbai, with a speech at the renovated Taj Palace hotel, the main focus of the strikes.
But he will then throw the spotlight squarely on US-India business ties, as he seeks to pry open new markets to US exports and seek opportunities for American businesses to create jobs, in a bid to ease 9.6 percent unemployment.
He will speak to Indian entrepreneurs importing US technologies and top US executives from firms like PepsiCo and GE, before giving a speech to an audience including 200 US business leaders, officials said.
The speech and related announcements will send a "powerful message to the people of India and the people of the United States," said Donilon.
Obama's three-day stay in India is the longest time he had spent in a foreign nation as president, he added.
Officials said "significant" US-India business deals would be unveiled before the speech.
On Sunday, Obama will hold a town hall-style meeting in Mumbai before flying to New Delhi for talks and a state visit with Prime Minister Manmohan Singh, before moving on to Indonesia, South Korea and Japan.
Obama's first act was to pay tribute to victims of the 2008 Mumbai attacks, but he was criticised for making no reference to India's traditional foe Pakistan, which New Delhi blames for harbouring anti-India militants.
Pakistan-based militants killed 166 people in a 60-hour rampage through India's financial hub, gunning down their victims at luxury hotels, a train station and a Jewish centre. India says elements in the Pakistan state were behind the attacks.
"We visit here to send a very clear message," Obama said after meeting victims' families at the luxury sea-front Taj Mahal Palace Hotel, the iconic landmark where TV images showing it in flames after battles between militants and commandos came to symbolise the massacre.
"In our determination to give our people a future of security and prosperity, the United States and India stand united."
Saturday's speech highlighted the diplomatic test for Obama. Indians want a strong statement against Pakistan for fostering militants, but Washington must tread a fine line between appeasing New Delhi and supporting U.S. regional ally Islamabad.
But Obama's trip is also about business, with China now ahead of the United States in trade with India.
The $10 billion in deals will support 54,000 jobs in the United States, White House aide Michael Froman said, although most of the deals were previously announced.
But it will be the kind of message Obama will be keen to publicise in a country often seen as taking jobs away from the West with its growing outsourcing business.
The White House also announced Obama would support India's membership of four global non-proliferation organisations, a move that will reassure India -- left out of these groups after its 1998 nuclear tests -- that Washington is recognising its global clout.
Obama will also visit Indonesia, South Korea and Japan on the Asian tour that will see Washington push to prevent countries unilaterally devaluing currencies to protect their exports, a top theme at the Group of 20 heads of state meet in Seoul next week.
Obama flew by helicopter to the Mumbai seafront before heading to the Taj hotel. Onlookers pressed up against police barricades along the motorcade's short route.
With armed police at every road intersection, southern Mumbai was turned into a fortress with police outnumbering onlookers. Snipers kept vigil on the top of buildings along the route.
Across town, police took the precaution of removing coconuts around Mani Bhavan, where Indian independence hero Mahatma Gandhi stayed while in Mumbai and which now serves as a museum that Obama visited on Saturday.
The 2008 Mumbai attack was launched by militants who arrived by boat from Pakistan, coming ashore near the Taj. It increased tension between the nuclear foes, who have been to war three times since independence from Britain in 1947.
TOUGH SELL
TV stations were abuzz with most Indian commentators surprised about the softness of Obama's Taj speech.
"This was a guarded statement," strategic analyst Mahroof Raza told the Times Now news channel. "No mention of Pakistan conveys that Pakistan is key to their (Washington's) Afghan policy ... and, therefore, Pakistan will not be brought to book."
The opposition also criticised the speech.
"Knowing fully well that Pakistan and Pakistani machinery has been used for perpetrating terror in India, by not acknowledging it he has disappointed the country as a whole," said Rajiv Pratap Rudy, spokesman for the Hindu nationalist Bharatiya Janata Party.
Obama is due to meet hundreds of U.S. and Indian business leaders later on Saturday. He arrives in New Delhi on Sunday.
Obama's Saturday-to-Tuesday trip to India started just four days after his Democratic party sustained big election losses tied to the weak economy, raising some doubts over how much the trip can yield given the pressures at home.
On the agenda will be lucrative defence ties. The United States has held more military exercises with India in the past year than any other country, and U.S. firms Boeing and Lockheed Martin Corp are bidding for a $11 billion deal for 126 fighter jets.
Washington still faces a host of hurdles, including Indian worries that signing defence pacts -- which are necessary for the U.S. arms sales to go through -- may land New Delhi in a wider entanglement with the U.S. military.
Also, an increase in U.S. visa fees, a ban on offshoring by the state of Ohio and the Indian IT industry's portrayal in campaign publicity as a drain on U.S. jobs have set a frosty tone in India.
India has emerged as the second-fastest growing investor in the United States, after the United Arab Emirates, said FICCI and Ernst and Young in a joint report.
However, almost 60 percent of investments made by Indian firms in US is in pharmaceuticals and the IT sector.
A recession-hit US would certainly like to enlarge the basket by relaxing the export of high technology and dramatically jack up Indian investments, especially in defence and space technologies.
President Obama has centered his India visit on business and job creation and had even indicated that Washington is considering a lifting of ban on dual use high technology.
The export ban has remained, despite the passage of the Indo-US nuclear deal in March 2008, mainly because of India's refusal to sign Nuclear Non-Proliferation Treaty (NPT).
New Delhi believes that dual-use sanctions had no place in the burgeoning partnership and views it as anachronistic.
Overall, total exports of advanced technology products exported from the U.S. to India have increased from 1.3 billion dollars in 2003 to over four billion dollars in 2009, despite the global economic slowdown.
The US administration expects business deals worth over 10 billion dollars across several sectors to be signed during Obama's visit.
India also need US support in getting a entry in key non-proliferation-related groups like the Nuclear Suppliers Group, theMissile Technology Control Regime, the Australia Group (dealing with chemical and biological weapons) and the Waassenaar Group (export controls for conventional arms).
"There are strong rumors that very archaic export control system that exists between the U.S. and India, we may be able to see a liberalization of that," Dave Cote, Chairman and CEO of Honeywell, told reporters.
"I am very hopeful that those rumors become true. I think that is good for trade, which means it is good for jobs in both countries," said Cote, who serves on two White House panels and is part of a big corporate delegation here for Obama's visit.
India wants Obama to abolish export restrictions on dual-use technology that could be used to build nuclear weapons, imposed after India exploded its latest nuclear device in 1998.
The president arrived earlier in Mumbai at the start of a 10-day Asia tour with a strong plug for U.S. business in India, which the White House says is central to his pledge to double U.S. exports within 5 years.
Obama could announce his plan to ease export controls during an address to U.S. and Indian corporate leaders at a business conference later on Saturday to showcase U.S. goods.
Terry McGraw, head of McGraw-Hill Companies and chairman of the U.S.-India Business Council, said Obama's visit comes at a vital time amid rising anti-trade rhetoric spurred by high unemployment at home and elsewhere.
"When you've gone through an economic downturn to the extent that we have, a lot of countries very easily go protectionist and we've seen a lot of protectionism around the world. You can't win in a protectionist kind of view," he said.
Obama's Democrats lost control of the U.S. House of Representatives in midterm congressional elections after a campaign marked by pointed criticism of China and outsourcing hubs for services including India.
Obama got a firsthand briefing about progress on boosting U.S. business with India from Boeing chief Jim McNerney, who met him at the airport in Mumbai and accompanied the president on the helicopter flight into the city.
Boeing has lined up the sale of C-17 military transport planes to India and also hopes to benefit from billions of dollars in contracts to overhaul the country's mainly Russian-supplied military, a legacy of their cold war ties.
Those orders include a $11 billion deal for 126 fighter jets for which Lockheed Martin Corp, France's Dassault, Russia's MiG-35, Sweden's Saab and the Eurofighter Typhoon are also competing.
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Outsourcing costing Americans their jobs: Obama
Mumbai, Nov 6 (PTI) Concerned over rising unemployment in the US, President Barack Obama today said outsourcing work to overseas locations like India has cost Americans their jobs.In possibly a heartbreaking statement for the Indian IT industry, which gets over 60 per cent of its business from the US, Obama said, "...there still exists a caricature of India as land of call centres and back offices that costs American jobs. That''s a real perception."
Addressing a US India business council meet here, Obama said, "There are many Americans whose only experience with trade and globalisation has been shuttered factories or jobs being shift overseas."
The US accounts for about 60 per cent of India's about USD 60 billion IT and IT-enabled services exports.
A fragile recovery of the economy, coupled with high unemployment levels has seen US taking a number of protectionist measures such as hiking the Visa fees.
Earlier, Obama had also suggested that tax breaks could be ended for companies outsourcing work overseas.
The unemployment rate in the US was 9.6 per cent for the month of October.
Obama, who is on a three-day visit to India, added, "As we look to India today, the US sees a potential to sell exports in one of the fastest growing markets in the world. For Americans, this is a job threat as we recover from recession."
Anil Ambani group, SpiceJet signs USD 5 bn deals with US firms
Anil Ambani group firm Reliance Power and low cost airline SpiceJet today inked deals worth USD 5 billion with US firms, including GE and Boeing, in the presence of US President Barack Obama. Chairman ADA group Anil Ambani announced a deal to procure gas turbines for 2,400 megawatt power project from GE and other US firms, totalling an investment of USD 2.2 billion.The gas turbine for the Rs 10,000 crore expansion of Samalkot power project in Andhra Pradesh would be valued at USD 750 million, the company said later in a statement. On the signing occasion, Obama said the deals barely scratched the potential and dubbed India as the market of the future where Washington was willing to step up investments, provided uncertainties relating to tariffs and other barriers were addressed.
"This is defining moment in Indo-US energy cooperation," Ambani said after signing the deal with General Electric Chairman Jeff Immelt here. As for no-frills carrier, SpiceJet is buying 30 planes from US aircraft manufacturer Boeing.
The USD 2.7 billion deal was signed by SpiceJet Director Bhulo Kansagra and Christopher Chadwick of Boeing. The agreements are among 20-odd pacts involving an investment of USD 10 billion that President Obama hopes to seal during in Saturday-to-Monday visit to India which will create over 50,000 jobs in America.
Most of these deals were arrived at before the President Obama landed here. Reliance Power, in partnership with GE will implement 2,400 MW gas-based power project at Samalkot, Andhra Pradesh in India to be operational by 2012.
This mega deal will create nearly 5,000 jobs in the US and would result in over USD 2 billion manufacturing exports from US to India over the next 24 months.
US First Lady dances with kids, underlines need for education
When US President Barack Obama was talking serious business with industry honchos this evening, his wife Michelle interacted with differently-abled children at the library of Mumbai University and danced with them to the tunes of a hit number from Aaamir Khan-starrer "Rang De Basanti". During her half-hour interaction, Michelle spoke to the kids and inspired them to reach greater heights, bringing a touch of compassion and social care to the presidential visit.
"I love dancing," she told the kids. "You are very lucky and blessed.
I also have two children," she said. "Working hard, studying and having courage are the important things in life.
I also studied hard in my life. I never thought I will become the first lady.
But when I got a chance, I was prepared for it because of education. You can be successful and smart with education," she said at the programme organised by NGO Making A Difference.
She also invited queries from students. A girl told her that after meeting the First Lady, her dreams have come true.
Michelle responded, saying "No. You are my dream.
We are very proud of you." "President Obama is trying to make this world better so that kids like you can get better opportunities," she said.
Michelle asked the kids to work hard and "educate yourselves." She signed autographs on their hands and shirts and danced with them once again to the RDB title song.
Obama's India visit
As President Obama's first state visit to India approaches, conversation remains focused on what the US might be able to deliver to India at multilateral , regional & bilateral levels.06 November 2010 Last updated at 19:12 GMT
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LatestObama rejects view of India as 'land of call centres'
President Barack Obama hailed India on Saturday as a vital source of US growth and jobs as his administration announced relaxation of US export contro...Obama announces $10 bn worth Indo-US trade deals
Obama said relationship between US and India should be a win for both sides, while acknowledging concerns in US about outsourcing.Obama to ease US-India export controls, boost trade
President Barack Obama will announce the easing of US controls on exports to India when he addresses business leaders on Saturday.
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6 Nov, 2010, 03.10PM IST,Bloomberg
Emerging market stocks to gain 35% by end 2011
Emerging-market stocks will gain 35% in dollar terms by the end of next year, supported by the Federal Reserve's bond purchasing plan and a "super-Goldilocks" economic environment , according to Citigroup Inc .The MSCI Emerging Markets Index may rise to 1,500 by end-2011 , said Geoffrey Dennis and Jason Press, New York-based equity strategists, boosting their estimate from 1,132 previously. The brokerage raised its rating on Brazil and Poland to "overweight" , lowered Taiwan and the Czech Republic to "neutral" and cut Turkey to "underweight" .
"The weak, but not recessionary, macro situation in developed countries is a 'super-Goldilocks' environment," the analysts said. "The sub-par recovery in developed economies, with the very low interest rates that go with it, represents an ideal cocktail for emerging market asset prices."
The index for emerging markets has surged 17% this year, twice the 8.4% gain in the MSCI World Index of shares in developed markets. Investors poured money into developing nations at a record pace in search of higher yields amid near-zero benchmark interest rates in the US.
At 1,500, the MSCI Emerging Markets Index will have multiples of 13 to 13.5 times estimated earnings and 2.8 times book value, "well below the valuation peaks of 1993 and 2007", Dennis and Press said.
Inflows into emerging-market stock funds have surpassed $60 billion and exceeded $46 billion in bond funds, both poised for their best year since Cambridge, Massachusetts-based EPFR Global started tracking them in 1995.
Strong inflows
"An expansionary Fed and a weak dollar, combined with the much stronger outlook for economic growth in the emerging markets, are a recipe for a continuation of strong inflows into emerging market assets," Dennis and Press said.
While central banks in the US, Europe and Japan step up efforts to boost their flagging economies, developing nations are poised to expand at a 7.1 pace per cent this year, the fastest since 2007, International Monetary Fund forecasts show.
Investors should favour domestic industries in developing nations as these will benefit from strong emerging market growth and low interest rates while central banks in developing nations stave off currency appreciation, Dennis and Jason said.
6 Nov, 2010, 04.48AM IST, Partha Sinha,TNN
Will FIIs continue to pour money into India?
MUMBAI: The Diwali day trading on Dalal Street, as expected, ended an action-packed week on a high that started with RBI's policy decision, followed by the US Fed's economic stimulus package and reached a crescendo with Coal India listing on Thursday. For investors, the time has now come to look forward to see what is in store for them over the next few months.As of now, the biggest question for investors, brokers, dealers and other marketmen is will the foreign fund managers continue to pour money into the stock market, like they did during the last two years. Consider this: Since the BSE sensex had touched a low of 7,700 level in October 2008, FIIs have net infused nearly $44 billion into Indian stocks. As a result, the sensex is nearly three times what it was then.
Since the memories of the global financial market meltdown of 2008 and 2009 are still fresh in investors' mind, they are cautious now. Usually, FII fund managers book some profit in their portfolios towards the end of the calendar year, and the same could start now. "They need to take some money home which will pay for their bonuses,'' said an institutional dealer with a domestic brokerage house.
Market analysts therefore feel that there could be a correction of around 10 % in the stock markets over the next few months. Usually profit taking happens in November-December and FIIs come back to the market after they get their fresh allocations during the second and third week of the new year. This year, however , things could be a little different and they might continue to sell, said Arun Kejriwal, director, KRIS, an investment advisory firm.
"They might decide to sell now because they have made good money in their portfolio . Additionally, the rupee has also appreciated against the US dollar. So if they sell now and take money home, they would benefit on both counts,'' explained Kejriwal.
So far this year, net FII inflow in stocks is nearly $27 billion. During the same period, while the rupee has appreciated nearly 5% to 44.21 to a dollar now, the sensex is up a little over 20%. Another factor, market players pointed out, that could affect the rupee is the rising crude oil prices . After the US Fed announced its second stimulus package worth $600 billion, sensing higher demand for oil in the US, global crude oil prices have shot up and is trading at $87 per barrel level.
"In case this shoots up to $100 or beyond, with substantial current account deficit because of huge imports into India, the rupee could start depreciating against the dollar,'' a bond dealer with a leading primary dealership said. "So the gain from both sides, and the chances of rupee depreciation going forward, together make a strong case for FII fund managers to sell now,'' Kejriwal added.
Another issue that market players are eagerly waiting to see is how the government prices it upcoming divestment offers and if the huge success of Coal India IPO makes it greedy. In the current fiscal, it has one divestment through the IPO route, and another six through the FPO route. Seen from another side, with 40% or more listing day gains in Coal India, investors would also look at substantial discount in divestments through FPOs.
"If the expectations of the government and the investors clash, selling any offer will be difficult for the government,'' said an independent market analyst. And if the success of Coal India and its positive rub-off effect on the whole market is any indication, a bad pricing in an offer or lower post-offer returns that do not match investor expectations , could spoil the mood on D-Street .
Sanitising Mumbai for Obama no small task
The pot-holed streets of Mumbai are being spruced up, shabby buildings are being given a paint job, school children are diligently rehearsing their dance moves and the security establishment is putting every man on the job: the city of Gold is getting ready to host the president of the United States.
In the early hours of November 6, when President Barack Obama lands in Mumbai, he may not get a huge welcome at the airport or on the way to his hotel. For one thing, it is the Diwali weekend, the biggest holiday in India. It is a bit like a foreign dignitary arriving in New York on Christmas; the locals are busy with their celebrations and will mind their already traffic-clogged roads being blockaded by the American president's motorcade. One newspaper suggests Obama skirt the notorious Mumbai traffic by flying straight to his South Mumbai hotel by helicopter.
The other thing that could keep the ordinary citizen away from him is the security. All kinds of speculation has been doing the rounds, including claims that scores of U.S. secret service agents have been in Mumbai for weeks looking closely at each and every nook and corner of the potential spots Obama could visit. Mumbai police are reported to have deployed sharp shooters at different points in the city.
A trip to the Chattrapati Shivaji Terminus, the scene of horrific killings by terrorists on the night of November 26, 2008, was apparently scheduled but was called off when the local police could not guarantee a sanitized security environment at the main train station. Michelle Obama's plans to see for herself the notorious red light area of Kamathipura was also nixed by the Maharashtra government.
There is no official confirmation on the Obamas one-day schedule in Mumbai, but some details have trickled out.
The president and first lady are staying at the domed Taj Mahal Palace heritage hotel, where two years ago guests and staff were held hostage for four days while commandos fought the armed terrorists inside during the attack. The Taj, as it is called, and the area around it have been turned into an armed fortress and the U.S. president's entourage has reportedly booked the entire 600-room hotel.
Again, these are not details given out officially, though even a casual visit to the vicinity of the hotel, next to Mumbai's famed Gateway of India monument, will show the extent of the security blanket in the neighborhood.
President Obama will also address a group of Indian businessmen, visit St Xaiver’s college, one of the most prestigious institutions in the city, go to Mani Bhavan, the Mumbai home of Mahatma Gandhi and visit the Holy Name school in Colaba to celebrate Diwali, where the excited kids are practicing their steps but are in the dark about when exactly in the day the president will arrive.
All of which has led to some mixed feelings among citizens.
Though President Obama is much admired in Mumbai and the sites he will visit are all agog in anticipation, the security and the timing of the trip have left many people underwhelmed. The fact that he is travelling with a 200-plus contingent of U.S. businessmen emphasizes the economic angle to his trip, which strikes a chord in this, the commercial capital of India.
But the President, coming to India immediately after fighting the high-pressure mid-term elections in his country, should not feel too aggrieved if citizens do not turn out in large numbers to greet him.
Pakistan gives another 26/11 dossier to India
Pakistan Friday handed over to India its 13th dossier on the 2008 Mumbai terror attack, a day before US President Barack Obama's India visit.
Rahul Kulshreshth, deputy high commissioner of India in Islamabad, was called to the Foreign Office Friday by Director General (South Asia) Afrasiab and handed over 'Pakistan's Dossier No.13' about the Mumbai terror attack, in which at least 166 people were killed.
He was also provided detailed information on Pakistan's proposal to send a commission to India that would record the statements of the key witnesses.
The foreign office requested the Indian government to facilitate the visit of the proposed commission, a press communique said.
Ten gunmen sneaked into Mumbai from Pakistan in November 2008 and let loose a reign of terror. Nine of the heavily-armed gunmen were killed by security forces while the tenth, Ajmal Amir Kasab, was arrested. The terror strike put a tremendous strain on the ties between India and Pakistan.
Pakistan handed over the dossier Friday, a day before Obama arrives in India on a four-day trip. Obama, who arrives in Mumbai Saturday, will stay overnight at the Taj, one of the major sites of the terror attack.
US should support India's pursuit for UNSC permanent seat, says McCain
United States' Republican Party has stated that America should fully back India's pursuit for a permanent seat in the United Nations Security Council (UNSC).Senior Republican Senator John McCain has said, "if we want India to join us in sharing the responsibilities for international peace and security, then the world's largest democracy needs to have a seat at the high table of international politics."
McCain said it while speaking on Indo-US ties at the Carnegie Endowment for International Peace in Washington Friday night.
India, McCain said, must be represented in the foundational institutions of the global order.
He said, the United States should push for India's inclusion in the International Energy Agency, the Asia-Pacific Economic Cooperation forum, and those parts of the global non-proliferation regime from which India is still excluded.
McCain's endorsement for India's bid for the UN Security Council gain significance given the bipartisan nature of support on Indo-US relationship and the emergence of Republican Party as a strong force after the Tuesday's mid-term polls, in which it gained majority in the US House of Representatives.
It maybe noted that the Republicans won majority in the US House of Representative in the November 2 mid-term elections.
Outsourcing of US jobs to India and other countries was one of the major issues during the election.
Books on Obama creating buzz in Delhi, Mumbai
Books on U.S. President Barack Obama and his posters bearing his image are selling fast in New Delhi and Mumbai, the two cities he is visiting on a trip to India."At least 500-600 customers have been trickling in at our store asking for books on Obama," the manager at a bookstore in Mumbai told Reuters by telephone.
"We have already sold a good number of books such as Bob Woodward's 'Obama's Wars' and 'Obama: The Historic Journey'."
Books on First Lady Michelle Obama are also proving popular.
"I have received calls from many customers seeking books on Michelle Obama and her love for health and art," Salim, a bookshop owner in Delhi, said.
"We have placed a request with the publisher for some 1,500 copies of 'Michelle: A Biography'. There was a similar interest in books Laura Bush and Hilary Clinton when their husbands visited India."
Posters of Obama, the first lady and their children are also attracting scores of people at shopping malls and flea markets in the capital.
Many shoppers who went to purchase their stock of crackers, gifts and items for weekend celebrations of the Hindu festival of Diwali returned home with a pack of Obama posters.
"This month has completely belonged to Barack Obama," said Manvi Sharma, a gift shop owner in Delhi.
Young Indians appeared particularly enthusiastic about the chance of catching a glimpse of the U.S. president.
"He is my idol. He speaks in a language and tone which connects so well with the youngsters. After all, he's the first black American President," said a student at St Stephen's College in the capital, who did not want to give her name.
"I along with my friends have started a special page on Facebook community dedicated to Obama visit to India."
(Editing by Alex Richardson)
US economy adds 151,000 jobs in October
The unemployment rate in the United States may not have fallen substantially in 2010, but a US Labor Department report has given President Barack Obama some cheer by revealing that 151,000 jobs were added to the American economy in the month of October.According to the New York Times (NYT), nearly 15 million people are still out of work, and the unemployment rate in the United States remains stubbornly high at 9.6 percent.
Even if the American economy suddenly expands and starts adding 208,000 jobs a month, according to the NYT, it would still take 12 years to close the gap between the growing number of American workers and the total available jobs, according to the Brookings Institution's Hamilton Project.
The latest numbers underscore the challenges that lie ahead for Washington with a newly divided government and calls by Republican leadership to discredit Obama's economic policies.
The Federal Reserve's decision this week to pump more money into the economy - seem to be upsetting the rest of world. One effect of the Fed's actions is to drive the dollar lower against other currencies, making American products more competitive and perhaps laying the groundwork for asset bubbles elsewhere.
President Obama hopes to use his Asia trip to highlight the need for creating more jobs in America.
"The primary purpose is to take a bunch of U.S. companies and open up markets so that we can sell in Asia, in some of the fastest-growing markets in the world, and we can create jobs here in the United States of America," Obama told his cabinet Thursday.
He acknowledged that the jobs report was encouraging. (ANI)
Obama rejects view of India as "land of call centres"
President Barack Obama hailed India on Saturday as a vital source of U.S. growth and jobs as his administration announced relaxation of U.S. export controls to spur trade between the two countries."As we look to India today, the United States sees an opportunity to sell our exports in one of the fastest growing markets in the world. For America this is a jobs strategy," Obama said as he kicked off a 10-day tour of Asia.
(For slideshow "Obama in India", please click http://in.reuters.com/news/pictures/slideshow?articleId=INRTXU87Z)
Obama's Democrats lost control on the U.S. House of Representatives in congressional elections on Tuesday as voters punished the party for high U.S. unemployment after a campaign marked by criticism of China and outsourcing hubs like India.
Acknowledging that anger, Obama said India was still seen by many Americans as "a land of call centres and back offices that cost American jobs", but he rejected that view.
"It is a dynamic, two-way relationship that has created jobs and growth and higher living standards in both our countries and that is the truth," he told business leaders.
In an address to a business summit, the president said U.S. companies were finalising deals worth around $10 billion.
"Today's deals will lead to more than 50,000 jobs in the United States," he said.
Deals include previously announced transactions involving General Electric for aircraft engines and gas turbines, and Boeing for 737 passenger planes. But details on a key $4.5 billion sale by Boeing of C-17 military transport planes were still being ironed out.
White House aide Michael Froman told reporters Obama would ease export controls imposed after India's 1998 nuclear tests, and support Indian membership of four key global nuclear nonproliferation regimes.
"This really includes India as a major player in a non- proliferation world... and it recognizes the nature of the strategic relationship we now have with India," Froman said.
The four regimes are the Nuclear Suppliers Group, the Missile Technology Control Regime, the Australian Group, which aims to reduce the spread of chemical and biological weapons, and the Wassenaar Arrangement, a multinational effort to control the transfer of conventional arms and dual-use technology.
Obama will remove almost all of the remaining Indian defense and space organizations from a list of entities maintained by the U.S. government to curb proliferation, and relax so called dual-use rules for Indian firms that regulate technology with both civil and defense applications.
"We will end up treating India similar to other close allies and partners other than as a country of concern," Froman said.
Terry McGraw, head of McGraw-Hill Companies and chairman of the U.S.-India Business Council, said Obama's visit came at a vital time amid rising anti-trade rhetoric spurred by high unemployment at home and elsewhere.
"When you've gone through an economic downturn to the extent that we have, a lot of countries very easily go protectionist and we've seen a lot of protectionism around the world. You can't win in a protectionist kind of view," he said.
(Editing by Andrew Marshall)
Moily says Obama 'afraid' of Bangalore's IT infrastructure
With Barack Obama repeatedly asking Americans to work hard to compete with Bangalore and Beijing, Law Minister M Veerappa Moily on Wednesday said if at all the US President was "afraid" of anything it was the "world class" IT sector flourishing in the Garden City."If at all, the US President (Barack) Obama is afraid, he is afraid of only Bangalore. I think he is not visiting Bangalore this time," Moily quipped addressing a book launch function here.
Moily was telling the audience present at the function about how he managed to get a "world class" IT sector infrastructure established with the help of "excellent" civil servants in Bangalore when he was the Congress Chief Minister of Karnataka.
"We could create a world class infrastructure in IT Sector in Karnataka. And today our export is more that 18000 crore softwares per annum," Moily said.
"Many of the experiments which we did in Karnataka, it could be possible because we had excellent civil servants. You give an idea and they implement it," he added.
The Law Minister underlined that it is only India where creation of "such a world class" infrastructure and manpower is possible.
"It doesn't require much change except change in mindset. And our civil service system should respond to that, he said.
Obama has repeatedly said that American schools would have to ensure that they continue producing leagues of top professionals, so that the American hegemony in human resource continues in this century.
Exhorting American students to toil harder at school, the US President had recently said that their success would determine the country's leadership in a world where children in Bangalore and Beijing were raring to race ahead.
"At a time when other countries are competing with us like never before, when students around the world in Beijing, China, or Bangalore, India, are working harder than ever, and doing better than ever, your success in school is not just going to determine your success, it's going to determine America's success in the 21st century," Obama said addressing American students in September.
Last year, while announcing an end of tax incentives to US companies which created jobs overseas, Obama had launched the 'Say no to Bangalore and yes to Buffalo,' slogan.
Since then, he has time and again mentioned the competition coming in from developing countries like China and India while asking Americans to rise to the challenge to keep the American supremacy alive.
Ahead of Obama's visit, US says India indispensable partner
WASHINGTON: On the eve of President Barack Obama's visit to India, the US said India is an indispensable partner rising on global stage and that lifting restrictions on export control of high technology items and counter- terrorism measures were on the agenda during summit talks.The White House also said that it supports and encourages both India and Pakistan to resolve their bilateral issues directly, noting that Islamabad has nothing to fear from Washington's growing ties with New Delhi.
The White House assessment of Indo-US issues was given by National Security Council spokesman Mike Hammer during a digital video-press conference with foreign journalists in New York and Washington ahead of Obama's departure. Obama is due to hold talks with Prime Minister Manmohan Singh in New Delhi on Monday.
Hammer said lifting of restrictions on exports of dual use items is something that will come up in the course of Obama's visit to India.
"I don't, again, want to get ahead of ourselves in terms of any potential announcements, but it is complicated, and we're working through it," he added.
The White House official was responding to questions about the statement given by Commerce Secretary Gary Lock that significant announcement is expected on export controls during the President's visit.
Obama too in an interview had said these are very difficult and complicated issues.
Hammer said "in terms of how Pakistan should view the visit to India, the United States does enjoy very positive and fruitful relations with both countries, with both India and Pakistan. And one is not at the expense of the other."
He was responding to a question how Islamabad views Obama's visit to India.
"I think both countries benefit from American engagement in the region, trying to promote greater economic growth, to see that these democracies -- both of them -- need to continue to flourish," he said.
"In the case of India, we have a strategic partnership which we're trying to develop. It's an indispensable partner, one that we recognize is rising on the global stage, one that we want to embrace, because we think that together with India, as we have historically with others with our European partners -- there are many things we can do together that advance both our countries' interests and also that provide for others," Hammer said.
"I think that what you'll see on this trip is a manifestation of some of these ideas. I don't want to get ahead of ourselves in terms of making any announcements. I'll leave that to the President. But clearly we will be working very closely in the future on that," Hammer said.
In the wake of reports that the US did not convey critical information on Mumbai attack plotter David Headley to India, Hammer underlined that improving counter-terrorism cooperation was on Obama's agenda.
"I can assure you that strengthening counter-terrorism cooperation will be on the agenda," Hammer said.
"The president will have an event that will focus on this as soon as he arrives at the Taj hotel. On the Headley case," he added, "we shared information relating to terrorist threats as we had them at the time."
Even though Secretary of State Hillary Clinton would not be accompanying Obama on Air Force One, in a break from the past tradition, which officials said is mainly due to scheduling conflict, several members of his cabinet would accompany Obama who will also be joined by his wife Michelle.
Prominent among those accompanying the US President would include Tom Donilon, the new National Security Advisor, Commerce Secretary Gary Locke, Agriculture Secretary, Tom Vilsack and Raj Shah, Administrator of USAID.
According to a White House press advisory, the Presidential aircraft would stop at Ramstein in Germany for refuelling. His scheduled arrival in Mumbai is 12.50 pm on Saturday. Obama would also travel to Indonesia, South Korea and Japan.
Hammer also welcomed the recent Indian decision to sign the Convention on Supplementary Compensation.
"We do see that as a positive step. It's something that's continuing to be worked and that the American companies are addressing, themselves. I'm sure it'll be something that we'll be discussing in the course of the trip," he said.
5 Nov, 2010, 11.23AM IST, Thomas Mathew,
What Barack Obama can do for India
After some years of gloating over India's dehyphenation with Pakistan in relations with the US, all we might have left to feel good about after President Barack Obama's visit to India is that he gave our neighbour a skip. Certainly, we don't expect that he will bring to the table anything that will set the Yamuna on fire.The world may have been in love with this athletic man, but with his resounding defeat at home in the midterm elections, the gloss seems to have worn off pretty quickly. Of course, the red carpet will be laid out, but the usual breathless anticipation is missing in India.
For once, Indians are not holding their breath over the visit of the most powerful man in the world. The decision to drop Secretary of State Hillary Clinton from the entourage is clearly aimed at keeping the spotlight on the first couple. But as things stand now, the suave Obama will find it hard put to follow his predecessor's act.
His predecessor George W Bush had steered the Indo-US nuclear deal. With it, India moved to the nuclear high table and came out of around three decades of nuclear isolation. If Obama thinks India is a rising economic and military power, he has done a good job of not articulating it in language we understand.
As Senator, he energetically opposed the India-US nuclear deal negotiated by the Bush administration, calling it a "blank cheque" that was being delivered to India. Though he finally voted for the enabling of the Hyde Act, he opposed the flexibility it gives India to build fuel reserves to cushion it from any cessation of supplies.
He also supported and voted in favour of two "killer" amendments to the act. Had they been adopted, it would have made it difficult for any Indian government to sign the agreement. He also found little credulity in India's unilateral moratorium on nuclear testing, saying: "I take the Prime Minister at his word, but also believe in following Reagan's mantra of 'trust but verify'."
As a presidential candidate, he strongly advocated the east for west policy, linking the resolution of the Kashmir problem to secure Pakistan's cooperation in the fight against the extremists in its border with Afghanistan. His administration may still be hoping to achieve this goal. His protectionist policies of withdrawing tax concessions to companies that outsource work to countries like India, H1-B visa curbs, and the refrain that Bangalore's IT prowess is a threat to US prosperity, have not gown well in India.
Long ago and far away, we would have grasped at straws to show that India and the US are best friends. One such straw was the fact that the first state dinner hosted by President Obama was in honour of Prime Minster Manmohan Singh . Another was that before the completion of his first term in office, Obama is visiting India. To underscore the point, they contend that President Bill Clinton visited India only in the closing days of his presidency, and George W Bush during his second term in office.
Obama, India Inc interaction to be one between equals
When US President Barack Obama and the business delegation accompanying him interact with captains of Indian industry here tomorrow, a key differentiator from the past would be that it will be a meeting between equals.
In a short span of two decades since the country's economy opened up, Indian businesses have come a long way, using the very hallmarks of American capitalism--free trade and innovation--to grow into multi-billion dollar corporations with global footprint.
Industry body FICCI's President, Rajan Bharti Mittal, cited some numbers to prove this point. In the last 10-years, American companies have invested USD 11 billion here while the in the last four-years alone, including the two years of global financial meltdown, Indian companies have invested USD 5 billion in the US, he said.
"This is what makes this visit very different," Mittal, also the Vice-Chairman and Managing Director of Bharti Enterprises, told PTI.
Indo-US bilateral trade is expected to touch USD 50 billion this year and is not excessively tilted in favour of either.
Domestic job creation through trade partnerships will be high on Obama's agenda, who is expected to be accompanied by India-born chief of PepsiCo Indira Nooyi and 250 other industrialists.
The entourage will meet over 350 Indian corporate honchos, including Ratan Tata , Mukesh Ambani, Anand Mahindra , Deepak Parekh, Adi Godrej and Chanda Kochhar at a summit jointly organised by the FICCI in Mumbai's Hotel Trident on Saturday.
Gandhi remains Obama's inspiration
Among the historical greats who have influenced Barack Obama and from whose lives he draws inspiration is no doubt Mahatma Gandhi, with two places associated with the man revered as the Father of the Nation by India included in the itinerary of the American president during his four-day visit later this week."Barack Obama has been profoundly inspired by Mahatma Gandhi. The father of the Indian nations' commitment to social justice, equality and the spirit of satyagraha left an indelible mark on Barack Obama, shaping his polity," Ahmedabad's Sabarmati Ashram secretary Amrut Modi told IANS over telephone.
Sabarmati Ashram, or the Gandhi Ashram, was the Mahatma's official residence and played a key role in the famous Dandi March in 1930. It is now a museum, memorial and crafts centre dedicated to Mahatma Gandhi in the heart of Ahmedabad city.
Obama may not be visiting the sylvan retreat of the Mahatma tucked away along the Sabarmati river, but he is the only US president who will visit Gandhi's memorial at Rajghat and the Mani Bhavan Gandhi Sangrahalaya - the Mumbai home of the Mahatma from 1917 and 1934.
The Mani Bhavan is now an archive, home to rare memorabilia and at least 50,000 books.
"Gandhi inspired several coloured leaders like Nelson Mandela and Martin Luther King Jr. The latter travelled to India with his wife to study Gandhi's 'satyagraha'," Modi said.
Obama is no exception "because he has a vision for his people and champions the cause of equality," he said.
Modi feels that Gandhi's 21 years of work in South Africa from 1893 to 1914 is the secret behind his "appeal among the black leaders".
"Obama wants to spread the same message that Gandhi tried to propagate in South Africa. He fought against racism, discrimination, oppression and apartheid there. He launched a 'Satyagraha' or civil rights movement to mobilise opinion against segregation on the basis of colour," he said.
"Gandhi's crusade to end injustice in South Africa against the coloured natives and non-white population was a magnate inspiring several African visionaries," he added.
Obama's memoirs, "Dreams From a Father: A Story of Race and Inheritance" refers to Gandhi's crusade and philosophy.
Gandhi's principles of truth, non-violence and justice were Obama's inspiration as a young man. He was particularly moved by Gandhi's ability to stand up against injustice and for an equal social order, in which no race or creed would be looked down upon.
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6 Nov, 2010, 02.39AM IST, Vijay Gurav,ET Bureau
Not just FIIs, promoters too help fuel rally
ultratech cement|tata steel|stock prices|religare enterprises|orchid chemicals|idbi bankBSE
1110.00
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Vol:2614 shares traded
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1116.85
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Vol:4674 shares traded
Prices|Financials|Company Info|Reports
Creeping Acquisition By Promoters May Have Helped Improve Sentiments
MUMBAI: Foreign funds seeking higher returns may have led the bull run that propelled the Sensex to close at a record high on Thursday. But the surge in stock prices is also due to buying by promoters — both Indian and foreign — who took the creeping acquisition route, besides using other options such as preferential allotment, open offer, conversion of warrants and other securities. This has resulted in a substantial increase in their holding in many companies during the last quarter.
The hike in stake by promoters in their firms will boost investor sentiment at least towards those companies with sound fundamentals and with a background of being run professionally, according to analysts. The market seems to have taken a positive view of promoters raising their stake in their companies, as reflected in the sharp appreciation in shares of some of the companies.
There are many reasons why promoters want to raise their holdings, according to analysts. They may be quite bullish on the prospects of their companies and see more value in the shares in future. Besides, there could be a specific purpose such as to pre-empt the possibility of take-over attempts from anybody on the prowl.
Sebi's recent proposal to raise open-offer trigger limit from 15% to 25% could have also prompted some of the promoters to firm up grip on the companies even before the move is actually implemented. This is the precautionary move that would help minimise the potential threat of any large shareholder raising stake beyond 15% whenever it is allowed, and subsequently making the open offer to take control of the company, say analysts.
"If promoters of a fundamentally-sound company is hiking their stake, it could be because they foresee more value in shares than at which they are traded currently," said Fortune Financial Services joint managing director and Group CEO Devesh Kumar. A company could be in urgent need of funds for some projects, prompting its promoters to bring in their own money to meet the requirement. By hiking the stake, they can also safeguard themselves from any potential take-over threat in the future, added Kumar.
An analysis of shareholding data of 1,925 companies showed that promoters raised stake in 291 companies in the July-September quarter. ABB, IDBI Bank , UltraTech Cement , Religare Enterprises , Fortis Healthcare , Orchid Chemicals , Bajaj Finance, Adani Enterprises , Tata Chemicals , Asian Paints and Tata Steel are among notable examples in the list of the companies with higher promoter holding. Shares of most of the companies outperformed the broader market, appreciating between 15% and 107% (Orchid Chemicals) since July 1.
The rise in promoter holding is much higher than the creeping acquisition limit of 5% annually, in a few companies. This is because of various reasons such as preferential issue (for example IDBI Bank), open offer (ABB) and also on account of restructuring of shareholding among group companies due to events such as mergers and acquisitions
(UltraTech Cement).
"An increase in promoter holding may be a signal to the other shareholders that the management is quite confident about prospects of the company," said an analyst with a leading broking firm, requesting anonymity. However, prospective investors should adopt a selective approach towards investing in such companies, focusing only on those with good management and industry background and good track record of performance, he added.
http://economictimes.indiatimes.com/markets/analysis/Not-just-FIIs-promoters-too-help-fuel-rally/articleshow/6877177.cms
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