A Publication of the Embassy of , Washington, D.C.

October 1, 2011

I India RevieI w Vol. 7 Issue 10 www.indianembassy.org

AmbAssAdor NirupAmA rAo tAkes chArge

Prime Minister, Dr. addressing the 66th Session of the United Nations General Assembly in New York on September 24. We need a stronger and more effective united Nations: pm n India can sustain n India takes over n India among top high economic presidency of G-24 five countries in growth: after a gap of renewable energy 28 years capacity Cover STORY

Prime Minister Dr. Manmohan Singh addressing the 66th Session of the United Nations General Assembly in New York on September 24. We need a stronger and more effective United nations: Pm Prime Minister Dr. Manmohan Singh, in his address at the 66th session of the United Nations General Assembly, said the United Nations and its principal organs, the General Assembly and the Security Council, must be revitalized and reformed

ddressing the sixty-sixth We meet at this session of the in world financial and capital markets. session of the United United Nations General Assembly at a These developments are bound to Nations General Assembly, time of great uncertainty and pro - have a negative impact on developing A in New York City on found change. countries which also have to bear the September 24, Prime Minister Till a few years ago the world had additional burden of inflationary Dr. Manmohan Singh said that the taken for granted the benefits of glob - pressures. world needed to embrace the alization and global interdependence. Declining global demand and avail - principles of internationalism and Today we are being called upon to cope ability of capital, increasing barriers to multilateralism, the axioms on which with the negative dimensions of those free trade and mounting debt pose a the United Nations was formed, to very phenomena. Economic, social threat to the international monetary face the challenges that the world was and political events in different parts of and financial system. Questions are facing today. He further outlined the the world have coalesced together and being asked about the efficacy of the need to renew people’s faith in the their adverse impact is now being felt Bretton Woods institutions. charter and objectives of the United across countries and continents. There has been unprecedented social Nations, adding that India stood ready The world economy is in trouble. and political upheaval in West Asia, the to play its part in that endeavor. The shoots of recovery which were Gulf and North Africa. People of these visible after the economic and finan - regions are demanding the right to 2 Following is the text of the Prime cial crisis of 2008 have yet to blossom. shape their own future. Energy and Minister’s address on the occasion: In many respects the crisis has deep - food prices are once again spiraling and “Please allow me at the outset to con - ened even further. introducing fresh instability, especially gratulate you, Mr. President, on assum - The traditional engines of the global for developing countries. ing the Presidency of the General economy — countries such as the The Palestinian question still Assembly. I wish to assure you of India’s United States, Europe and Japan, remains unresolved and a source of full cooperation in the conduct of the which are also the sources of global great instability and violence. India is sixty-sixth session of the Assembly. economic and financial stability, are steadfast in its support for the It is also my great pleasure to today faced with continued economic Palestinian people’s struggle for a sov - welcome in our midst the new State of slowdown. Recessionary trends in ereign, independent, viable and united South Sudan. these countries are affecting confidence state of Palestine with East Jerusalem

October 2011 India Review Cover STORY as its capital, living within secure and recognizable borders side by side and at peace with Israel. We look forward to welcoming Palestine as an equal member of the United Nations. Terrorism continues to rear its ugly head and take a grievous toll of innocent lives. New threats to international security have emerged. At a time when the world needs more international commerce, the sea lanes 3 of communication across the Indian Ocean are under a siege. Acts of piracy are being carried out with impunity from lands that are beyond the writ of any functioning state or international accountability. Iniquitous growth, inadequate job Prime Minister Dr. Manmohan Singh arrives at the JFK International Airport on September 22. Also and education opportunities and seen are Ambassador Nirupama Rao and Ambassador , Permanent Representative denial of basic human freedoms are of India to the United Nations. leading to growing radicalization of the youth, intolerance and extremism. pursued not just within the framework tions have to be imposed from outside We have no choice but to meet these of law but also the spirit of the law. is fraught with grave danger. challenges head-on. The observance of the rule of law is Actions taken under the authority of We will succeed if we adopt a coop - as important in international affairs as the United Nations must respect the erative rather than a confrontationist it is within countries. Societies cannot unity, territorial integrity, sovereignty approach. be reordered from outside through and independence of individual states. We will succeed if we embrace once military force. People in all countries Correspondingly, governments are again the principles on which the have the right to choose their own des - duty bound to their citizens to create United Nations was founded — the tiny and decide their own future. conditions that enable them to freely principles of internationalism and The international community has a determine their pathways to develop - multilateralism. role to play in assisting in the ment. This is the essence of More importantly, we will succeed if processes of transition and institution democracy and fundamental human our efforts have legitimacy and are building, but the idea that prescrip - freedoms.

‘neW international safety regime needed’ t the High-level Meeting on Nuclear innovation in its nuclear safety standards and combat the threat of nuclear terrorism — one Safety and Security, organized by the UN practices covering the entire range of activities. of the pressing challenges facing the interna - A Secretary-General, in New York on He said India viewed nuclear energy as an tional community.” September 22, India’s Foreign Secretary Ranjan essential element of its national energy basket “India believes that the primary responsibili - Mathai said a new international safety regime and the country was committed to taking for - ty for ensuring nuclear security rests at the should be developed on the basis of consulta - ward its three-stage nuclear program based on national level, but this must be accompanied by tions and consensus through an inclusive and a closed fuel cycle. “We envisage a major responsible behavior by States. All States transparent process. He said a new global expansion of nuclear energy in the coming should scrupulously abide by their international cooperative framework on nuclear safety that decades — 20,000 mw by 2020 and projected obligations. India has consistently supported preserves the principle of national responsibili - to grow to 60,000 mw by 2030,” he said. IAEA’s central role in facilitating national efforts ty but goes hand-in-hand with deeper Foreign Secretary Mathai also pointed out to strengthen nuclear security and in fostering international cooperation would go a long way that India welcomed President Obama’s initia - effective international cooperation.” in reassuring people regarding the long-term tive to host the first Nuclear Security Summit in He said India was establishing a Global viability of nuclear energy as a safe and secure Washington in April 2010. “We support the full Centre for Nuclear Energy Partnership to facili - energy alternative. implementation of the Summit Communiqué tate international cooperation and assist in Foreign Secretary Mathai pointed out that and the Work Plan. The second Summit in Seoul building global capacity in areas such as although India’s nuclear safety record had been next year will provide a valuable opportunity Advanced Nuclear Energy Systems, Nuclear impeccable, the country recognized the for participating states to reaffirm their joint Security, Radiation Safety, and the application of importance of continuous improvement and determination to contribute to global efforts to Radioisotopes and Radiation Technology.

October 2011 India Review Cover STORY economies. The reform of governance systems of international financial insti - tutions ought to be pursued with speed and efficiency. The development agenda must be brought firmly back to the center stage of the United Nations’ priorities. We need a much more determined effort to ensure balanced, inclusive and sustain - able development for the benefit of vast sections of humanity. Each of us can contribute to this task, but we can achieve far more if we act in partnership. In the last few decades India has EAM S.M. Krishna meeting Secretary of State Hillary Clinton in New York on September 26. Photo:- Jay Mandal. lifted tens of millions of its people out of abject poverty. We are in a position to feed our population bet - eam Krishna discUsses global ter, to educate our people better and issUes With secretary clinton to widen their economic choices. But we still have a very long way to go. xternal Affairs Minister S.M. Krishna met They also discussed Middle East peace, and We wish to accelerate the pace of Secretary of State Hillary Clinton on both leaders expressed hope that the Israelis India’s transformation in partnership ESeptember 26 on the sidelines of the UN and Palestinians would take up the proposal with the international community. A General Assembly Session in New York. put forward by the Quartet on September 23 fast growing India can expand the Secretary Clinton complimented India on and come back to the negotiating table. its active participation in the New Silk Road Minister Krishna and Secretary Clinton also boundaries for the global economy. A initiative to strengthen transit and trade in discussed the situation in Syria and the need democratic, plural and secular India South and Central Asia as the two leaders for a strong message from the UN Security can contribute to tolerance and peace - compared notes on the upcoming New Silk Council to the Syrian government against ful co-existence among nations of the Road conference in Istanbul early November. violence. Secretary Clinton also thanked EAM world. Minister Krishna and Secretary Clinton Krishna for India’s peacekeeping contribution Developing countries need agreed on the importance of the two countries’ in South Sudan, and they discussed the need investment, technology and market shared bilateral, regional and global efforts to to work with both Khartoum and Juba to access for their products. They need combat terrorism and the establishment of the alleviate violence in the Blue Nile and Southern new Global Counter Terrorism Forum. Kordofan. assistance in the areas of education, health, women’s empowerment and the development of their agriculture. There are many other things that we We should not allow the global eco - During the recently held 4th United can and we must do. nomic slowdown to become a trigger Nations Least Developed Countries We must address the issue of the for building walls around ourselves (LDC) Conference, India has deficit in global governance. through recourse to protectionism or strengthened its partnership with the We need a stronger and more effec - erecting barriers to movement of peo - LDCs through significantly enhanced tive United Nations. We need a United ple, services and capital. Effective lines of credit and assistance in Nations that is sensitive to the aspira - ways and means must be deployed to capacity building. tions of everyone — rich or poor, big promote coordination of macro We have to pay particular attention or small. For this the United Nations economic policies of major to Africa. Africa’s richest resources are and its principal organs, the General not its minerals but its people. We 4 Assembly and the Security Council, have to empower them and open the must be revitalized and reformed. We should not allow the doors for them to human advances in The reform and expansion of the global economic science and technology, education and Security Council are essential if it slowdown to become skill development. is to reflect contemporary reality. At the second India-Africa Forum Such an outcome will enhance the a trigger for building Summit in Addis Ababa earlier Council’s credibility and effectiveness walls around ourselves this year India offered lines of in dealing with global challenges. credit worth $5 billion and an Early reform of the Security through recourse to additional $700 million grant Council must be pursued with protectionism assistance for human resource renewed vigor and urgently enacted. development, transfer of technology

October 2011 India Review Cover STORY and building new institutions. the Red Sea and off the coast of The United Nations should lead We wish to accelerate Somalia. As a littoral state of the efforts in the area of food security. We Indian Ocean, India is ready to work need more cooperation in agricultural the pace of India’s with other countries in this regard. technologies, in water conservation, in transformation in Simultaneously, the international land usage and productivity and community should continue with stability in commodity prices. partnership with the efforts to restore stability in Somalia. Developing countries need a peace - international community. We have joined international efforts ful external environment to grow. A fast growing India can to provide humanitarian assistance to The fight against terrorism must be the countries afflicted with severe unrelenting. There cannot be selec - expand the boundaries famine and drought in the Horn of tive approaches in dealing with ter - for the global economy Africa, specifically Somalia, Kenya 5 rorist groups or the infrastructure of and Djibouti. terrorism. Terrorism has to be fought Nuclear proliferation continues to across all fronts. stability in the region as a whole. remain a threat to global security. The In South Asia there are encouraging India will play its part in helping the Action Plan put forward by Prime signs of cooperation in the area of people of Afghanistan to build a better Minister for a ‘Nuclear- security, as exemplified in India’s future for themselves, just as we are Weapon-Free and Non-Violent World’ growing cooperation with Bangladesh. doing in other countries in South Asia. provides even today a concrete road Such cooperation is adding to the We will do so because we believe pros - map for achieving nuclear disarma - security of both our countries. perity and stability in our region are ment in a time-bound, universal, The recent assassination of indivisible. non-discriminatory, phased and Professor Burhanuddin Rabbani in We wish to see an open, inclusive and verifiable manner. Kabul is a chilling reminder of the transparent architecture of regional I commend the United Nations for designs of the enemies of peace in cooperation in the Asia Pacific region its efforts in focussing world attention Afghanistan. It is essential that the and peaceful settlement of disputes. on nuclear safety. Our plans for process of nation-building and recon - I call upon the United Nations to utilizing nuclear power to meet our ciliation in Afghanistan succeeds. This evolve a comprehensive and effective energy needs hinge upon full satisfac - is vital for ensuring peace and response to the problem of piracy in tion about the safety of nuclear energy. We have undertaken a thorough review of the safety of our nuclear plants. We ‘holistic aPProach needed to ensUre support international efforts under the aegis of the International Atomic zero-tolerance toWard terrorism’ Energy Agency to enhance levels of safety and security. tating that terrorism today constitutes supporters and to destroy terrorist’s safe the most serious challenge to interna - havens, their financial flows and their support The perspectives that I have out - S tional peace and security, Hardeep Singh networks. lined to this august assembly are the Puri, Permanent Representative of India and “Where States have the institutions and ones that have guided our actions in Chairman, Counter Terrorism Committee, in his capacities, they must clamp down on terror - the Security Council since India statement at the United Nation’s Secretary ism. The States which do not have technical became a non-permanent member of General’s Symposium on International Counter and institutional capacities, especially in failed the Council in January this year. Terrorism Cooperation on September 19, said states, the international community should There are still millions of people living the world needed to adopt a holistic approach assist in building their capacities to counter- in poverty across the world. Their plight that ensures zero-tolerance toward terrorism. terrorism,” Puri said. Technical assistance, Confronted with this global menace, he said, capacity building and sharing of best practices has worsened, for no fault of theirs, due the United Nations had developed a reason - were vital components of successful collective to the global economic and financial ably good legal framework aimed at counter - strategies, he pointed out. crisis of recent years. The actions of ing terrorism and enhancing national, regional Noting that the Security Council resolution governments around the world are and sub-regional cooperation in this regard. 1963 (2010) as well as the Global Counter therefore under close scrutiny. “States have been obligated, among other Terrorism Strategy recognized that terrorism It is vitally important that through actions, to criminalize terrorist acts, deny would not be defeated by military means, law our actions and deeds we renew the terrorists safe havens and financial resources, enforcement measures and intelligence opera - people’s faith in the charter and and ensure that terrorists are brought to justice tions alone, Puri said support should be given and cooperate with other States to bring to all efforts to enhance dialogue between objectives of the United Nations. I am terrorists to justice,” Puri pointed out. and among civilizations, ethnicities, and reli - confident we can do this through acts He said concerted international efforts were gions, and evolve a culture of tolerance, com - of statesmanship, foresight and required to identify and expose the linkages passion and respect for diversity, especially collective efforts. that exist between terrorists and their among the young. India stands ready to play its part in this noble endeavor.”

October 2011 India Review Ambassador Nirupama Rao ARRIVES... AmbAssAdor NirupAmA rAo preseNts her credeNtiAls to presideNt bArAck obAmA

6 Ambassador Nirupama Rao presented her credentials to President Barack Obama at the Oval Office in the White House on September 9. (Photo:- White House.)

mbassador of India to the responsibilities as India’s next ment to take the India-US strategic United States, Nirupama Ambassador to the United States. partnership forward. Rao presented her creden - Ambassador Rao, in her remarks to Earlier on September 7, Ambassador A tials to President Barack President Obama, conveyed warm Rao, met with Deputy Secretary of Obama at the Oval Office of the White greetings from the President and the State William J Burns at the State House on September 9. to him and Department wherein the President Obama warmly welcomed Michelle Obama, adding that India latter accepted her credentials and Ambassador Rao back to Washington was greatly encouraged by the authorized her to function as the and wished her every success in her President’s strong personal commit - Ambassador.

October 2011 India Review G-20 MEETING ‘Growth Needs to be mAde broAd-bAsed’ iscussing the current glob - we are giving excessive weightage to al economic situation and the balance and sustainable elements of the emerging challenges at the Framework, and too little to strong D the G-20 Finance growth. The question of growth is Minister’s and Central Bank particularly relevant at this juncture, Governor’s dinner meeting, in when the recent developments in the Washington D.C. on September 22, global economy are cause for serious Finance Minister Pranab Mukherjee concern. said growth needed to be made broad- Secondly, growth also needs to be 7 based and especially strengthened in made more broad-based and especial - developing countries in general to help ly strengthened in developing them and the world deal with any eco - countries in general. The Framework nomic crisis in the future. exercise therefore needs to focus Finance Minister Pranab Mukherjee. more sharply on the development Excerpts from the intervention of have had a detailed presentation by my aspect. In this respect, I would like to Finance Minister Pranab Mukherjee Canadian colleague, Jim Flaherty, underscore the suggestion made by on the occasion: I will limit my briefing to raise some our Prime Minister at the Seoul Thank you for the opportunity to important issues to guide our Summit that global imbalances should give a brief on the progress in the discussion today. be leveraged to address developmen - Mutual Assessment Process. Since we First, it is worth considering whether tal imbalances.

BRICS MEETING iNdiA tAkes over presideNcy of G-24 ndia on September 22 took over the presidency of the G-24 group of 24 I developing countries after a gap of 28 years and said it would use the multilateral platform to build stronger South-South cooperation. “G-24 has an important role to play in fostering dialog amongst developing coun - tries and in supporting a more inclusive RBI Governor D. Subbarao (left) and Finance Minister Pranab Mukherjee at the BRICS meet. approach in global economic and financial cooperation,” Finance Minister Pranab ‘brics couNtries fAced with chAlleNGes Mukherjee said after taking over the presi - dency in Washington. of iNflAtioN ANd uNcertAiNty ‘ Mukherjee said the world economy had undergone a massive structural change ighlighting the financial important for the group to explore the during the last three decades and accord - fragility of many of the role of the BRICS countries in the face ingly, the role of G-24 had changed. advanced economies, of the emerging global challenges and “The role of developing countries, which H had stalled for many years, is now experi - Finance Minister Pranab Mukherjee identify areas of cooperation and encing a major and fundamental rise. The at the BRICS Finance Ministers synergies between BRICS countries global economy has become much more Meeting in Washington DC, on for promoting mutual growth and interconnected and with it we are facing September 22, said inflationary collectively harnessing the global the need for much better coordinated and pressures had slowed down the eco - economic recovery. concerted actions,” he added. nomic recovery in the developing Later, after the meeting, the Finance Mukherjee took over the presidency of countries after the financial crisis Ministers of BRICS countries issued a the group from South African Finance of 2008. joint communique and pledged their Minister Pravin J Gordhan. Established in However, given the fact that the commitment to working with the 1971, the group is tasked with coordinat - ing the position of developing countries on emerging markets of Brazil, Russia, international community in searching monetary and development issues, particu - India, China and would for a coordinated solution to the larly issues on the agendas of the IMF and come to play a dominant role in the current challenges that the world is the World Bank. global economy, he said, it would be facing.

October 2011 India Review IMF-World BANK MEETINGS Need to thiNk out of the box: pranab mukherjee tells development committee

epresenting the con - about a double-dip recession in some These are accompanied by continuing stituency consisting of countries. Monetary and fiscal concerns that global growth remains Bangladesh, Bhutan, India actions do not seem to be leading to uneven, sluggish and multi-speed. R and Sri Lanka at the expected outcomes. In such circum - Capital flows to developing countries Development committee, part of the stances, we are forced to think out of have recovered but are still below pre- World Bank and International the box and also to reflect on what crisis levels and in case of a new cri - Monetary Fund (IMF) annual meet - are the important issues the World sis, could go down sharply again. ings, in Washington D.C. on Bank should be addressing today. September 24, India’s Finance thE challEnGEs for thE Minister Pranab Mukherjee said the Global Economic scEnario World bank Group World bank responded well to the last — thE GathErinG storm The response of the World Bank financial crisis that the world faced, There is the problem arising out of Group to the last crisis was exempla - but it needed to think out of the box the financial crisis in the Euro-zone. ry. We have in the past appreciated and prepare well if the world was This crisis could take on global the response of the Bank as the crisis faced with another crisis. proportions through the massive unfolded. The speed and flexibility Mukherjee highlighted the current scale of fiscal liabilities, banking sec - shown by the Bank was remarkable. global economic situations and tor interconnections, and in the event Most importantly, the record lending outlined a few themes, which he of severe fiscal correction, a reduc - by International Bank for thought the World Bank should tion in aggregate demand and hence Reconstruction and Development address as part of its regular agenda trade. Developing countries could (IBRD) between 2008 and 2011 was over the next year. He said the once again be dragged into a crisis what made the crucial difference in developing countries had legitimate not of their making. The downgrad - our response to the crisis. However, concerns about their growth ing of U.S. sovereign debt by one International Finance Corporation prospects and that they viewed the agency is the other potential crisis on (IFC) itself suffered a contraction in World Bank as an important partner the horizon. While this has not had its core equity and lending activities to help them meet any foreseen and any adverse effects so far, if U.S. because it did not have the capacity to unforeseen challenges. They need the Treasury interest rates rise in future, expand. This underlines the fact that comfort that financial assistance this would trigger higher interest the best and most effective crisis would be at hand in case of a major rates for international borrowers. response is expanded lending and crisis, he said. As concerns about fiscal sustain - investment. ability in high-income countries per - However, as we head into the Excerpts from the statement made sist, further financial stresses may current crisis, we are worried by the by Pranab Mukherjee at the emerge, as monetary policy in high- lack of financial capacity in the Bank Development Committee: income countries begins to tighten. As to address any crisis needs. We We meet here at a time of transition interest rates rise, both banks and already see a decline in the level of for the global economy, when past firms may find their balance sheets lending by the IBRD. After going up prescriptions and beliefs do not seem coming under renewed pressure. from an average of $12-13 billion per to be a reliable guide for future annum between 2000–2008 to $44 action. On one side, we have impor - billion in 2010, Bank lending has now 8 tant mega-trends which are rebalanc - As concerns about fiscal come down to $26.7 billion in 2011 ing global economic weights and pat - sustainability in and is expected to decline further to terns, opening up new opportunities $15 billion per annum from 2013. for growth and prosperity. On the high-income countries The World Bank Group responded other, while we are still recovering persist, further financial well during the last crisis. It needs the from the wake of the global financial stresses may emerge, as muscle to do so again if we are faced and economic crisis of 2008, we have with another. It is multilateral buffer concerns that the world could be monetary policy in for developing countries. I am sure it engulfed in another economic crisis. high-income countries can work on the above issues and Financial markets are beset with begins to tighten. come up with creative, out-of-the-box doubts about developments in solutions. We look forward to the Europe and USA. There are worries result of its work in future.

October 2011 India Review USIBC-FICCI ROUND TABLE MEET iNdiA-us: we Are exploriNG fresh AreAs of collAborAtioN, sAys fiNANce miNister ddressing the USIBC-FICCI (United States-India Business Council-Federation A of Indian Chambers of Commerce and Industry) Round Table Meeting at Metropolitan Club in New York, on September 21, Finance 9 Minister Pranab Mukherjee said that India and the US were exploring new areas of collaboration to strengthen bilateral economic cooperation. He said India’s economic growth had been one of the key factors of stability in the glob - From left to right: Treasury Secretary Timothy Geithner, Deputy Secretary William J. Burns, al economy and emphasized that India FinanceMinister Pranab Mukherjee and Principal Deputy Secretary for South and Central Asian Affairs had been an immense source of oppor - Geoffrey R. Pyatt at the India-US CEO’s Forum Meeting at the Department of State in Washington D.C. on September 22. Photo:- U.S. Department of State. tunity for the world. Based on mutual benefit, the India-US economic relation of India’s Twelfth Five-Year Plan, stand increase the share of clean and renew - had become stronger than it was a at $1 trillion. We expect 50 percent of able energy in the energy mix and decade ago. this investment to come from the pri - increase energy efficiency across the vate sector. These developments create economy, promote development objec - Following is an excerpt from major opportunities for companies tives while also yielding mutual benefits Finance Minister Pranab both domestic and foreign. for addressing climate change Mukherjee’s address at the event: The economic reforms initiated effectively. In November 2009, Prime I am extremely pleased to be here during the early 1990s have borne Minister Manmohan Singh and this evening and have this opportunity good results for the Indian economy. President Obama launched a Clean to share some thoughts with investors, We have taken steps in recent months, Energy and Climate Change Initiative business leaders and industry captains to take this process forward. to advance cooperation in clean and of the two countries and the global We are working to build a policy renewable energy, and energy efficien - community. Indeed, we seek your consensus on a number of pending cy. Solar and Wind energy expansion engagement in all aspects of economic issues such as introduction of Goods offers opportunities for green tech activities in India, and likewise look for and Services Tax, a new and facilitative companies in the US for building long- similar engagement for Indian National Manufacturing Policy, further term partnership with industry in India. enterprise in this land of opportunities. liberalization of FDI, including in retail, India-USA economic relations are India’s economic progress is not only deepening and strengthening financial getting stronger and are more robust a key factor of stability in the global markets for long-term investments. than they were a decade ago. At the economy, but also a source of immense Our new foreign trade policy is ambi - core of the US-India Economic and economic opportunity for the world. tious and aims at doubling exports to Financial Partnership launched last India presents a rapidly growing $500 billion in the next three years. The year is the well grounded recognition market with a large and growing policy is backed up with a range of pro - to generate common response through middle class. gressive measures including facilitation convergence of each other’s strengths India has a population of 1.2 billion of investments, simplification of admin - in the field of innovation and which translates to that many numbers istrative procedures, streamlining of technology. of potential consumers. As high growth clearances and customs duty systems to We have institutionalized the trajectory is sustained, with a corre - name a few. US-India Economic and Financial sponding increase in the disposable Better infrastructure development in Partnership with regular engagement incomes from expanding work force new townships is the focus of at highest levels in Government. I have and increasing wages, India will investment now and would be for no doubt that the private business and become one of the largest consumer sometime in the near future. commercial engagement will continue markets in the world by 2030. In infra - For India, sustainable development is to be the key driver of bilateral structure sector alone our investment a necessity. Long-term perspective plan economic cooperation even as, we, at needs over the next five years (2012- on energy and the ambitious National the Government level, explore fresh 2017), which happens to be the period Action Plan on Climate Change seek to areas of collaboration.

October 2011 India Review India Investment FORUM MEET iNdiA iN A positioN to sustAiN hiGh ecoNomic Growth: prANAb mukherjee n his keynote address at the 8th One of the defining features of the Annual India Investment Forum last two decades has been the shift in Meeting on the theme of India’s global economic power from the devel - I continuing growth story, in oped to the developing countries. G- New York on September 21, Finance 20 and BRICS have emerged as Minister Pranab Mukherjee said that groups that are guiding the world the fundamentals of the Indian econo - economy. The report on BRIC my were strong enough to sustain its by Goldman Sachs made the world sit high economic growth for the decades up and take notice of the potential eco - to come. From a rate of 3.5 percent nomic clout of Brazil, Russia, India growth between 1950s and 1980s, to and China. Together these economies reach a growth rate of 9.5 percent accounted for about 47 per cent of the between 2005 and 2008, Indian contribution to global growth in 2011. economy has traversed a long way. The challenge for us is to manage Mukherjee pointed out that although this process in a manner that our the economic slowdown in the wake of developmental goals are not compro - the global financial crisis also impacted mised and that we attain them in a rea - India and its growth rate declined to sonable period of time. So far, we may 6.8 percent in the crisis year of since the 1980s. It grew at a rate of have managed to be on track, despite 2008-09, the recovery of the Indian around 3.5 percent between 1950 and uncertainties and recurrent economic economy was rapid and strong. The 1980, about 5.5 in the 1980s, going up turbulence, but we may have much economy registered an average growth to over 6 percent in the 1990s and in more to do, in the coming years. of over 8 percent in the two years the early years of this century. Since The sustained high growth of recent following the slowdown, demonstrat - about 2003-04 it has moved further to years reflects a maturing of the eco - ing its resilience and the capacity to a higher trend growth path of 8.5 to 9 nomic management in the country. overcome adversities in its develop - percent per annum. Between 2005 and Industry and services have emerged as ment path, the Finance Minister said. 2008, India’s GDP grew at around 9.5 the prime drivers of growth. The percent per year making it one of the Indian manufacturing sector has come Excerpts from the Finance fastest growing democracies in the of age and is making its presence felt Minister’s speech at the event: world. globally in sectors like automobile and “I am very happy to be here today The economic slowdown in the auto components, pharmaceuticals, and have this opportunity to speak on wake of the global financial crisis also textiles and steel. The changing a theme, which as the Finance Minister impacted India and its growth rate composition of our exports in favor of of the country, is a matter of declined to 6.8 percent in the crisis engineering goods apparent in the professional engagement and even a year of 2008-09. However the recov - recent export data for 2010-11 is an commitment for me. Growth is neces - ery was rapid and strong. The econo - indication of that fact. The services sary for the opportunity that it creates my registered an average growth of sector, contributing about 58 percent for the teeming millions in India, who over 8 percent in the two years follow - of GDP, has become an important need to be lifted out of poverty and ing the slowdown, demonstrating its driver and a stabilizing factor for our deprivation. Growth is equally resilience and the capacity to overcome economy in the face of growing expo - important for the resources it gener - adversities in its development path. sure to global business cycles. 10 ates for the Government to bridge the Though there has been some moder - Let me conclude by saying that country’s social and physical infra - ation in growth, with GDP increasing despite the challenges before us, I am structure deficit. Indeed, it is the by 7.7 percent in the first quarter of confident that we are in a position to means that gives us a realistic chance 2011-12, the fundamentals of the sustain high economic growth in the of putting the economy on a path of economy are still intact and the growth coming decades and create a more high, self-supporting and sustainable story of the Indian economy continues inclusive outcome for our society. long-term growth. unabated. Continue it must in the next I have faith in the Indian entrepreneur - The Indian economy has traversed a two decades so that we are able to ial spirits and the other stakeholders, long way during the course of which it deliver on the promise of meeting the and we have the political will to do the has stepped up its growth trajectory developmental objectives that we have needful to meet the aspirations of our over successive decades, especially set for ourselves. people.

October 2011 India Review Bilateral VISITS

‘india-us bilateral investment ANANd shArmA treaty discussions Nearly complete’ meets roNAld kirk eading a high level industry delegation inister for Commerce, of Indian CEOs to the US-India Industry and Textiles L Economic Opportunity & Synergies Anand Sharma held a Summit, organized by Federation of Indian M bilateral meeting with Chamber of Commerce (FICCI) and the the United States Trade Representative Executives’ Club of Chicago at Chicago on (USTR), Ambassador Ronald Kirk on September 20, Minister for Commerce, 11 September 22. The two Ministers Industry and Textiles Anand Sharma, indicat - assessed the entire gamut of bilateral ed that the India-US Bilateral Investment trade and commercial linkages, includ - Treaty discussions were nearly complete. ing the forthcoming Ministerial Trade The Minister addressed a wide gamut of Policy Forum (TPF), Generalized issues, in particular, the continuing economic System of Preference (GSP) Extension liberalization process. On the and bilateral Totalization Agreement. second set of economic reforms in India, he Both Ministers agreed that the TPF had assured the audience that the government played an important role in promoting was committed to furthering reforms. He trade and investment cooperation elaborated that India was an attractive between the two countries. investment destination and a vibrant market. On GSP Extension, Sharma Minister Anand Sharma with USTR Ronald Kirk. India would be seeking an investment in expressed his satisfaction at the infrastructure of over a trillion dollars in the progress made by the Senate on GSP drew Kirk’s attention to the regulatory next 5 years and the United States could be reauthorization and hoped for its early and process related problems being a major beneficiary being a leading nation in resolution by the U.S. Congress. On faced by the Indian IT industry in the world in terms of innovation and tech - the Totalization Agreement, Sharma obtaining H-1B and L-1visas. nology, which could help India’s growth. india pushes for free movement of professionals nderscoring the importance of same European countries. As such, the vious joint venture partner if an invest - free movement of profession - differing systems of social security ing firm wanted to enter into a fresh U als between India and the should not be an impediment in sign - joint venture partnership in the same United States, Commerce, Industry ing of the India-US Totalisation sector. Sharma said that India and the and Textiles Minister, Anand Sharma, Agreement,” Sharma said. US were moving forward with negoti - sought early redressal of the problems Minister Sharma acknowledged the ations on the bilateral investment being faced in obtaining H-1B and important role played by the CEO treaty and two rounds of technical L-1 visas to the US by the Indian Forum in bringing about tangible poli - negotiations were scheduled to be held IT industry. cy changes on both the sides. He before the next round of Ministerial Speaking at the India-US CEO informed the forum about the positive Trade Policy Forum. Forum held in Washington DC on feedback he had received in his inter - Minister Sharma invited the US September 22, Minister Sharma drew action with CEOs in Chicago and investors in India for establishment of attention to the estimates by the Indian Dallas before the CEO Forum meet - National Investment and industry that the uptake of H-1B visa ing. “There is a perceptible change in Manufacturing Zones, conceived as in 2011 had dropped to less than half the paradigm for interaction between Integrated Greenfield Mega Industrial of annual prescribed limit, while the India and the US from ‘Buy-Sell’ to a townships. rejection rates had gone up. long-term investment in the strategic The deliberations of the CEO He said that India had signed totali - partnership,” the Minister said. Forum identified the areas of clean sation agreements with several Sharma also spoke about the energy; technology, health, agricul - European countries, whose social changes made in Foreign Direct ture, and education; trade, security security systems were different from Investment (FDI) policy in India and aviation; trade and agriculture; the Indian and the US systems. “The including allowing FDI in Limited energy efficient buildings project for United States also has signed bilateral Liability Partnership and removal of expansion and deepening of business- social security agreements with the the condition of clearance from a pre - to-business ties.

October 2011 India Review Bilateral VISITS

CompetItIve bIddIng ‘explore the potentIal beComIng the norm: of IndIa’s power seCtor’ power mInIster elivering the keynote address at the ddressing the US-India with the strong support from the 8th India Investment Forum in New Economic Opportunities private sector. DYork on September 23, Minister for and Synergies Summit in Highlighting the reforms in the Power said that India A Chicago organized by power sector in India, Shinde said the had taken several measures to make the Federation of Indian Chambers of Electricity Act 2003 allowed the sec - power sector investor friendly in a fast Commerce and Industry (FICCI) in tor to align itself with market dynam - growing competitive environment. He said association with The Executive Club of ics and clear the roadblocks in the way the bidding documents had been standard - Chicago on September 22, Minister for of greater participation by the private ized in India and the competitive bidding Power Sushilkumar Shinde called sector. He said an independent route was slowly becoming the norm. upon the US investors to invest in the regulatory framework in India now Shinde said, as of January 2011, all growing power sector in India. Shinde provides business confidence to power to be procured was mandated said that while the present installed power companies and a fairly lucrative through the competitive bidding route. He generation capacity in India was more rate of return on equity of 15.5 per said 100 percent Foreign Direct Investment than 1,81,000 MW, over 80,000 MW cent per annum. had been allowed for sometime now in all of new power capacity is under Underlining that the share of the segments of the power sector, including construction. He added that during private sector in capacity expansion power trading. He said that investor confi - 2007-2012, the funding requirement had gone up substantially in the dence had returned to the sector as was in Indian power sector had been Eleventh Five-Year Plan with 33 per amply borne out by the fact that all projects estimated at $230 billion. Stating that cent of the total incremental capacity of the 11th Five Year Plan and 78,000 MW the 12th Five-Year Plan aimed at expected to come from the private for the 12th plan had achieved financial capacity addition of nearly 100,000 sector, he said that in the Twelfth closure. MW with a similar investment require - Five-Year Plan this share was expected On the policy front, he said that the ment, he emphasized that such a to further increase to about National Electricity Policy, 2005, and the gigantic task could be successful only 50 percent. Tariff Policy, 2006, had paved the way for renewed interest amongst both developers and investors. ‘India among top five countries in Lauding the role of Indian public sector companies, Shinde said that NTPC, PGCIL, renewable energy capacity’ NHPC were playing a vital role in adding the elivering the closing plenary Highlighting that India today stood much needed generation and transmission address at the US-India among the top five countries of the capacity in the country. He said the Indian D Economic Opportunities and world in terms of renewable energy companies such as PFC and REC had Synergies Summit in Chicago organ - capacity, Dr. Abdullah said that India emerged as pillars of strength in providing ized by the Executives’ Club of had an installed base of over 20 GW, financial support to the power sector. Chicago, Chicago Council on Global which was around 11 percent of Shinde informed that 16 Ultra Mega Affairs, and FICCI on September 23, India’s total power generation capaci - Power Projects (UMPPs) and 14 Inter-State Minister for New and Renewable ty and contributed over 6 percent to Transmission Schemes had been identified Energy Dr. urged the the electricity mix. for development by the private sector on international investor community to He said that investment in renew - competitive bidding route. invest in the Indian renewable energy ables in India grew by 25 percent in He said that India was actively pursuing a 12 sector. He said that the recent esti - 2010 and contributed nearly low carbon growth strategy which included mates by the Lawrence-Berkley $3.8 billion. Abdullah said that this super critical technology in thermal plants, National laboratory indicated that a was just the beginning as the National the rapid induction of clean coal technolo - potential of over 600 GW electric Action Plan on Climate Change man - gies and a sharper focus on renewables. He power capacity lied in India from wind dates an increase in the share of said that international majors like energy alone. He said that in addition, renewable power in the electricity mix Mitsubishi, Toshiba, Hitachi, Alstom and the solar photovoltaic and solar ther - to 15 percent by the year 2020. Ansaldo had already started the process of mal energy had the potential to gener - The Minister informed that India partnering with Indian manufacturers to set ate around 50 MW per square km of had set up a target of around 72 GW up super critical manufacturing facilities in area while small hydro and biomass of renewable power including 20 GW India. could add another 40 GW capacity. solar capacity by 2022.

October 2011 India Review Ambassador’s ENGAGEMENTS IndIan-amerICan CommunIty welComes ambassador nIrupama rao

13

Ambassador Rao with some prominent members of the Indian-American community. Photo:- Mathew Karmel.

peaking at the welcome you have found it on the soil of this function organized by the country. The fact that you were Indian-American community equipped with the solid skills impart - S in Washington D.C. on ed to you by your Indian birth and September 18, newly appointed upbringing, was of particular signifi - Ambassador to the US, Nirupama Rao cance, indeed of critical importance. noted that the Indian-American In many ways, you are what you are community could be the bridge of because of the wellsprings of Indian understanding and friendship between culture and resilience that you possess, India and the United States. as well as the spirit of innovation, ingenuity and enterprise that America Excerpts from the speech by symbolizes. You have contributed and Ambassador Nirupama Rao at the played a significant role in crafting the welcome function: India-United States partnership, this Dr Shambhu Banik, Mr. Benoy strategic partnership between two of Thomas, Dr Renuka Mishra, Mr. Raj the world’s leading democracies, this Singh, Dr. Walter Anderson, defining relationship that has the Ambassador Nirupama Rao speaking on the Dr. Alyssa Ayres, it is indeed a pleasure occasion. Photo:- Mathew Karmel. capability to impact the destiny of the to be here this evening. I recognize 21st century. many old friends, and familiar faces in interest in India; our relationship with Your accomplishments and achieve - the audience. It is good to be back. The the U.S. has become a full-fledged ments as a community have caught the warmth of your welcome truly touches partnership that has caught the imagination of this country, and indeed my heart. I feel I am not far from home. attention of the world. of the world. Sixteen years ago, in October 1995, I have kept in touch with this coun - Full speech of Ambassador Rao can when I left Washington DC, the world try over the years, and the friendship be viewed at: http://www.indianem - was a different place — India still and affection I have for you and for bassy.org/prdetail1764/ seemed at that time many, many, miles the United States, the country of speech-by-ambassador-nirupama- away. That is not the case, any more. your adoption, and in many cases rao-at-welcome-function-organized- Every little town in the United States, now, the country of your birth, is by-the-indian-american community has an Indian American family or, an deep and enduring. You came here in 2Cwashington-dc2C-september- India connection. There is much more search of your American dream, and 182C-2011

October 2011 India Review Ambassador’s ENGAGEMENTS IndIA key plAyeR In enSURIng globAl peAce And developmenT: AmbASSAdoR RAo

ddressing the Chicago Excerpts from Ambassador Nirupama ern nation-state since her Council on Global Affairs on Rao’s speech at the event: independence in 1947. It is this ‘India’s Global Outlook and It is indeed an honor and a privilege cumulative experience that informs A Foreign Policy’, India’s for me to have this opportunity to and drives our global outlook and Ambassador to the US, Nirupama Rao speak to you today about India’s foreign policy. said in an Asia-centered century, India Global Outlook and Foreign Policy. I Our independence struggle, a wished to play a role that was commen - would like to thank Marshall Bouton, unique example of non-violent peace - surate with its size, its growing the President of Chicago Council on ful mass movement that led to the economic strength, its democratic Global Affairs, for initiatives to create a overthrow of a colonial regime, has stability and proven capacity to manage better understanding of India in the had a strong influence on our outlook its enormous diversity, its contributions US and his consistent support to and our interaction with internation - to global peace and security, and its strengthen India-US relations. al comity of nations, as we began our justified quest for a greater voice in a In recent times, there has been a journey as a young and independent multilateral system that was balanced, considerable interest in India and the nation. A key feature was our desire equitable, and representative of new developments there. The focus gen - to retain our ability to make global realities. She also said that erally has been on India’s sustained independent decisions in the best India’s bilateral engagement with the economic growth particularly against interests of our people. United States had witnessed remark - the backdrop of the international Full text of Ambassador Rao’s able transformation and had matured financial and economic crisis. But an speech on ‘India’s Global Outlook into a strategic partnership of global interest that focusses only on the eco - and Foreign Policy’ can be viewed at: dimensions. “Our multi-faceted nomic growth or on the opportunities http://www. indianembassy.org/ strategic partnership is based on our that India offers might be too narrow. prdetail1787/address-by-ambassa - converging strategic and economic To better appreciate India’s global dor-rao-on andquot; indiaandrsquo; interests, the vibrant ties between our outlook and its foreign policy, I feel s-global-outlook-and-foreign- peoples and businesses, and our shared that there is a need to have a broader policyandquot;-at-the-chicago-coun - values,” Ambassador Rao said. look at India’s experience as a mod - cil-on-global-affairs

Take advantage of India’s growth, Ambassador Rao urges US businesses peaking at the US-India me to share my thoughts at this event resonate with your business priorities, Opportunities and Synergies being held as part of its centennial cel - and they are also in line with our S Summit, organized by the ebrations. This is a celebration of your national development priorities. Executive Club of Chicago in associa - achievements and enterprise. In our Collaboration in the energy sector is tion with the Federation of Indian bilateral context, it is also a recognition the first to come to my mind. Today, Chamber of Commerce and Industry of your key role in fostering strong renewable power capacity accounts for (FICCI), in Chicago on September 20, India-US trade and commercial 8 percent of total installed capacity in Ambassador Nirupama Rao outlined engagements. the country. We are determined to the emerging opportunities that India I would also like to express my develop our solar energy and have also provides to U.S. business and invited appreciation to the Federation of launched a National Solar Mission. I 14 them to leverage and harness the Indian Chamber of Commerce and invite you to participate in this field opportunities in India. Industry and Consul-General Mukta which offers exciting commercial Tomar for having worked with unwa - opportunities. The next area I would Excerpts from Ambassador vering commitment to make today’s like to mention is agriculture and allied Nirupama Rao’s speech on the business Summit possible. technologies. occasion: Ladies and Gentlemen, as represen - Full text of Ambassador Rao’s Let me begin by thanking Mr. David tatives of Industry, you are well placed speech at the event can be viewed at: Nelms for his warm words of welcome. to assess the ground situation well http://www.indianembassy.org/prde - It is pleasure for me to be in Chicago. yourself. Still, let me mention some of tail1788/remarks-by-ambassador-at- I would like to most sincerely thank the the key areas where I see tremendous the-usindia-economic-opportunities- Executive Club of Chicago for inviting synergies for cooperation. These might and-synergies-summit

October 2011 India Review Ambassador’s ENGAGEMENTS IndIA IS A SoURce of ImmenSe economIc oppoRTUnITy, SAyS AmbASSAdoR RAo peaking at the 8th India of Indian Chamber of Commerce and a key factor for stability in the global Investment Forum, jointly Industry and the Institutional economy but also a source of immense organized by Federation of Investor for inviting me to address economic opportunity for the world. S Indian Chambers of this Forum on the opportunities that India’s achievements in the last sev - Commerce and Industry (FICCI) in India’s economic growth offers for eral years and economic growth have partnership with the Euromoney greater India-US engagement. helped shape the contours of India-US 15 Group, in New York, Ambassador ties that have come a long way in a rel - Nirupama Rao noted that India’s India’s growth story and atively short span of time. Two-way economic partnership with the United expanding India-US partnership trade in goods continues to grow States was built on a strong frame - The growth prospects of Indian steadily and reached all time high fig - work, defined by mutual benefit, not economy are underpinned by a very ure of about $49 billion last year. mutual vulnerability. She also favorable mix — the unfolding Services trade is buoyant; and capital highlighted India’s fast economic demographic dividend, the increasing flows are now in two directions. This growth and how it had strengthened domestic demand, high savings and has translated into not only stronger India-US relation. investment rates, robust capital linkages between the businesses; but markets, world class firms in important has also given rise to new foundations Following is an excerpt from the high tech sectors and the available pool of partnerships in innovation, entre - special address of Ambassador of human resources. preneurship, food and energy security. Nirupama Rao on the occasion: With sustained annual economic A fast developing feature of our grow - It is a privilege and honor to growth of over 8 per cent in recent ing business linkage is creation of value address the annual gathering of India years, the Indian economy offers and jobs in the US economy by the Investment Forum this morning. For exciting opportunities for the US busi - Indian investments. successive years, the Forum has done nesses to partner with Indian stake - Full text of Ambassador Nirupama a commendable job in situating holders for mutually beneficial ties. Rao’s speech at the event can be viewed India’s growth story in terms of Currently at more than $1.5 trillion, we at: http://www.indianembassy.org/ investment opportunities available for are expecting to be a $2 trillion econo - prdetail1786/special-address-by- the US business community in India. my in coming few years. ambassador-nirupama-rao-at-the- I would like to thank the Federation India’s economic progress is not only india-investment-forum

standing on critical issues, including on global ‘India’s relation with the US is natural and enduring’ economic situation, terrorism, Afghanistan, ddressing the the 3rd FICCI-BROOKINGS the overall growth of our bilateral relationship. regional challenges and Asian st bility has Dialogue on ‘Is there a future of India-US When one is faced with the question about become stronger. The frequency, qua ity and the A strategic dialogue, Ambassador the future of our strategic partnership, it would range of our political dialog on all regional and Nirupama Rao asserted that India’s relation with be logical to begin with defining what we mean global issues have reached a new level. the US was natural and enduring. Describing the by it and the overall context. India’s foremost The safety of and access to the global com - future of India-US strategic dialogue as very national task in the decades ahead is to turn the mons — air, sea, space and cyber domains — ‘promising’, she said that India’s strategic part - historic economic gains of the last twenty years is vital for continued prosperity of India, the nership with the US would not only hasten the into inclusive growth that lifts millions more out US and the international community. We have pace of India’s socio-economic transformation, of poverty, that revitalizes rural India and uplifts therefore decided to explore how we can but would also advance the cause of peace and marginalized and poor farmers, and that creates work together and with other countries prosperity in both the countries. a future of potential and possibility for more towards this objective. Increasingly, this and more Indians. We wish to hasten the pace aspect of the relationship requires intensified Excerpts from Ambassador Nirupama Rao’s of India’s socio-economic transformation in study and focus at the level of official and remarks on the occasion: partnership with the international community. experts. It is a great privilege and honor for me to Full text of Ambassador Rao’s speech at the have this opportunity to speak to you at the Global partnership for peace, event can be viewed at: http://www.indi - concluding session of this 3rd Brookings-FICCI stability and security anembassy.org/prdetail1794/ambassadoran - Dialogue on India-US Strategic Partnership. Today, both India and the US have an increas - drsquo%3Bs-remarks-at-the-3rd-ficci-brook - Since its institution, this Dialogue, which brings ing convergence of interests when it comes to ings-dialogue---andquot%3Bis-there-a- together eminent experts and thinkers from both ensuring peace, stability and security not just in future-of-india-us-strategic-dialogue - India and the US, has contributed positively to Asia but in the world at large. Our mutual under - andquot%3B

October 2011 India Review Ambassador’s ENGAGEMENTS ‘IndIA’S foReIgn polIcy IS conSTAnTly evolvIng’ ndia’s foreign policy has evolved The impact of technology is being over the years keeping pace with increasingly felt. Our expectations India’s progress as well as the from the world have changed, as has I changes that have taken place in our capability. the global environment, said And this is reflected in how India Ambassador Nirupama Rao in her perceives its own future, its ties with its address on Trends in India’s Foreign neighborhood and its approach to the Policy, at the Georgetown University, larger international order. Realizing in Washington, DC, on September 27. our economic growth targets and She said that India’s foreign policy was ambitions in a conducive and a peace - a reflection of its national interests, its ful, stable, external environment while conviction that the dynamism and promoting core values of pluralism, energy of the Indian economic growth democracy and secularism remains a story must be shared, that to sustain fundamental goal of India’s foreign India’s growth trajectory, the world primary task of our foreign policy was policy. But at a broader level this also needed an environment that was free to enable us to begin the process of includes maintaining external security from transnational threats like terror - economic and social transformation as well as internal security, ensuring ism, and that inclusive structures of that was the urgent need of the day as sustained economic growth, access to dialog and cooperation were necessary two hundred years of colonial rule had capital inflows, technology, ideas and to address the new challenges that the resulted in India becoming from one of innovation as we build our society and country faces. richest in the world to one of the poor - economy. est. Our independence struggle, a Let me take a few moments to Following is an excerpt from unique example of non-violent peaceful comment on our transformed Ambassador Nirupama Rao’s mass movement that led to the over - relations with the US. I had address: throw of a colonial regime, has had a mentioned earlier about the measures I would like to thank Georgetown strong influence on our outlook and that the two governments are taking University for giving me this opportu - our interaction with international comi - to strengthen our cooperation in the nity to meet and interact with the ty of nations as we began our journey field of education. Indeed in India, we distinguished faculty and the student as a young and independent nation. We attach importance to our strategic community of this prestigious institu - pursued a policy therefore that would partnership with the US both for tion of academic excellence. ensure a peaceful environment, strate - advancing global peace, stability and I am particularly happy to know that gic space and autonomy for us, free of progress as well as in the pursuit of Georgetown University has had an entanglement in Cold War conflicts or achieving India’s national develop - extensive association with India, and alliances and open up development ment goals including promoting has been one of the leaders in forging options for our people. better education opportunities, partnerships with Indian institutions of Six decades later, the world is very improving agriculture productivity, higher education and learning. I would different. The end of the Cold War, creating a world class infrastructure like to particularly thank President and accelerating processes and chal - and development of sustainable DeGioia for his personal commitment lenges of globalization, has led to energy sources. and constant support in promoting greater inter-connectedness among The expanding cooperation between stronger linkages and friendship countries. Recent events such as the India and the US is strongly rooted in between our two countries. global economic and financial crises our shared ideals and values, excellent During the six decades into our and threats to peace and security by people-to-people contacts and 16 journey as an independent nation, we terrorism have demonstrated the business linkages, widespread political have followed a foreign policy that indivisibility of security and prosperi - support in both countries and our would help us pursue our national ty of countries, whether big or small, ability to work together in a variety of interests which is to ensure rapid developed or developing. India too fields. Over the past ten years, the socio-economic transformation and has undergone a profound change in canvass of India-US partnership has nation-building efforts. Our foreign these years. Sustained economic widened immensely in its scope and policy has evolved over these years growth and modernization are trans - content. keeping pace with India’s progress as forming the Indian society at an Full text of Ambassador Rao’s speech well as the changes that have taken unprecedented pace and our engage - at the event can be viewed at: place in the global environment. ment with the global economy and http://www.indianembassy.org/page.ph When we got our independence, the the world is growing rapidly. p?id=1795

October 2011 India Review Embassy EVENTS embASSy hoSTS TeAcheRS’ dAy celebRATIonS The Embassy of India hosted a special event to celebrate Teachers’ Day on September 7. 1 2 3

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PHOTO LEGENDS 1. Ambassador Nirupama Rao addressing the guests on the occasion of Teachers’ Day celebrations. 2. Dr. Har Swarup Singh, Former Vice-Chancellor, Haryana State Agricultural University, Hissar, speaking on the occasion. 3. Dr. Shareen Joshi, Professor, Georgetown University, School of Foreign Service, addressing the gathering. 4. Dr. Vasanthi Thiagarajan, Fulbright Distinguished Teacher, speaking on the occasion. 5. A section of the audience. embASSy celebRATeS Id-Ul-fITR The Embassy of India celebrated Id-Ul-Fitr at the Chancery on September 10. Over 200 guests attended the event. 1 2 3

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PHOTO LEGENDS 3. Invocation prayer by Aman Chhipa 4. Invocation prayer by Dr. Akil Merchant. 1. Ambassador Nirupama Rao addressing the gathering. 5. Arshi Siddiqui speaking on the occasion. 2. Rashmi Sanan welcoming the guests. 6. Musical performance by artistes Ahsan Qureshi and Irfan Dean.

October 2011 India Review Embassy EVENTS Embassy hosts hindi diwas cElEbrations The Embassy of India hosted a special event on the occasion of Hindi Diwas, at the Embassy on September 14.

1 2

3 4

5 6

PHOTO LEGENDS the occasion of Hindi Diwas celebrations at the Embassy. 1. Ambassador Nirupama Rao felicitating the guests on the occasion of 4. Poetry reading by Rakesh Khandelwal. Hindi Diwas. 5. Asha Chand, Vice-President of the DC Chapter of International 2. Poetry reading by Rashmi Sanan. Hindi Association, speaking on the occasion. 3. Madhu Maheshwari, India International School, Chantilly, speaking on 6. Guests in attendance. 18

Poetry recitation and songs rendered by students on the occasion.

October 2011 India Review Embassy EVENTS Embassy hosts nEsa cEntEr For stratEgic studiEs mbassador Nirupama Rao addressed the Regional Directors of the Near East South Asia Center For Strategic A Studies, National Defense University, Washington, DC, at the Embassy on September 13.

19

Ambassador Nirupama Rao addressing the gathering. Also seen is A section of the audience at the event. James A. Larocco, Ambassador (Retired), NESA Director.

Embassy hosts nFia he Embassy of India hosted a function for members of the National Federation of Indian American Associations T (NFIA), on its premises on September 15. 1 2 3

PHOTO LEGENDS 2. Dr. Parthasarathy Pillai, President of NIFA, speaking on the occasion. 3. A section of the guests. 1. Ambassador Nirupama Rao addressing the guests. Embassy hosts cii-india businEss Forum ndia’s Ambassador to the United States, Nirupama Rao held an interactive session with the members of the CII-India Business Forum (CII-IBF) in I Washington D.C. on September 16. Twenty-five top representatives of the CII-IBF member companies attended the meeting. Ambassador Rao appreciated the role being played by the CII-IBF and its members in strengthening commercial ties between India and the United States. She underlined the importance of trade, investment, business and technology part - nerships that the IBF members were forging with U.S. busi - nesses in promoting India-US trade and economic relations. Ambassador Rao also took stock of the issues and CII-India Business Forum members with Ambassador Nirupama Rao and challenges, including visa and market access problems Deputy Chief of Mission Arun K. Singh, at the Embassy on September 16. that the Indian businesses face in the United States. She offered the Embassy’s full assistance in construc - members. Formed in 2006, the current membership of tively addressing the challenges being faced by the IBF CII-IBF includes 31 companies.

October 2011 India Review Embassy EVENTS mEEting with thE nEtwork oF indian ProFEssionals (nEtiP) he Embassy of India hosted a special meeting with members of the Network of Indian Professionals (NetIP), at the T Embassy on September 2. 1 2 3

4 5 PHOTO LEGENDS 1. Kishan Putta of NETSAP, DC, welcoming the guests. 2. Chargé d’affaires Arun K. Singh addressing the gathering. 3. Natwar Gandhi, Chief Financial Officer, District of Columbia, addressing the NetIP members. 4. Ashwin Janakiram, President, NetIP North America proposing the vote of thanks. 5. A section of the audience.

amol PalEkar at thE Embassy

he Embassy of India hosted a special presentation Indian Council of Cultural Relations (ICCR), Natyabharti on Contemporary Indian Theatre by renowned — a local Indian Theater group — hosted Amol Palekar T actor and theatre personality, Amol Palekar, on and Sandhya Gokhale for two plays directed by them and September 8. With the support of the Embassy and the staged in the DC area.

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20 4 5 PHOTO LEGENDS 1. Deputy Chief of Mission Arun K. Singh addressing the guests. 2. Director of Natyabharati Manoj Tiwari introducing Amol Palekar. 3. Amol Palekar speaking on Contemporary Indian Theatre. 4. Cast and crew of the two plays directed by Amol Palekar and Sandhya Gokhale for Natyabharati . 5. A section of the audience.

October 2011 India Review Embassy EVENTS Embassy oF india hosts india PEacE corPs VoluntEErs 1 2 he Embassy of India hosted a special briefing for members T of the India Peace Corps Volunteers on the occasion of their 50th reunion, at the Embassy on September 23. 21 3 4 PHOTO LEGENDS 1. Deputy Chief of Mission, Arun K. Singh addressing the gathering. 2. Jack Slattery, President, Friends of India (FOI), speak - ing on the occasion. 3. Former U.S. Ambassador to India, Richard Celeste addressing the guests. 4. A section of the guests.

Embassy hosts sPEcial briEFing on third brookings - Ficci stratEgic dialoguE he Embassy of India hosted a special briefing on Third Brookings-FICCI Strategic Dialogue on US-India Relations, Tat the Embassy on September 26. 1 2 3

4 5 6

7 PHOTO LEGENDS 1. Deputy Chief of Mission Arun K. Singh welcoming the guests. 2. Strobe Talbott, President, The Brookings Institution, speaking on the occasion. 3. R.V. Kanoria, Senior Vice-President, FICCI, addressing the gathering. 4. Stephen P. Cohen, Senior Fellow, Foreign Policy, The Brookings Institution, addressing the guests. 5. Jake Sullivan, Director of Policy Planning Staff, Department of State, speaking on the occasion. 6. Rajiv Kumar, Secretary General, FICCI, addressing the gathering. 7. Guests in attendance.

October 2011 India Review Consulate EVENTS CGI HOUSTON ANAND SHArMA ADDrESSES DALLAS 12TH ANNUAL AwArDS BANqUET Of THE GrEATEr DALLAS INDO-AMErIcAN cHAMBEr Of cOMMErcE nand Sharma, Minister for the youngest Commerce, Industry & recipient Shree Textiles (CITM), visited Bose (17 years) ADallas from September 20- who had 21. The CITM was the Chief Guest achieved interna - and Keynote Speaker at the 12th tional recogni - Annual Awards Banquet of the tion, including Greater Dallas Indo-American Google Science Chamber of Commerce (GDIACC). Fair and other In his address, Minister Shrama prestigious underlined India-US strategic part - awards, for her nership and the importance of the research project cooperation between India and Texas Anand Sharma, Minister for Commerce, Industry and Textiles, addressing on ovarian cancer in business and other areas. He com - the 12th Annual Awards Banquet of GDIACC on September 20. drug resistance. plimented Texas, Dallas-Fort Worth partnership between India and the On September 21, the CITM visit - region and the City of Dallas for their US, Minister Sharma highlighted the ed Texas Instruments (TI), a Fortune dynamic business profile, and premier substantial FDI flows and creation of 500 company. During the visit, he institutions in other areas such as edu - jobs by Indian companies in the US. interacted with a group of CEOs at a cation and research. He praised the He also presented GDIACC luncheon hosted in his honor by vibrant Indian-American community awards for excellence in science, Richard Templeton, Chairman & for their accomplishments, contribu - medicine, corporate leadership CEO of TI. tion to local economy and society, and and entrepreneurship. their important role in fostering India- Congratulating and encour - U.S. friendship and cooperation. aging the award winners, the EID MILAN IN HOUSTON Giving an overview of the CITM said that he was par - substantial economic and commercial ticularly delighted to meet CGI NY cONfErENcE ON INfrASTrUcTUrE TODAy, INDIA OppOrTUNITy 2011

conference on ‘Infrastructure included Senator Larry Consul-General Sanjiv Arora as the Chief Guest at ‘Eid Milan’ Today, India Opportunity Pressler and Steve Forbes, organized by India Culture Center, Aligarh Alumni Association A 2011’ was organized at the Chairman and Editor-in- and other community fora in Houston on September 17. Indian Consulate New York, from Chief of the Forbes September 16-17. Magazine. On September 17, the conference and lauded the tireless The conference came at a time conference had Senator Pressler as efforts made by India in the develop - when the Indian Government had just the Chief Guest. ment of Indian infrastructure. A 22 announced the investment of P.K. Bajaj, Head of Chancery, special address was given by Diane $1 trillion on infrastructure sector, for Consulate-General of India, Farrell, Executive Vice-President & the next five-year plan commencing welcomed the gathering and thanked Senior Director, Policy Advocacy, in 2013. ‘Infrastructure Today, India the organizers ASPIRE International US-India Business Council. She Opportunity 2011’ presented a Group for organizing such a grand enthused the people with her rich unique forum for leaders of India and event, and spoke on the topic, experiences that she had encountered the U.S. to collaborate and capitalize ‘Investment in Infrastructure’. during her visit to India and spoke on the opportunities on offer in the Keynote speaker, former Senator highly of the kind and pace of infrastructure sector in India. Larry Pressler, said he was honored to infrastructure development that was On September 16, the delegates be at the Consulate to address the going on in India.

October 2011 India Review Consulate EVENTS

MINISTEr Of pOwEr cGI NEw yOrk wELcOMES INDIA’S NEw SUSHIL kUMAr SHINDE AMBASSADOr TO THE US NIrUpAMA rAO vISITS cGI NEw yOrk

Consul-General Prabhu Dayal introducing Ambassador Nirupama Rao addressing the 23 Ambassador Nirupama Rao to the audience. guests. onsulate General of India, Power Minister Sushilkumar Shinde addressing New York organized a the gathering at CGI New York. C Reception at the Consulate on September 30 in honor of Nirupama Rao, Ambassador of India to the United States. At the reception, Ambassador Prabhu Dayal, Consul- Ambassador Nirupama Rao interacting with the General of India in New York, audience. warmly welcomed Ambassador Rao A section of the audience. and said that she was one of the finest She said that the friendship and diplomats India had ever had. He con - affection which she holds for the mbassador Prabhu Dayal, gratulated Ambassador Rao on her Indian-American community and for Consul-General of India in new assignment after completion of a the United States was deep and A New York, hosted a successful stint as Foreign Secretary enduring. She also admired the signif - Reception-cum-Dinner in honor of of India. icant role the Indian-American com - the Minister for Power Sushilkumar While addressing the gathering, munity had played in crafting the Shinde, who was on a official visit to Ambassador Rao expressed her pleas - India-US partnership. New York from September 20-24. ure and happiness on being amongst The Ambassador encouraged the The event was attended by eminent the old friends and familiar faces again audience to further promote India’s businessmen. Addressing the gath - and thanked the audience for their priorities amongst their American ering on the occasion, Minister enthusiasm in welcoming her. colleagues. Shinde gave an update on the prevailing situation in India’s power sector as also information on fINANcE MINISTEr prANAB MUkHErjEE vISITS various ongoing power generating ASIA SOcIETy MUSEUM, NEw yOrk projects in India and exhorted the businessmen to invest in India’s inance Minister Pranab power generating sector. He also Mukherjee, who was in transit interacted with the media to give an F in New York, paid a visit to the update on the power generating Asia Society Museum on September scene in India. 21 to see the ongoing paintings and During his visit, Minister Shinde drawings exhibition entitled met power sector’s chief executive Rabindranath Tagore: The Last officers in the United States. A Harvest . The exhibition is being held Finance Minister Pranab Mukherjee, addressing the gathering at the Asia Society Museum. meeting was organized by the US- at the Asia Society Museum to com - India Business Council at the office memorate the 150th Birth of Ambassador Frank Wisner. On Anniversary of Tagore. The exhibition September 23, he gave an official comprises the paintings and drawings closing keynote address at the 8th of Tagore drawn from Visvabharati, Annual India Investment Forum in Shantiniketan, and the National New York. He also held discussions Gallery for Modern Art. The exhibi - with a number of interested tion is open for the public from Minister Mukherjee appreciating Tagore’s investors during the visit. September 9 to December 3. works at the museum.

October 2011 India Review EMBASSY OF INDIA SS Pre-sort First Class A U.S. Postage 2107 Massachusetts Avenue NW CL T Paid RS Washington, D.C. 20008 FI Silver Spring, MD Tel: 202-939-7000 RT Permit No. -SO Fax: 202-462-7276 PRE 3966

n Celebrating Onam

An intricately designed Pokkalam , which is the hallmark of Onam, a Hindu festival celebrated by the people of Kerala, in India. The festival commemorates the homecoming of the legendary King Mahabali. The Onam festival, which lasts for ten days, ended on September 9.

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