Indian companies are helping to revive US firms facing financial problems : Commerce Minister Kamal Nath
Media Release
Jun. 24, 2006

American public should be educated about the role played by Indian companies in creating thousands of jobs as they expand their operations in the US to counter the impression that outsourcing was taking jobs to India, Commerce and Industry Minister Kamal Nath has said.

Indian companies are also helping to turn around American firms facing financial difficulties and US companies are getting a lot of business from India, Nath said launching the ''India Business Forum'' here on Friday.

He also assured the Indian entities expanding their business in US that the government would take up their issues with Washington at appropriate levels.

At such meetings, mostly the United States comes up with the problems that they face, he told the representatives of over two dozen companies. But the Forum should help India to take up issues that Indian companies face, he added.

The Forum, the first of its kind, will provide platform to Indian companies going global to discuss the common issues, including difficulties faced by them, and plan a coordinated strategy.

Chief Representative North America of the Tata Group David Goodman was selected as the first chairman of the Forum to guide its activities during the formative period.

The Forum accepted Nath's suggestion that it meet at least once a month and bring their issue to the government's attention to enable it set agenda for such talks with the United States.

The meetings will be attended by the Indian Ambassador or Consul General. The first meeting will be held in next month in New York.

Indian company representatives said most of their US operations were headed by Americans and their American employees outnumbered the Indians. They also said the firms were helping to turn around several dying industries in US. Globalisation means global competitiveness and the Indian companies had learnt fast just as the economic reforms were put in place, Nath said. Tata Group, VSNL, Zee TV USA, Air-India, Apollo Health Street, Bank of India, Bharat Forge America, Dr Reddy's Laboratories and Essar Group were among the firms which took part in the forum. Exim Bank of India, HCL Technologies, ICCI Bank, Infosys, Kotak Mahindra Inc, Larsen and Toubro Infotech, Mahindra USA, Mphasis, Satyam Computer services and State Bank of India were also represented. Later at the meeting of the Indian American Council, Nath urged Indian business persons to inform entrepreneurs about the possibilities that exist in India as also areas in which investments are needed and could be profitably made. Infrastructure is being improved and expanded in a big way, he said. Comparing India and China, he said that Beijing had concentrated only on urban areas but India laid emphasis on development in rural areas where a majority of people live. When China was building highways, India was laying out network of roads to connect villages, he said. Still, a lot needs to be done in connecting villages, he said. "How can a small farmer in India compete with products of those who are getting subsidy as high as 42 per cent? India is taking up the issue at the world forums, including WTO," he said.

Indian companies are helping to revive US firms facing financial problems : Commerce Minister Kamal Nath
Media Release
American public should be educated about the role played by Indian companies in creating thousands of jobs ....
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