Mukherjee calls for advance technology trade between India-U.S.

Washington, June 23 (ANI): Indian Finance Minister Pranab Mukherjee on Wednesday called for an advance technology trade between India and the United States.

Addressing a Joint Indo-US Business CEOs Forum Meeting in Washington here on Wednesday, Mukherjee said: "We are negotiating a bilateral investment treaty with US and are committed to take further initiatives which will contribute in creating a more conducive environment for investment flows."

The forum was attended by eight Business CEOs from both sides besides high-level Government participation from both the countries reflecting the importance given by them.

Expressing confidence that US President Barak Obama's visit to India in November this year would provide an opportunity to further intensify the economic engagements between the two nations and translate some of these ideas and recommendations into deliverables, Mukherjee said both the countries will have to strive together to create a better world and our ambitions must go beyond the economy.

Mukherjee asked the industry leaders to be bridge between private and government sectors.

"I am particularly happy to see how the India-US CEOs Forum has established itself as a bridge between the private sectors and Governments of India and the USA." he said.

"With your leadership and vision, you have created synergies that are invaluable. The initiative to take this strong economic partnership to a new level of innovation and sustained growth is indeed welcome," Mukherjee added.

He appreciated industries' bold step in facing global economic crisis and successfully overcoming the problem.

"I realize that the global economy can be as stormy as any sea. In fact very often it feels like a Tsunami. Anybody who tries to navigate his or her corporation through the global economy is, therefore, rightly called a captain," Mukherjee said.

"For this reason I greatly appreciate the work that you have been doing. I hope you will also appreciate a little the work that we in the Indian government have been doing in these turbulent times," he added.

Expressing concern over some countries facing difficulties in over coming the economic crisis, Mukherjee said: "The world has recently begun to come out of the great recession. What started as a sub-prime crisis in 2007-2008, became a financial crisis that affected banks and private corporations. And then it spread to the real economy.

"Governments around the world rallied to protect the banks and corporations. Unfortunately, now some of the governments themselves seem to have got infected. I am referring to the difficult sovereign debt situation that our friends in Europe are facing today," he added.

Mujherjee said even during difficult time the Indian economy performed really good, for which he credited a combination of careful policymaking, dynamic industrial leadership besides good fortune.

"The Indian economy has done exceedingly well in these difficult times through a combination of careful policymaking, dynamic industrial leadership and luck. Last quarter our GDP grew at 8.6 percent and this year my Ministry has predicated a growth rate of 8.5 percent," he said.

India-US Business CEOs Forum made several recommendations include creation of infrastructure debt fund of 10 billion dollars for development of infrastructure in India: also recommended collaboration under the National Solar Mission of India, long term initiatives on diabetes research and treatment, linkages between educational institutions and joint research in clean energy including bio-fuel. (ANI)