'10 bn dollar business deals between India-U.S firms to create 50,000 jobs in U.S': Obama

Mumbai, Nov.6 (ANI): The United States President, Barack Obama, on Saturday announced conclusion of 20 deals worth 10 billion dollars by the US and Indian Business firms while stating that it would create over 50,000 jobs in the US and job opportunities in India as well.

Allaying fears of small businessmen in India while addressing the US India Business Council (USIBC) meet at the Trident hotel here, Obama asserted that bilateral partnership holds an enormous potential, adding that deals between business firms of both the countries were not just creating only wealth but huge job opportunities in both countries.

During his speech, President Obama said "increased commerce is win-win situation for both the countries," adding that the "U.S. and India will engage in healthy competition."

"Trade between both the countries will create jobs in both the countries," he said.

In his speech, the U.S. President also announced that High tech trade will go up indicating easing of restrictions.

He also asked India to remove trade barriers and promised to reciprocate.

Obama informed that several landmark deals have been done including Boeing selling dozens of planes to India and General Electric selling hundreds of Electric engines. "The increased commerce between the two countries will be a win-win situation."

The U.S. President, referring to the enormous unexplored potential in bilateral trade, said that India can be America's top trading partner.

He said due to the liberal economic policies pursued by India, tens of millions of people were taken out of poverty and now India enjoys the status of having the largest middle class population in the world.

The economic growth in India in the last two decades is "one of the stunning achievements in human history."

"U.S.-India relations will be the defining partnership of the 21st century," said Obama. (ANI)