'INDIAN STORY' HIGHLIGHTS INDIAN FIRMS IN USA
By Arun Kumar, Washington, Feb 13 (IANS)

The significant contributions made by Indian companies to the US economy will be showcased in a new initiative to be unveiled next week by India's Commerce and Industry Minister Kamal Nath in Chicago. India-US direct bilateral merchandise trade has exhibited exponential growth over the last five years, increasing from $18 billion in 2002 to $38 billion in 2007 (Jan-Nov) with US exports growing by 75% last year.

Launched by the US-India Business Council (USIBC) and the Federation of Indian Chambers of Commerce and Industry (FICCI), the "Investing in America: The Indian Story" initiative highlights the top Indian companies operating in America. The featured companies include the Tata Group, Ranbaxy Laboratories, HCL Technologies, Mahindra USA, Satyam Computer Systems, Essar Group, Wockhardt USA, Thermax, ITC Group, Bharat Forge America, Kotak Mahindra, and Jet Airways.

Noting the rapid growth of bilateral investment between the US and India, USIBC president Ron Somers remarked: "The growth of the Indian private sector beyond its domestic borders means added investment into the US economy. These companies are adding jobs, technology and value to local communities in nearly every US state."

The initiative focuses on the unique contributions companies of Indian origin are making to the American landscape through technology innovation, corporate social responsibility initiatives, employment generation and other means.

USIBC, an advocacy group seeking better commercial ties between the two countries, has retained the services of VOX Global Mandate to compile and prepare these contributions for publication, which will be shared with the public via road shows across the US.

The initiative coincides with a meeting of the India-US Trade Policy Forum (TPF) and the first ever summit of their small and medium-sized enterprises (SMEs) connecting major corporate leaders in the two countries with their SMEs. Discussions at the TPF established in 2005 will focus on the five jointly identified key areas: Agriculture; Innovation & Creativity, which looks at the broad gamut of IPR-related issues; Investment; Services and Tariff & Non-tariff barriers.

India-US direct bilateral merchandise trade has exhibited exponential growth over the last five years, increasing from $18 billion in 2002 to $38 billion in 2007 (Jan-Nov) with US exports growing by 75% last year. Bilateral investments are also growing steadily. The US is one of the largest investors in India, contributing about 11% to the FDI inflows in India.

While US investment into India during 2006-07 grew to $900 million, Indian investments in the US during the period crossed $2 billion with 46 outbound deals from April 2006 to March 2007. These were equity investments made by Indian enterprises in joint ventures and wholly owned subsidiaries. The investments by Indian companies in the US during 2007 are estimated to be around $7 billion.