India, US warm up at summit ahead of Obama visit

The Confederation of Indian Industries (CII) and Chicago Council of Global Affairs held their second Annual US-India Business Opportunities Summit here on September 20.

The keynote address was given by Indian Commerce and Industry Minister Anand Sharma.

"I am particularly happy to be here at a time when the two countries are meaningfully engaged," Sharma said, referring to US President Barack Obama's forthcoming visit to India in early this November.

"We are two big democracies in the world," he added.

"This year I'm hopeful for a 9 per cent economic growth for India," Sharma said. "The country has now reached a stage to embark on a second Green Revolution," he added.

Sharma said in the last three years, India has become the second-most favorable destination for Foreign Direct Investment because investments are secure and returns on investments are the highest.

"This decade is going to see a wave of new technology," Sharma said.

"We propose to set up National Manufacturing and Investments Zones in India in the next few years and hopefully, before this winter, we will be able to set a National Manufacturing Policy that will attract interest from investors worldwide. Together, we can work to make India one of the workshops of the world," he said.

The 25-member Indian business and trade mission will network with potential clients from September 20-24, with the aim of strengthening business and trade cooperation.