Reliance Industries CMD Mukesh Ambani made a strong argument in favour of removal of export controls by the US to give a further boost to the partnership between India and the US."US should get rid of export controls and, thereby, pave way for partnership of innovation. This will also be crucial to address the issues of safety and security which are of great importance for both the countries."
Speaking at the business summit on 'The US-India commercial relationship: Creating jobs and opportunities', Mukesh said he has been making huge investments in the US and said the creation of one job in the US can lead to six jobs in India. He noted that, in India, there has been burgeoning pressure to translate fast economic growth into tangible benefits for a large number of ordinary Indians.
Mukesh said this can be done by expediting reforms in the Indian education. "India is lagging behind in education compared to the US. There has to be long-term reforms which will also help the economy to grow further. There are a couple of best US universities and educational institutions that are keen to come to India," he added.
As far as the relationship between India and the US is concerned, Mukesh said it is largely based on trust.
Repeat telecom success: Immelt
GE Chairman Jeffery Immelt made it clear at the outset his company believes globalisation is a win-win situation and he does not believe that one side wins and the other side loses.
However, Immelt called upon India to repeat the success story of the telecom sector in other sectors, including infrastructure, education, energy, transport, airport.
"India has to take some responsibility for not moving quickly to reform areas like infrastructure financing, which is preventing the country from tapping foreign money to help pay for the $1.5 trillion it says it will need in 10 years for roads, power, airports and other areas. There's no reason that our infrastructure revenues shouldn't be the same in India as they are in China," Immelt observed.
However, he hastened to add that they are not even close. Mahindra & Mahindra MD Anand Mahindra called upon Indians to stop whining. In fact, he told the gathering that India should be thankful that it has done away with the global image of seeking help from the world.
"It is nice to see a hand being outstretched towards India for a change," he quipped.
