New Delhi, Nov. 7: The US President, Mr Barack Obama, could be aiming low by talking about creating 50,000 jobs in his country from India.
India has the potential to create around three lakh jobs in that country in next ten years only by sourcing military and nuclear hardware and civilian aircraft from the United States, according to a CII survey.
The Indian Air Force alone is planing to buy some 126 medium multi-role combat aircraft (MMRCA) in a mega-deal that is estimated to be worth `42,000 crore. Some six companies are in the race which include two US companies: Lockheed Martin and Boeing.
Mr Obama is under pressure in the US to deliver on the job front due to a high percentage of jobless people in the US which has been severely hit by the financial crisis.
Recently, Mr Obama’s party suffered a set back in the elections as people are unhappy with the progress made by the president in economic affairs.
Due to these factors, Mr Obama is very anxious to show some results by this visit to bolster his position back home.
This is in stark contrast with the earlier visits of US presidents who actually used to offer financial aid to India. It is also a testimony of the rise of India as an emerging economic power.
Meanwhile, business leaders accompanying US President Barack Obama on his visit here feel India has the potential to become America’s largest trading partner. “India is the United States’ 12th largest trading partner. It could be number one or two if the conditions for trade between these two giant economies continue to improve,” said The McGraw-Hill companies chairman and CEO, Mr Harold Terry McGraw III, who is also the Chairman of the US-India Business Council (USIBC).
The USIBC is the premier bilateral business advocacy organisation between India and the US, whose members include top-tier US and Indian companies.
On the first day of his visit the US companies signed around 20 deals with Indian companies worth $10 billion, which is expected to create over 50,000 jobs in that country.