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The FICCI President, Mr R.V. Kanoria, has supported US India Business Council (USIBC) proposals that include a comprehensive economic pact between India and the US to reinvigorate trade ties, but said that India should not be seen merely as a huge potential market.
In the US, heading an Indian delegation of corporate leaders, Mr Kanoria suggested that the proposed India-specific agreement should recognise the country's developmental needs.
“These are basically good ideas. I think a comprehensive economic cooperation agreement with the US is in India's benefit. We can get into the details of this agreement later, but it has to recognise the needs of both sides,” Mr Kanoria told PTI in an interview.
To majorly enhance business ties between the two nations, USIBC has proposed to the White House certain steps. Besides the agreement, topping the list is a $50-billion sovereign debt fund, with collaboration between India and the US; a unique Nasdaq-like exchange in Bangalore and massive collaboration in energy sector including shale gas technology to help India address its energy challenges.
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