Indian business heads meet Geithner, Bernanke Mumbai...Indian business heads meet Geithner, Bernanke...
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Date: October 11, 2012 Language: English Indian business heads meet Geithner, Bernanke Visiting US Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke met corporate India leaders on Wednesday and discussed the recent American policy measures like the quantitative easing and the economic climate in the country. "We got briefed by both on the US economic situation. We briefed them on India and said we were very confident now that the reform process is taking place," Godrej group Chairman Adi Godrej said after the breakfast meet arranged by industry lobby CII, which he heads. A majority of the business leaders mentioned that the recent decision of the Federal Reserve to inject third round of liquidity injection and its implications were discussed. "He (Bernanke) explained what the strategy for QE3 (quantitative easing 3) is and assured us that the implications are not going to be as large as people fear," vice-chairman and managing director of infra financier IDFC Rajiv Lall said. Finance Minister P Chidambaram during interactions with Geithner on Tuesday had expressed his concerns over the impact of the QE3 on commodity prices, as that will have a direct bearing on the government's and the RBI's efforts at controlling inflation and boosting growth in India. To a question, Lall said contentious issues like those surrounding visas to Indian IT professionals by the US and outsourcing were not raised by the Indian industry. Mortgage major HDFC Chairman Deepak Parekh said the recent spate of reforms in the country, the need for the government does to reduce subsidies and boost growth were also discussed. "They (the US) are very positive (on the recent reforms)," he said. Chanda Kochchar, Managing Director and CEO of the country's largest private sector lender ICICI Bank said: "I think their outlook is very positive. Of course, everybody recognises that much more needs to be done as well. But I think their initial reaction is very positive." Others present at the meeting included CII Director General Chandrajit Banerjee, Kotak group's Uday Kotak, Venu Srinivasan of TVS Group, Ishaat Hussain of Tata Sons and the US Consul-General in Mumbai, Peter Haas. Both the visiting US officials had a series of meetings with top government officials, including Prime Minister Manmohan Singh and Finance Minister P Chidambaram in New Delhi apart from industry bodies and will be winding up their India visit with a series of meetings in the financial capital. After the meeting with the industry leaders, which happened at the rooftop of a hotel overlooking the scenic Marine Drive, they will drive to the nearby RBI headquarters on the Mint Road to meet Governor D Subbarao and his deputies. Geithner and Bernanke are expected to make a brief statement about their interactions in the city after their meeting at the Reserve Bank of India. Compiled by the Office of Public Affairs, U.S. Consulate General, Mumbai (For Internal Circulation Only) http://mumbai.usconsulate.gov
Transcript of Indian business heads meet Geithner, Bernanke Mumbai...Indian business heads meet Geithner, Bernanke...
Date: October 11, 2012 Language: English
Indian business heads meet Geithner, Bernanke
Visiting US Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke met corporate India
leaders on Wednesday and discussed the recent American policy measures like the quantitative easing and the economic
climate in the country.
"We got briefed by both on the US economic situation. We briefed them on India and said we were very confident now
that the reform process is taking place," Godrej group Chairman Adi Godrej said after the breakfast meet arranged by
industry lobby CII, which he heads.
A majority of the business leaders mentioned that the recent decision of the Federal Reserve to inject third round of
liquidity injection and its implications were discussed.
"He (Bernanke) explained what the strategy for QE3 (quantitative easing 3) is and assured us that the implications are not
going to be as large as people fear," vice-chairman and managing director of infra financier IDFC Rajiv Lall said.
Finance Minister P Chidambaram during interactions with Geithner on Tuesday had expressed his concerns over the
impact of the QE3 on commodity prices, as that will have a direct bearing on the government's and the RBI's efforts at
controlling inflation and boosting growth in India.
To a question, Lall said contentious issues like those surrounding visas to Indian IT professionals by the US and
outsourcing were not raised by the Indian industry.
Mortgage major HDFC Chairman Deepak Parekh said the recent spate of reforms in the country, the need for the
government does to reduce subsidies and boost growth were also discussed. "They (the US) are very positive (on the
recent reforms)," he said.
Chanda Kochchar, Managing Director and CEO of the country's largest private sector lender ICICI Bank said: "I think
their outlook is very positive. Of course, everybody recognises that much more needs to be done as well. But I think their
initial reaction is very positive."
Others present at the meeting included CII Director General Chandrajit Banerjee, Kotak group's Uday Kotak, Venu
Srinivasan of TVS Group, Ishaat Hussain of Tata Sons and the US Consul-General in Mumbai, Peter Haas.
Both the visiting US officials had a series of meetings with top government officials, including Prime Minister Manmohan
Singh and Finance Minister P Chidambaram in New Delhi apart from industry bodies and will be winding up their India
visit with a series of meetings in the financial capital.
After the meeting with the industry leaders, which happened at the rooftop of a hotel overlooking the scenic Marine Drive,
they will drive to the nearby RBI headquarters on the Mint Road to meet Governor D Subbarao and his deputies.
Geithner and Bernanke are expected to make a brief statement about their interactions in the city after their meeting at the
Reserve Bank of India.
Compiled by the Office of Public Affairs, U.S. Consulate General, Mumbai (For Internal Circulation Only)
http://mumbai.usconsulate.gov
Date: October 10, 2012 Language: English
India an important global player: Bernanke
India is becoming a vital player in the global economy, US Federal Reserve Chairman Ben S Bernanke said on
Wednesday after a meeting with his Indian counterpart - RBI Governor Duvvuri Subbarao.
He termed his discussions with the Reserve Bank Governor and others as "very worthwhile".
"India is clearly becoming a more and more important player on the world stage, in G20 context, in terms of its role in the
global economy and I think it's very useful for us to continue to exchange ideas and to build the basis for a future
collaboration and coordination," Bernanke said at the RBI headquarters in Mumbai.
Describing as "very constructive" his first ever visit to the country, which also makes him the first US Fed Chairman to do
so, Bernanke said he discussed policy challenges in both the US and India.
Bernanke, along with US treasury secretary Timothy Geithner had a luncheon meeting with RBI top officials, which was
followed by a 90-minute interactive meeting in which only the US Fed chairman participated, Subbarao said.
"We talked of the global economy; we talked about the monetary policy and regulatory policies. We discussed some
banking issues that we have mutual interest in," Bernanke said.
The Fed chairman, however, did not take any questions from the media. Earlier on Wednesday morning, Bernanke and
Geithner met the captains of India Inc in Mumbai.
"I think it has been very worthwhile for me to being here," Bernanke said.
Compiled by the Office of Public Affairs, U.S. Consulate General, Mumbai
(For Internal Circulation Only) http://mumbai.usconsulate.gov
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Date: October 10, 2012
Indian business heads meet Geithner, Bernanke
Photographs: Rajesh Karkera/Rediff.com
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