On Tuesday, June 24, the new president of the Confederation of Indian Industry (CII), KV Kamath, met with members of the US-India Business Council (USIBC) and expressed optimism about stronger bilateral ties in economic and commercial fields. ''The economic downturn offers both our establishments the opportunity to harmonise structures and regulations that will ensure that investing in one another's economies becomes easier and more robust as we look ahead to a promising and bright future,'' Mr Kamath said. During his current visit to New York, Mr Kamath is scheduled to visit financial institutions in the city to assess the state of the US economy and US investor interest in India. Frank Wisner, who was the US ambassador to India between 1993 and 1997, on the occasion sought constructive work between the largest democracies.
''As we sort through the financial turmoil that has affected the world markets, and as both our countries prepare for national elections, we must engage in constructive work that will lay a foundation upon which we can build a durable relationship for decades to come,'' he said. Among others who spoke was Charles Kaye, co-president of Warburg Pincus, which is the largest American private equity investor in India.
''Keeping in view the economic downturn, and projection that India may not mobilise the expected foreign direct investment where it is needed most in infrastructure, the sentiment here in New York remains favorable,'' he said. The USIBC is planning to host a Green India summit in Washington on October 15.
CII is the leading business group comprising thousands of Indian companies. USIBC was formed in 1975 at the request both the US and India. It has 260 representatives from large US corporations and about two dozen global Indian companies are members of USIBC.