Page 12 - IACC Newsletter October November 2013 Issue 13

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North India Council
Indo-US Resurgence Summit held on December 02, 2013 at Hyatt Regency, New Delhi
Mr. Kapil Sibal, Union Minister for Communications & IT and Law & Justice, addressed a captive audience at the Inaugural
session of IACC’s Indo-US Resurgence Summit 2013. This year’s theme “A Search for Innovative Strategies” was crafted to
channel the Indo-US partnership dialogue in a new direction keeping in mind the geopolitical conditions in both the
democracies. Dr. Lalit Bhasin, Chairman, Organizing Committee & Regional President, IACC said that “Innovation” was THE
solution towards restructuring the very significant Indo- US bilateral ties, which is why such a pertinent Summit theme of
discovering innovative strategies in various sectors to cause the much needed resurgence in our existing engagement. He
added that the three terms Convergence, Connectivity and Change were integral in shaping the future contours of this
crucial bilateral partnership.
Hon’ble Minister Sibal called for greater investment and increased US presence in India’s manufacturing sector. He urged
US to not view India as a mere trading partner but as the place for long- term investments while supporting India’s
inclusive growth strategy. “For a sustained dynamism in Indo-US partnership and to take the contours of partnership to
the next level, it is important that the US investments come in agriculture, education, manufacturing, SME sectors in tier
two and three cities, which can jack up the buying capacity of the Indians.” said the Minister. He further added that, “It is
not just trade that connects the people and countries. For leapfrogging into the next phase of partnership, the two
countries have to go beyond industrial revolution (partnership) and embrace digital revolution that is making sweeping
changes in India.” The Minister also advocated that US must develop a pragmatic approach with regard to the visa
regulations which was adversely affecting Indian professionals in the IT sector and work towards creating a suitable
environment for easier movement of professionals between the two countries. “Success of democracies across the world
will depend on the success of democracy in India. You (the US) have a great stake in India (democracy)”, said Mr. Sibal.
During the Inaugural, Hon’ble Minister Sibal released a white paper written by Kochhar & Co., a leading law firm in India.
This paper elucidates the Indian Financial Services Sector, discusses Transfer Pricing Disputes and Initiatives, and the
regulatory and trade environment for each of the sectors covered during the Summit.
Mr. Chella Srinivasan, IACC’s National President, talked about the huge potential that must be tapped in various sectors
such as Aerospace & Defence, Media & Entertainment, Manufacturing, Security, etc., Mr. Asoke Laha, IACC’s National
Executive Vice President brought to the fore the necessity of significant involvement of the small and medium sectors and
the potential for future involvement and cooperation between Indian and US SMEs.
“The US needs to regard the defence industrial capability gap between itself and India as an opportunity for
collaboration”, said Dr. Vivek Lall, Summit Mentor and President & CEO, New Venture, Reliance Industries Ltd. during the
Aerospace & Defence session. Aviation and Aerospace represents a significant segment of bilateral trade between India
and the US. There is scope for further expanding this relationship by exploiting the offset liabilities between the two
nations and catalyzing much needed investment, technology transfer and increased participation from SMEs. Further,
India is likely to become an attractive destination for the security sector in terms of both manufacturing and R&D by 2016.
The country is slated to purchase USD 100 billion worth of military equipment by 2022 and USD 9.7 billion spend in
Homeland Security.
Sessions on “Resurrecting Indo-US Services and Trade: An Innovative Approach” and “Indo-US Relations: The Unfinished
Agenda” discussed the incredible potential for facilitating investments and bilateral trade in goods and services. These
sessions encouraged for more cooperative dialogues to eliminate regulatory and economic hurdles related to trade policy,
FDIs, visas, etc. U.S. is currently India’s largest investment partner with India gaining speed as a growing source of FDIs in
the US. India’s role is quickly shifting from ‘a market for US goods and services’ to a ‘strategic partner’, but much is yet to
be explored to further enhance this bilateral relationship. Dr. Prasad Medury, Past Regional President & Partner, Amrop
India Consultants Pvt. Ltd. chaired the Session on Resurrecting Indo-US Services and Trade and Mr. Raman Roy, Summit
Chairman and CMD, Quatrro Global Services Pvt. Ltd. chaired the Panel on Indo-US Relations: The Unfinished Agenda.
Considering that the estimated growth of the Media and Entertainment Industry in India is expected to be INR 1.66 trillion
by 2017, need for digitization and threat of piracy were discussed in the concluding session on Digitization in the Media
and Entertainment Industry and the Menace of Piracy. Substantial strides can be made in this sector by enhancing