The Hindu Business Line : Indo-US N-deal indicates changing global equations

With the Asian region assuming strategic importance both politically and economically, it was in the interest of the US to align with India, said Mr K. Subramanyam, Chairman, Task Force on Global Strategic Developments, on the recent signing of the nuclear civil agreement between India and the US.

Speaking at a discussion on `India and US - Follow through and Agenda Ahead', organised by the Confederation of Indian Industry here, he said, "Much before the visit of President Bush to India, an article in a US magazine had mentioned that the world now saw the balance of power in six centres — USA, European Union, Russia, China, Japan and India."

`More responsibility'

Speaking at the discussion, Mr C. Rajamohan, Strategic Affairs Editor, Indian Express, said that by refusing to have a similar pact with Pakistan, the US had for the first time in 60 years differentiated between India and Pakistan.

"This puts an added responsibility on India to take care of the security concerns of its neighbours including Pakistan, Bangladesh and China," he said.

In a session with CEOs, Mr Sunil Bharti Mittal, Chairman, and Managing Director, Bharti Enterprises, said that foreign investments were not coming to India earlier because of lack of investment opportunities. "But things had improved in the last five or six years," he said.

Mr Scott R. Bayman, President and Chief Executive Officer, GE India, argued that India did not need as much foreign investment as China because it had its own resources and could raise the funds locally for most projects.

However, he said that the US could increase its investment in sectors such as finance, banking and insurance and bring in technical expertise in these areas.

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