US President Barack Obama today began his 3-day visit to India with a surprise announcement of business deals worth USD 10 billion in aviation, power and other sectors that will create 50,000 jobs in the US, but he made a strong pitch for New Delhi reducing trade barriers.
Seeking to double bilateral trade and create employment in the two nations, he asked why India could not be the US'' top trading partner from the 12th position now.
Making the trip against the backdrop of strong electoral reverses on top of slow economic recovery, evidenced by the high unemployment rate, Obama appeared to strongly bat for American access to Indian market, saying US companies wanted to invest more in India.
In the surprise announcement, Obama said that moments before he arrived several landmark deals were sealed between the US and India, which included Boeing's cargo and commercial aircraft with low-cost airline Spicejet, besides advanced jet engines by General Electric.
He said Boeing was going to sell dozens of planes, while GE would give more than 100 electric engines among more than 20 deals worth USD 10 billion (nearly Rs 44,000 crore) and sealed before his arrival.
He, however, wanted India to cut barriers to both trade and investment in different sectors saying cooperation could not be a one-way street and effort should be made for creation of jobs in both the countries.
"Infrastructure, greater trade barriers and other issues still pose some serious challenges. Today, India is making major investments in its infrastructure and creating greater transparency to support growth and entrepreneurship.
"Going forward that commitment must be matched by a steady reduction in barriers to trade and foreign investments from agriculture to infrastructure, from retail to telecom, because in a global economy new growth and jobs flow to countries that lower barriers to trade and investment," Obama said in his address to the US India Business Council as he began his maiden visit to India.
Committing to enhancing American investment in India, the US President said the two countries had the potential to double bilateral trade in the next five years and such a situation would be a "win-win proposition for both the nations.".
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