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A Publication of the Embassy of India, Washington, D.C. May 1, 2013 I India RevieI w Vol. 9 Issue 5 www.indianembassy.org IMFC Finance Ministers and Bank Governors during a photo-op at the IMF Headquarters in Washington, D.C. on April 20. Overseas capital best protected in India — Finance Minister P. Chidambaram n India announces n scientist U.R. Rao n Pran honored incentives to boost inducted into with Dadasaheb exports Satellite Hall of Fame Phalke award Ambassador’s PAGE India is ready for U.S. natural gas There is ample evidence that the U.S. economy will benefit if LNG exports are increased he relationship between India and the United States is vibrant and growing. Near its T heart is the subject of energy — how to use and secure it in the cleanest, most efficient way possible. The India-U.S. Energy Dialogue, established in 2005, has allowed our two countries to engage on many issues. Yet as India’s energy needs con - tinue to rise and the U.S. looks to expand the marketplace for its vast cache of energy resources, our partner - ship stands to be strengthened even facilities and ports to distribute it macroeconomic scenarios, and under further. globally. every one of them the U.S. economy Despite the global economic slow - There is a significant potential for would experience a net benefit if LNG down, India’s economy has grown at a U.S. exports of LNG to grow expo - exports were increased. relatively brisk pace over the past five nentially. So far, however, while all ter - A boost in LNG exports would have years and India is now the world’s minals in the U.S. with capacity to many positive effects on both the U.S. fifth-largest energy consumer. It export LNG are authorized to ship it to and Indian economies. For the U.S. it imports 75 percent of its energy (espe - countries with which the U.S. has a would help create thousands of jobs cially oil and petroleum products) free-trade agreement, only one — the and an expanded revenue stream for today and expects to import 90 percent terminal at Sabine Pass in Louisiana the federal government. For India, it over the next decade. As a result, India — has received authorization to export would provide a steady, reliable supply is working hard to diversify its energy to non-FTA countries. of clean energy that will help reduce our supplies. Still, the demand for energy Authorization for other terminals to crude oil imports from the Middle East keeps growing at a rate of 5-6 percent export LNG to those countries is cur - and provide reliable energy to a greater annually. My country needs to secure rently awaiting a review by Department share of our population. For both coun - more supplies to foster the socio-eco - of Energy. As part of its own due dili - tries, which are committed to environ - nomic development of millions of our gence, the department commissioned a mental sustainability, increasing the use people who are still living in poverty. report on the domestic economic and transport of LNG globally will help Happily, the U.S. has experienced a impact of increased LNG exports. The put into greater use one of the cleanest boom in the production of natural gas. study analyzed more than 60 different energy sources in the world. 2 The ability to tap large formations by The prospect of increased Indian advanced technologies has yielded a For both countries, investment in the U.S. natural-gas large amount of this energy resource market will usher in a new era for a that achieves significant savings com - increasing the use and strong and mutually rewarding India- pared with diesel, especially when used transport of LNG U.S. energy partnership. Through it, in high-mileage heavy-duty vehicles. globally will help put we will further consolidate our strate - Liquefied natural gas is transported gic ties and deepen cooperation for the more easily than other forms of energy. into greater use one of benefit of millions of people in both Significant investments, including the cleanest energy countries. some from India, have been made in sources in the world technologies designed to harness LNG (Published in Wall Street Journal on safely and efficiently and to build new April 7, 2013) May 2013 India Review Ambassador’s PAGE America needs more high-skilled worker visas A generous visa policy for highly skilled workers would help everyone. India and the United States would come out winners 3 resident Obama has state and federal tax revenues would, described the U.S.-Indian Capping the number of sadly and inevitably, decline. relationship as the “defining work visas available to Indian IT companies and the visa- partnership of the 21 st cen - holders they sponsor play a vital and P highly-skilled Indians tury.” Given the rich, multidimen - vibrant role in America’s economy and sional engagement between our two would harm IT services the communities in which they work. countries and the strategic conver - Highly skilled foreign-born individuals gence of our values and interests, he have been praised repeatedly for their is absolutely right in doing so. The The expertise of these workers is cru - invaluable innovations and contribu - impressive growth in our trade and cial because they helped develop many tions in the U.S. The IT companies economic relations provide a robust of the devices and software that main - that sponsor them are also regularly foundation for this vision. tain and protect networks. Without recognized for their work and their Less than a decade ago, trade their know-how, IT would simply not contributions to the American way of between our two countries was $35 work the way it should. life. These Indian companies are the billion-a-year. Today, that number has The teams doing this work are most vocal cheerleaders of the closer nearly tripled to $100 billion and is highly trained and are often drawn engagement between India and the poised to climb even higher. Major from around the world. They are United States and have played no U.S. companies look to India as an deployed from among the best avail - small role in bringing our two nations essential outlet for growth — and vice able and qualified talent. Indian IT closer together. versa. As the U.S. Congress considers Today, Indian-based IT service immigration reform, this trajectory — providers employ well over 50,000 and the mutual benefit it brings — Trade between India and U.S. citizens and recruit and hire more should shape the conversation. the U.S. is nearly $100 each year. The industry supports more Critics of current immigration laws billion annually than 280,000 other local U.S. hires suggest restricting access for Indian and aids many U.S.-based companies companies to certain types of high- in developing new products and skilled worker visas (H-1B and L-1) services companies use local hires improving operations and efficiencies. that guide the mobility of professionals whenever possible, of course. But This, in turn, helps them both preserve who help our businesses grow. Some depending on availability of skill sets, and create jobs here in the U.S. prefer even capping the number of these companies require to use visa- As U.S. policymakers move for - work visas available to highly skilled holders in addition to local talent. ward with the much needed efforts to Indians or imposing extra fees on spe - Without these visa-holders, U.S. reform the immigration system, we cific types of Indian firms. Information businesses and consumers would not respectfully urge that they consider technology services would be disad - benefit from the services they have the impact of their decisions on the vantaged by such changes. come to rely on. Jobs would not be ability of both U.S. and foreign-based Many IT companies, such as Tata created and, in fact, could go else - companies to expand now and in the Consultancy Services, WIPRO, where, including overseas. Local, future. The inspirational history of Infosys and HCL, that are based in economic synergy between our two India bring employees to the U.S. — nations should serve as our guide to and for good reason. They provide the Indian IT companies the future. A generous visa policy for continuity and institutional knowledge play a vital and vibrant highly skilled workers would help required to serve commercial and gov - everyone; both nations would come ernmental clients well — in the same role in the US economy out winners. way that Americans often staff the for - and its communities (Published in USA Today on April eign offices of their own corporations. 14, 2013) May 2013 India Review Cover STORY Finance Minister P. Chidambaram speaking at the Harvard University on April 16. ‘Overseas capital best protected in India ’ During his five-day visit to the U.S., Finance Minister P. Chidambaram stressed that the investors in the U.S. had much to gain from investments in India, especially in infrastructure sector ith a view to further “Best guarantor of investment protec - and new markets, you have to look strengthening economic tion is a stable and democratic political East (and perhaps South)” partnership between structure, a belief in the rule of law, He said that emerging markets WIndia and the U.S., and a transparent and independent would realize their full growth poten - Finance Minister P. Chidambaram vis - legal system. India has all three,” tial as they reap their demographic ited the U.S. from April 16-20. Minister Chidambaram said.

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