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IACCGH Monthly Programs

Indo-US Economic Summit: Bridging the Gap

 16th & 17th November 2005

Hotel Taj Palace, New Delhi


The Indo-American Chamber of Commerce is organizing its Second Indo-US Economic Summit, �Bridging the Gap� on 16th & 17th November 2005 at Hotel Taj Palace, New Delhi.

Dr Manmohan Singh�s recent visit to the US has generated substantial goodwill and interest about India in the United States. Indian and American companies are enthused to enter into strategic partnerships in diverse areas.


It is in these exciting and challenging times and when the Indo-US relations are at an all-time high that the Second Indo-US Economic Summit is being held.


Summit objective:

To share ideas and explore opportunities for:

   Expanding Indo-US trade relations

   Enhancing Indo-US business collaborations and joint ventures

   Exploring investment opportunities in India and investment opportunities in the US

   Establishing one to one business contacts


Summit focus -- issues, problems and opportunities in the following sectors:

   Expansion of Indo-US trade and Opportunities in organized Retail Trade in India

   Financial Sector including Banking, Capital Markets and Insurance

   Partnership with the US in Civil Aviation

   Indo-US partnership in the Energy sector


Who will participate:

The Summit will be attended by senior representatives from Indian and US Governments, Multilateral and Bilateral bodies, CEO�s of Indian and American Corporates, Public Sector undertakings, Banks & Financial Institutions, Consultants and Decision Makers.


Chief Guest:

Mr Kamal Nath, Hon�ble Minister for Commerce & Industry, has agreed to, inaugurate the Summit.



Eminent Indian and US personalities from the Indian and US Governments; Corporate leaders from Indian and American businesses, and prominent personalities who have contributed successfully towards Indo-US relations.




Wednesday, November 16, 2005


9.00 a.m. � 10.00 a.m.            :           Registration
10.00 a.m � 11.00 a.m.
           :           Inaugural Session                  

                                                         Welcome Address
Mr B Prabhakar
                                                              National President IACC                    

                                                          Theme presentation
                                                              Mr Prem Behl
                                                              Summit Chairman
                                                            Indo-American Chamber of Commerce
Address by
                                                   Dr David C Mulford
                                                              US Ambassador to India *

Special Address
               Mr Michael F Carter

               Country Director
               World Bank                                                                               
Inaugural Address by Chief Guest       
Mr Kamal Nath
               Hon�ble Minister for Commerce & Industry

Vote of Thanks
Mr Baljit Sobti
    President, North India Council
    Indo-American Chamber of Commerce                          


11.00 am � 11.30 am                                       :           Tea Break 

11.30 a.m. � 1.30 p.m.           :            Session I


Indo-US Trade � for Accelerated Growth

Presentations by
Mr Ajit Ranade
Chief Economist
A V Birla Group

Mr Baba Kalyani
Chairman & Managing Director
Bharat Forge Ltd

Mr Niru  Mehta
Managing Director and Vice President
Avaya India Pvt Ltd

Keynote Address by

Mr S N Menon
SecretaryMinistry of Commerce & Industry

Mr B J Panda*
Indo-US Parliamentary Forum

Mr Prithviraj Chavan*
Minister of State
Prime Minister�s Office

Mr  G K Pillai
Additional Secretary
Ministry of Commerce and Industry

Mr Lee Brudvig*
Minister � Economic Counselor
US Embassy

Mr James H Lambright*
Chairman & President (Acting)
Export Import Bank of the United States

Q&A 1.30 p.m. � 2.30 p.m.                                       :           Lunch

2.30 p.m. � 4.00 p.m.                           :           Session II


Organized Retail Trade in India � Options and Opportunities 

Opening address by Chairman and Moderator
Mr Arvind Virmani
Chairman ICRIER

Distinguished Speaker

Mr L Mansingh
Secretary Ministry of Consumer Affairs, GOI

Mr Harminder Sahni,
Principal & Associate Director, Retail & Annuities Practice
KSA Technopak

Mr Vikram Bakshi
Managing Director

Mr Anup Singh*
Chief Executive
ITC Tobacco Division


4.00 p.m.-4.30p.m.                                          :           Tea

4.30 p.m. � 6.20p.m.                :           Session III

Energy: Crucial for growth

"Fueling Economic Expansion with Renewable Energy"
       Address by
       Mr Roger Madsen
Director Idaho Commerce & Labor


       Mr SC Tripathi
       Ministry of Petroleum and Natural Gas, GOI

       Oil & Gas

       Mr Proshanto Banerjee
Chairman & Managing Director GAIL

       Mr AK Puri*
Chairman & Managing Director, BHEL

       Dr Vikram Rao
Vice President, Technology
       Halliburton Energy Services, US

       Mr Henrique H Ubrig
President, E.I.Dupont India Private Ltd
       Mr Sony Sonrexa
Houston, USA


Thursday, November 17, 2005

9.30 am � 11.30 am                            Session IV


India�s Financial Sector: Reforms for faster growth 


Mr K N Memani
KNM Advisory

Keynote Speaker

Mr A K Purwar
State Bank of India

Special Address

Mr Michael Wattleworth
Sr. Resident Representative

Q & A

Banking Sector: Transformation for globalization

Mr K N Memani
KNM Advisory

Mr Sanjay Nayar*
Citi Bank

Mr Rana Kapoor

Managing Director
Yes Bank

Q & A

11. 30 am � 12.00 noon                                   Tea Break 

12.00 � 1.30 p.m.                                                        Session V


Capital Markets - A huge latent demand

Address by Session Chairman

Mr Nimesh Kampani
JP Morgan Stanley

Keynote Address by
Mr KV Kamath*

Managing Director

Mr Shahzaad Dalal
Vice Chairman
IL&FS Investment Managers Ltd

Mr U K Sinha *
Jt Secretary
Deptt. of Economic Affairs

Q & A


Insurance: Encouraging investment


Mr Garry Bennett
Managing Director
Max New York Life

Mr Sunil Mehta
Country Head and CEO
American International Group

Special Address

Mr C S Rao

Mr S K Mitra
Director - Financial Services
Aditya Birla Group

Ms Shikha Sharma
Managing Director
ICICI Prudential Life Insurance

Q & A

1.30 pm � 2.30 pm                                           :           Lunch

2.30 pm � 4.00 p.m.                             :           Session III


Civil Aviation: Partnership with US


Address by
Dr. Vivek Lall
Managing Director
Boeing International Corporation (I)(P) Ltd

Address by Guest of Honour

Mr Praful Patel*

Hon�ble Minister for Civil Aviation, GOI

Chairman and Keynote Speaker

Mr Ajay Prasad
Secretary, Ministry of Civil Aviation, GOI


Mr Larry Kellner
Chairman & CEO
Continental Airlines

Mr. Athar Khan
Managing Director, Asia/Pacific

American Airlines
Mr Ronojoy Dutta
Sahara Airlines

Dr Vijay Mallya
Kingfisher Airlines Ltd

Mr S N Subrahmanyan*

Jt.G.M. & Head Airports
L & T

Mr Kiran Grandhi*
Managing Director
MR Group 

4.00 pm � 4.15 pm                                                       Tea 

4.15 pm-5.15 pm                                                         Summing up & Valedictory Session 


Guest of Honour

Mr Mani Shankar Aiyar

Hon�ble Minister for Petroleum and Natural Gas, GOI                                                                                           (Speak on Energy: Crucial for Growth)

Chief Guest

Dr Montek Singh Ahluwalia

Dy Chairman, Planning Commission

Summing Up & Vote of Thanks

Mr Prem Behl
Indo-US Economic Summit


Indo-US Economic Summit: Bridging the Gap
November 16 & 17, 2005
Hotel Taj Palace New Delhi

Indo-US trade �For Accelerated Growth

India�s aim is to double India's share in US market from the present 1% to 2 % in the next five years. The two-way trade rose to $21.681billion in 2004-05 up from $18.035 billion in 2003-4 an increase of 20% and is expected to touch $28 billion during 2005-06, recording a significant growth of 30% over the previous fiscal.

US Businesses are looking for a retuned regulatory regime and removal of FDI ceilings

         Non-Tariff barriers in the US impede market access for various Indian products

         Huge subsidies to farmers in the US render Indian farm produce uncompetitive and act as a barrier to increase trade.

         Due to stringent sanitary norms, farm products also face market access problems.


Organized Retail Trade in India: Options and Opportunities

One of India's sunrise sectors, organized Retailing, is poised to transform the face of the $200 billion retail industry as multinational companies are vying to expand the mere 3% share of the organized retail sector. According to an estimate the branded domestic retail in India accounts for 4% of business, the rest being in the unorganized sector. Retail trade employs about 8% of the total workforce of India and contributes around 13% to the GDP. The government initiatives aimed at evolving a suitable FDI policy for retail sector will lead to large scale job creation, increased economic activity and value addition in farm and food sectors. The US private sector has a great deal to offer but can do that only if allowed to fully get into India.

Energy: Crucial for Growth

 To auction additional sites for exploration and drilling have created wide spread interests among the oil majors in the world. A major initiative highlighted during Prime Minister Dr Manmohan Singh�s   visit to the US was the US-India Energy Dialogue, designed to promote increased trade and investment in the energy. This dialogue will promote these goals through the following working groups:

a)       Oil and Gas

b)       Coal

c)       Power and Energy Efficiency

d)       New Technologies and Renewable Energy

Estimated to be a US$90 billion industry, the Oil and Gas industry is among the largest contributors to the central and state exchequers in India. Its share approximates US$13.58 billion.

American and other global companies have shown keen interest to participate in the oil and natural gas projects in India. The recent proposals

Opportunities for investors in the energy sector of India exist, but lack of a comprehensive energy policy is a barrier to foreign investment in long-term energy projects.

Banking Sector: Transformation For Globalization

Opening up of the banking sector reforms to the private sector has improved banking system in India by bringing competition, improved products, greater transparency and corporate governance.

The Banking Regulations (Amendment) Bill, 2005 intends to give private investors voting rights proportionate to their shareholdings.  This is expected to attract much needed foreign investment as it was reckoned to be a big constraint on investment by private / foreign players in the Indian Banks.

Competition, convergence and consolidation would be the key drivers of growth in the Indian Banking system.


Insurance: Encouraging Investment

Presently, the Government allows 26% equity limit for FDI in the insurance sector.  The Finance Minister in his budget of 2004-2005, announced the Government�s intention to hike the FDI cap on insurance sector to 49%. 

Indian insurance companies have been actively wooing the government to allow more foreign equity in their companies.  The current paid up requirements of Rs.100 crore for general and Rs.200 crore for life insurance have become difficult benchmarks for the companies to sustain, given the pace of growth of the market.  In such a scenario, the companies� feel, the injection of additional foreign equity would reduce their costs.  Insurance penetration has been low at around 2%.  The sector was liberalized for the private players towards the end of 1999 when IRDA came out with the regulations.

Capital Markets- A Huge Latent Demand

The equity market is ruling at an all time high and foreign funds are coming into the Indian market in huge amounts.

There is a need to ensure that there is no loss of investment, but robust capital formation leading to higher production, economic growth and creation of employment through effective corporate governance.

Positive tidings about the Indian economy combined with a fast-growing market have made India an attractive destination for foreign institutional investors (FIIs).

Civil Aviation: Partnership with US

The Civil Aviation sector is on a roll with both state-owned and private carriers adding more capacity and launching more connections globally, as air traffic to and from India continues to grow at 20 per cent annually.

The US � India Open Skies Treaty signed in April 2005 --removes all barriers on air services between the two countries. It will allow an unlimited number of U.S. carriers to serve an unlimited number of points in India - and will do the same for Indian carriers into the United States.

This agreement will result in more services, more options, more innovation, and lower prices and support initiatives such as technical assistance, jobs training and personnel exchanges.

The Indian Government is also planning to usher in a more flexible FDI regime in the civil aviation sector.  Currently the FDI cap in domestic aviation is 49%. NRI/ OCBs are permitted to invest upto 100% equity.

The New Civil Aviation Policy which is expected to be announced soon, will increase FDI ceilings, while keeping the foreign airlines out of the domestic aviation market.


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