Page 57 - IACC Newsletter March 2013 Issue no. 9

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Chamber of Commerce, Macintyre said given the size of economies, both have "enormous untapped potential still
before us."
Stating that the US was leading investor in India, both in terms of projects and jobs generated, she said FDI investment
from US firms accounted for 30 per cent of investment projects in India and generated more than 355,000 jobs between
2007 and 2011.
Quoting latest economic indicators, Mcintyre said India's FDI in US was valued at $ 9.8 billion by end of 2011 and placed
India as the 24th largest source of FDI in her country, which grew at a compound annual growth rate of about 41 per
cent during 2006-11, making India the third fastest growing sources of FDI in the US.
Speaking on the strong economic potential between two countries, she said trade was a core foundation of the Indo-US
partnership, which has been "true in the past, present and will continue to be in future".
Indian envoy seeks more US visas for high-skilled workers
Indian Ambassador Nirupama Rao has sought a generous American visa policy for high-skilled workers from India saying
it would help both countries to come out winners.
As US policymakers move forward with efforts to reform the immigration system, "we respectfully urge that they
consider the impact of their decisions on the ability of both US and foreign-based companies to expand now and in the
future," she wrote in an opinion piece in the USA Today.
"The inspirational history of economic synergy between our two nations should serve as our guide to the future," Ms.
Rao wrote adding, "A generous visa policy for highly skilled workers would help everyone; both nations would come out
winners.” Noting that President Barack Obama has described the US-Indian relationship as the "defining partnership of
the 21st century," she wrote: "The impressive growth in our trade and economic relations provide a robust foundation
for this vision."
Pointing out that India-US trade has nearly tripled from $35 billion-a-year to $100 billion in less than a decade, Ms. Rao
said: "Major US companies look to India as an essential outlet for growth - and vice versa."
Taking on critics who have suggested restricting access for Indian companies to certain types of high-skilled worker visas
(H-1B and L-1), she said information technology services would be disadvantaged by such changes in US immigration
laws.
Ms. Rao said many IT companies, such as Tata Consultancy Services, WIPRO, Infosys and HCL, that are based in India
bring employees to the US for good reason.
"They provide the continuity and institutional knowledge required to serve commercial and governmental clients well,"
she wrote noting, "Indian IT companies and the visa-holders they sponsor play a vital and vibrant role in America's
economy and the communities in which they work."
"Today, Indian-based IT service providers employ well over 50,000 US citizens and recruit and hire more each year," Ms.
Rao noted.
The industry supports more than 280,000 other local US hires and aids many US-based companies in developing new
products and improving operations and efficiencies, she wrote. "This, in turn, helps them both preserve and create jobs
here in the US."
American choreographer Gregory Glade Hancock sets his sights on Indian cinema