Page 50 - IACC Newsletter March-April 2014 Issue 03

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However, he added, the visitors were willing to do business “even if the Indian government allowed foreign investors a
controlling stake in the joint venture by posting the defence limit at 51 per cent”. The meetings are significant because
segments of Indian domestic industry have said the government should only allow a 49 per cent stake for foreign
investors in defence production.
CII is understood to have decided to recommend a 49 per cent cap for defence to the government. The industry body
has welcomed the further opening up of the sector but a source said differences have emerged over the percentage of
foreign investment which should be allowed in.
The department of industrial policy and promotion has already circulated a Cabinet note proposing three alternatives of
49, 74 and 100 per cent foreign direct investment caps for the sector.
The USIBC team includes the chiefs of Mastercard, Cognizant, FedEx, Bank of America, Standard Chartered, Oracle, IBM,
Boeing and Dow among others have also stressed upon enhanced engagement between the two economies in the fields
of science and technology, tourism, skill development and education, a chief executive present during the meeting.
Copyright © 2014 The Indian Express ltd. All Rights Reserved
Indian, U.S. Firms Launch 'Coalition for Affordable Care'
File photo of Ron Somers, president of India First Group.
Indian and American companies making high quality, low-cost generic pharmaceuticals announced the launch of
"Coalition for Affordable Care". This is to take head on big American pharmaceutical giants, which in the recent past had
launched a strong anti-India campaign against efforts of such companies to provide affordable health care not only to
people in India, but also in the third world countries.
Coalition for Affordable Care, being run by the recently formed India First Group, has constituents like the Indian
Pharmaceutical
Alliance
that
comprise
such
prominent
companies
as
Sun, Lupin, Dr.
Reddy's
Labs, Zydus Cadila and Ranbaxy who are busy developing new drug discoveries and health treatments for their product
pipelines.
The group alleged that forces backed by Big Pharma, including the most powerful special interest business lobby in the
United States, PhRMA, chaired by Pfizer's Ian Reid, the Global Intellectual Property Center of the U.S. Chamber of
Commerce, and National Association of Manufacturers, continued their campaign to downgrade the reputation of these
Indian pharmaceuticals.
This was in order to maintain their market share and destroy competition, the Coalition for Affordable Care said in a
media statement, adding it aims to counter anti-Indian, negative advocacy campaigns in this regard. "Over the past year,
there has been a concerted effort underway in Washington to bash India and cast India in the poorest light—on matters
of intellectual property protection, on matters of quality, on matters of business credibility. Entire investigations have
been launched by the U.S. government spurred on by the Big Pharma Lobby," said India First Group's Ron Somers.