The Hindu Business Line : India Inc hails Bush victory

INDIA Inc expects Mr George W. Bush's second innings as the President of the US to further improve Indo-US economic relations. Mr Y. K. Modi, President, Federation of Indian Chambers of Commerce and Industry (FICCI), said that with this, the chamber expects continuity in US policies towards India

Following the successful completion of the first phase of the `Next Steps in Strategic Partnership' (NSSP) initiative, Mr Modi said, "FICCI is optimistic that there would be further momentum in the next Bush administration and the second phase of the NSSP would be further energised."

Among the initiatives, FICCI hoped there would be a further modification of the export licensing policy to encourage cooperation in civil and space programmes, and more engagement with the private sector for expanded defence cooperation. FICCI also felt that the proposed Free Trade Agreement between India and US business leaders in the services sector would boost outsourcing in India. The chamber hoped that such a deal would relax visa restrictions on the movement of Indian engineers, software programmers, scientists, accountants and other professionals to the US.

The Confederation of Indian Industry (CII) also welcomed the re-election of Mr Bush. The Associated Chambers of Commerce and Industry of India (Assocham) President, Mr Mahendra K. Sanghi, hoped that the Bush administration's focus towards external economic policies, as pursued in its previous regime, would not only continue, but also intensify towards South-East Asia, including India.

Mr Ravi Wig, President, PHD Chamber of Commerce and Industry (PHDCCI), said, "No matter who would have come to power, the assurance of political stability and continuity in the world's largest economy is always preferred from the Indian industry's point of view. Now, companies can go about doing business without needing to factor in extraneous developments that could impact their businesses."

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