Page 7 - IACC Newsletter November 2012 Issue no. 7

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From the Secretary General’s Desk
Dear Members,
According to the recent statistics released by the US Department of Commerce, the total Indo-US Trade in Merchandise
goods for the first nine months of Calendar year 2012 (January-September) is US$ 47.53 billion with balance of trade
surplus of US$ 15 billion in favor of India. This is an increase of 9.54 % over the same period last year. US Exports to
India have gone up by 2.54 % from US$ 15.86 billion to US$ 16.27 billion and US Imports from India have gone up by
13.59 % from US$ 27.52 billion to US$ 31.27 billion during the same period.
IACC officials met with Mr. Sumit Bose, Revenue Secretary, Ministry of Finance, GOI along with his team on November
30, 2012 to present IACC’s Pre-Budget Memorandum 2013 with recommendations on Direct and Indirect Taxes. The
IACC team was led by Mr. S.K. Sarkar, Chairman, Economic & Finance Committee of IACC for the year 2012-13 other
members who joined the IACC delegation included Mr. Naveen Aggarwal and Mr. Naveen Gupta, Partners KPMG, Mr.
Atul Vyas, Regional Director, NIC and Myself.
The GOI officials from the ministry were very receptive in the interactive meeting which lasted for one and half hour.
We are very pleased that many of the recommendations submitted by IACC are being considered and hopeful that it will
be accepted and implemented. We thank all the members who have contributed by providing their inputs and sent
their recommendations and also KPMG for preparing a consolidated document and joining the meeting.
We are pleased to announce the release of IACC membership Directory 2012 which is available with our regional and
branch offices. This issue covers regular features like Indo-US Corporate News, Happenings at IACC, International Buyer
Program- 2013 Trade shows, Indo-US Trade Statistics, IACC’s upcoming events, International trade fairs in USA & India
amongst others. This newsletter is an attempt to further the cause of increasing trade between Indo-US Business
Houses.
If you have any success stories of your company with US partners on joint ventures, mergers & acquisition etc., please
do let us know. We will be happy to carry a case study on your company’s success in the newsletter.
Hope you will find this issue informative and useful.
With regards,
R.K. Chopra
Secretary General, IACC