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English Release 19-December 2014
Date Month Year
  • President's Secretariat
  • President Mukherjee Receives the President of Bangladesh in Rashtrapati Bhavan
  • Prime Minister's Office
  • PM tweets in Hebrew to greet people on the occasion of Hanukkah
  • PM's meeting with H.E. Md. Abdul Hamid, President of Bangladesh
  • Dainik Jagran CMD calls on PM, presents demand drafts worth Rs 4 crores towards PMNRF
  • Text of PM's statement in the Lok Sabha on the granting of bail to 26/11 accused, Zaki-ur-Rehman Lakhvi, in Pakistan
  • PM conveys best wishes to people of Goa, on Goa Liberation Day
  • PM condoles the passing away of eminent Gandhian Shri Chunibhai Vaidya
  • Election Commission
  • Bye-elections to the Uttar Pradesh Legislative Council from Kanpur Division Graduates’ Constituency
  • Min for Develop. of North-East Region
  • DoNER Minister Convenes Meeting of MPs from North East
  • Min of Agriculture
  • Rise in Price of Onion
  • Performance of National Food Security Mission (NFSM)
  • Use of Modern Agricultural Techniques
  • Antibiotic Content in Chicken Meat
  • Setting up of National Centres for Developing
  • Cold Storage Facilities for Horticulture Products
  • Conservation of Indigenous Cattles
  • Agricultural Production in Bihar
  • Area Coverage Under Rabi Crops
  • Avian Influenza at Sukhna Lake Chandigarh
  • Min of Chemicals and Fertilizers
  • Prices of Fertilizers Remained About the Same Over Last Two Years
  • Min of Commerce & Industry
  • Trade Agreement with GCC
  • Incentives to Special Economic Zones
  • Foreign Trade
  • Export by Small and Medium Pharmaceutical Manufacturers
  • Export Through Micro, Small and Medium Industries
  • Awareness About Filing Patents
  • Area Norms Under NIMZs
  • Compulsory Licensing on Patented Drugs
  • Min of Comm. & Information Technology
  • Shri Ravishankar Prasad says that ‘Digital India’ will be a Game Changer for the Country
  • Min of Consumer Affairs, Food & Public Distribution
  • Improvement in PDS is one of Government's key priorities
  • Measures to reduce pendency of cases in the consumer courts
  • Min of Corporate Affairs
  • International Financial Reporting Standards
  • Norms of Corporate Fraud Reporting
  • Sharing Data with Regulators
  • Certificate Programme in CSR
  • Conducting of CA Exams
  • Min of Defence
  • DRDO Tests 1000 Kg Class Indigenous Guided Glide Bomb
  • DRDO's Parachute System for Recovery of Mission Crew Capsule
  • Manufacturing of Aircraft
  • Losses to S&T Laboratories due to Hudhud Cyclone
  • Construction of Border Roads
  • Recognition of Soldiers as Martyr
  • Chairman COSC & CAS Air Chief Marshal Arup Raha leaves for a two day visit to Mumbai
  • Supply of Sub-Standard Food to Soldiers
  • Laboratories of DRDO
  • Import of Weapons
  • Construction of Roads in Border Areas
  • Procurement in Defence Sector
  • Science Audit of DRDO
  • Induction of Tejas in Indian Air Force
  • Armed Forces Participation in UN Peacekeeping Missions
  • Use of Helicopters
  • Illegal Entry of Helicopters / Aircraft
  • Defence Production Units
  • Special Uniform for Soldiers
  • Civilians Working in Defence Sector
  • Advanced Jet Trainer
  • Attack on Fishermen
  • Modernization Projects of Army
  • Min of Environment and Forests
  • Report of the High Level Committee headed by Shri T.S.R. Subramanian to review various Acts administered by Ministry of Environment, Forest & Climate Change
  • Min of External Affairs
  • Statement by External Affairs Minister and Minister of Overseas Indian affairs Smt. Sushma Swaraj in Lok Sabha
  • Ministry of Finance
  • Union Finance Minister Shri Arun Jaitley Intoduces the Constitution Amendment Bill on Goods and Services Tax (GST) in Lok Sabha;
  • India Signs First Bilateral Advance Pricing Agreement (APA) With A Japanese Company; APA Period is Five Years;
  • Zero Mass Foundation
  • Overdraft Fdcilities by Banks
  • India’s Role in IMF and WB
  • Gold Holding Countries
  • Indian/Foreign MNCs
  • Corrigendum to Exchange Rate Notification 115/2014-Customs (NT) Dated 17.12.2014
  • Government Firmly Committed to Meeting its Fiscal Deficit Target for Current Year: Mid-Year Economic Analysis (MYEA) 2014-15
  • 7th India-China Financial Dialogue held Today
  • Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
  • Terror Links of Chit Fund Companies
  • Performance of Regional Rural Banks (RRBs)
  • Cheque Clearance by Banks
  • Home Loans in Rural Areas by Public/Private
  • Expansion of Spmcil
  • Simplifying Norms for Crop Loan
  • Joint Fixed Deposit
  • Refinancing of Export Purchase Bills of Exporters
  • Bank Loan To Industries
  • Development of Smart Cities
  • Kisan Vikas Patra
  • Bharat Bill Payment System
  • Min of Health and Family Welfare
  • Initiatives taken to Reduce Malnutrition
  • Ingredients in Soft Drinks
  • Indian Medical Students in Ukraine
  • Institutes of Aging and Advanced Nursing
  • Medical Entrance Test
  • Quality and Safety of Generic Drugs
  • Treatment to Road Accident Victims and Women in Labour
  • Funds for AYUSH Facilities
  • Utilization of Imprest Money by Hospitals
  • Assistance by USA for Mothers and Newly Born Children
  • Diagnosis of Thalassemia, Sickle Cell and Haemophilia
  • CGHS Wellness Centres
  • OncoNet Project for Cancer Treatment
  • Online Services for Patients
  • Cancer Care Facilities
  • Min of Home Affairs
  • Union Home Minister says India and Mongolia need increased cooperation to prevent transnational crimes
  • Min of Labour & Employment
  • Shri Bandaru Dattareya chairs 205th meeting of Central Board of Trustees of EPF
  • Min of Personnel, Public Grievances & Pensions
  • Press Note
  • Min of Petroleum & Natural Gas
  • Production Performance of Oil & Natural Gas Sector for the month of November, 2014
  • Global crude oil price of Indian Basket was US$ 58.22 per bbl on 18.12.2014
  • Min of Power
  • Delhi’s Power Infrastructure Upgradation Begins with Dedication of 220kv GIS Sub Station at Peera Garhi & Foundation Stone Laying of 220 kv Sub Station at Pappan Kalan
  • Electricity Amendment Bill, 2014 Introduced in Lok Sabha; Changes Aimed at Promoting Competition, Efficiency in Operations and Improvement in Quality of Supply of Electricity
  • Ministry of Railways
  • Railways to Plan Seven More Premium Trains
  • Work Progress on Dedicated Freight Corridor Project
  • Indian Railways Install 229 CCTVs at Various PRS Locations
  • Indian Railways to Run Three More Pilgrim Special Tourist Trains
  • Railways’ Green Energy Initiatives
  • 362 Major Ongoing Railway Projects at Various Stages of Execution on Indin Railways
  • China Identifies Two Indian Railway Stations for Developing with Modern Amenities
  • Indian Railways to Undertake 102 Sites for Commeercial Development
  • Min of Statistics & Programme Implementation
  • Key indicators of situation of Agricultural Households in India
  • Key Indicators of Situation of Agricultural Households in India
  • Key Indicators of Land and Livestock Holdings in India Released
  • Key Indicators of Debt and Investment in India for 2013
  • Min of Urban Development
  • Nomination to Delhi Development Authority
  • Inauguration of Sarita Vihar Underpass in Delhi by the Union Urban Development Minister
  • Ministry of Water Resources
  • Storage Status of 85 Important Reservoirs of the Country as on December 18, 2014
  • Min of Women and Child Development
  • Complaints of Sexual harassment of women at workplace show an increase
  • Protection of Children from Sexual Offences (POCSO) Act, 2012
  • Drug and Substance abuse among children
  • 289 Projects sanctioned by the Government under ‘Ujjawala’ Scheme
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • Sporty India
  • Planning Commission
  • Rs 2537.50 crore released so far for development of KBK region
  • Special assistance for the development of Himalayan states
  • Steps for the development of knowledge based industries
  • Inter-ministerial committee to consider state specific guidelines for Centrally Sponsored Schemes
  • Consultations with different stakeholders for setting up of new institution for policy planning is underway

Previous Date

 
Ministry of External Affairs04-May, 2007 19:9 IST
Secure and sustainable energy sources vital for India’s economic growth: Pranab Mukherjee

EXTERNAL AFFAIRS MINISTER INAUGURATES INDO-US LEGAL CONFERENCE

The Union Minister of External Affairs, Shri Pranab Mukherjee today said that secure and sustainable energy sources are vital for ensuring India’s high economic growth rate and enable it to address the developmental challenges of the poorest of its citizens. We need to tap all sources of energy and keep our options in this regard open. It is an appreciation of this need that is at the heart of the India-US civil nuclear understanding and the larger energy dialogue which focuses on oil and gas, coal, power, energy efficiency, renewable energy and new technologies”, Shri Mukherjee said while delivering the Inaugural Address at a Conference on the subject ‘Business in and between India and the US - Legal and Regulatory Framework’, organised by the Indo-American Chamber of Commerce, here.

 

The following are the excerpts from the Inaugural Address of Shri Pranab Mukherjee, delivered on the occasion:

“I am very happy to be invited to speak at the opening of this conference on the legal and regulatory framework for business in India and the US. This initiative taken by the Indo-American Chamber of Commerce and the Centre for American and International Law is a timely one. I am aware of the commendable work done by both the organizations in their respective areas and I am glad that they have chosen to focus on an issue that is topical. I hope that the conference will provide an opportunity for meaningful discussions that, in turn, would result in recommendations to the two Governments and help us further strengthen our bilateral strategic partnership.

The recent upsurge in India-US relations has caught everybody’s attention. Developments over the last few years, including the landmark reciprocal visits by Prime Minister Manmohan Singh and President Bush within the space of eight months in 2005-2006, have unfolded the full extent of the transformation underway between the two countries. There is a considerable degree of expectation and excitement, not just in New Delhi and Washington, but in different capitals around the world. The agenda that the two countries are engaged in today is an impressive one, covering a wide range of economic and trade objectives, energy and environmental concerns, science and technology collaboration and defence and security cooperation. It is no wonder, therefore, that the strategic partnership between the two countries has truly matured into one of considerable substance.

At the same time, observers of the relationship, especially in the last two years, have devoted a significant proportion of their attention to the landmark India-US nuclear understanding. I am not trying to diminish the importance of this initiative in any way. In fact, much of the attention it has received is a reflection of its tremendous importance, including its impact in changing perceptions both among the public at large and within our two governments and we remain committed to implementing the understanding expeditiously in a way that it adheres as closely as possible to the framework of the July 2005 Joint Statement and the March 2006 Separation Plan.

However, behind all of this and away from the public eye, there has been a quiet but steady consolidation of many other vital aspects of our relationship, especially in our trade, investment and economic cooperation, the high technology and S&T cooperation, the energy dialogue, and cooperation in agriculture. These are also aspects of our partnership that have important developmental implications for us and where we feel the India-US partnership can be leveraged to fulfill some of our national development objectives. In that sense also, one must appreciate the full extent of the unique turn that this relationship has taken.

The economic aspect of our interaction, in fact, always provided a strong underpinning to our relationship, even when the level of political engagement was not quite where it is today. However, in recent times, the pace and scale of its expansion, engineered partly by India’s own economic growth and partly through a series of active and joint government initiatives, have been quite impressive.

The US is today India’s leading foreign investor and our largest trade partner. Ambassador Blackwill’s erstwhile description of our trade being “as flat as a chapati” is now a thing of the past. We are now the fastest growing export market for the US with our bilateral trade growing by over five times in a period of 16 years from a modest $5.6 billion in 1990 to $31.92 billion in 2006. While the balance of trade has been in India’s favour with Indian exports to US growing in excess of 16% last year to stand at $22 billion, US exports to India have also picked up in recent years. In 2006, they stood at over $10 billion, almost 26% higher than the previous year’s figures. In fact, over the last five years, US exports to India have doubled. Of course, we feel that a further easing of high technology restrictions on India can help narrow the trade deficit further and we remain engaged with the US to achieve this objective as a priority.

In the area of foreign investment too, US foreign direct investments since 1991 has been more than $5.5 billion, accounting for more than 13% of the total FDI in the last 15 years. Besides, Foreign Institutional Investment from the US has also been on the rise – over 1/3rd of the FIIs are from the US. What is notable is that foreign investment is no longer a one-way street. Reports of overseas investments by Indian companies, including through acquisitions, have become routine. In fact, Indian investments abroad last year matched investments made in India and a number of Indian business groups, such as the Tatas and Mahindras, are increasing their footprint in the US.

Even before the July 2005 visit of the Prime Minister, the two Governments had begun to focus on a reinvigorated economic partnership. A decision was taken to re-energize our economic dialogue that would focus on key areas that required high-level attention. The results are there for all to see. We saw an important legacy issue of Dabhol set to rest. India and the US signed an open skies treaty that is set to have effect in areas much beyond the aviation sector alone. It is not just impacting on figures of aircraft procurements, but is also reflected in tourism figures. An agreement with the US Trade Development Agency in February 2005 to facilitate infrastructure investment has led to the USTDA partnering or promoting activities in areas such as patent training, agricultural biotechnology, cold chain system improvement, aviation cooperation, coal bed and coal mine methane clearinghouse and in oil and gas sectors. In the area of agriculture, we are implementing the bilateral Agriculture Knowledge Initiative which is premised on our experience of green revolution and the compelling need to revive that process to redress the imbalance in this sector which has not kept pace with overall growth of the Indian economy. Last, but not the least, the Indo-US CEO’s Forum is fulfilling a vital role in providing practical recommendations on removing bottlenecks and bringing about policy changes that would bring the desired transformation in the way we do business with each other.

Given the fact that both countries are knowledge economies with very strong technical and scientific manpower, high technology naturally underpins almost everything that we have started together in the past few years.  The US is India’s largest technology collaborator and the High Technology Cooperation Group, a private-public partnership focusing on the key areas of biotechnology, nanotechnology, information technology and defence technology, is charged with working towards facilitating and easing licensing restrictions in respect of India. As a result, from 24% of total U.S. exports to India requiring a license, we have today a situation where less than 1% of US exports have to be licensed. An important development in this area was also the signing of an S&T Cooperation Agreement in 2006. The Agreement has an IPR protocol that will help redress, along with India’s Patent Act, the imbalance in patent generation within India. Space is another important area where our skills and comparative cost advantages can benefit both sides in partnership. Apart from cooperation on space science, earth navigation and space education, we have an agreement that will allow two US instruments to be included in our Lunar Mission Chandrayaan-I demonstrating the tremendous potential in this area.

A very important aspect of all that we do together in the economic sphere is our dialogue on energy. Secure and sustainable energy sources are vital for ensuring India’s high economic growth rates and enable it to address the developmental challenges of the poorest of its citizens. We need to tap all sources of energy and keep our options in this regard open. It is an appreciation of this need that is at the heart of the India-US civil nuclear understanding and the larger energy dialogue which focuses on oil and gas, coal, power and energy efficiency and renewable energy and new technologies. The benefits are already visible. India became a partner in the US-led international FutureGen near-zero emission power plant research project in April 2006. The US has also supported India’s participation in the Integrated Ocean Drilling Programme, which we are likely to join shortly. In non-conventional energy, the focus has been on the development, deployment and commercialisation of technologies for sustainable and renewable fuels. In civilian nuclear energy, India joined the ITER fusion energy research project with the support of US and other key partners. These efforts are complemented by the participation of India and the United States – along with Australia, China, Japan and ROK – in the Asia-Pacific Partnership on Clean Development and Climate that seeks to provide technology and market solutions to energy requirements while meeting environmental challenges.

Ladies and Gentlemen, I have attempted to lay out the extent of the India-US economic partnership. The challenge lies in keeping the momentum going. We as Government are committed to the objective of realizing the full potential of this relationship. The natural affinities and complementarities between us have never before been so closely supplemented by a strong political convergence. I am hopeful that industry will continue to provide the lead in this area. We, in the Government, remain committed in the role of a facilitator. I also hope that at the end of this Conference, we will have a set of recommendations for the two governments. I wish the organizers and participants well. With these words, I thank you very much.”

*****

NSD/MK


(Release ID :27531)

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