New Delhi
24 October 2010
"It's the economy, stupid!" may be a hark back to Bill Clinton's presidency but
the slogan can be expected to weigh on Barack Obama's mind when he visits India and
other Asian nations next month. As the US economy struggles to fully recover from the
recession, there will likely be a mismatch between President Obama's priorities and
India's expectations from his visit.
From all accounts, Obama will be looking to shore up the support of Americans back
home by focussing on the economy. With the unemployment rate not showing signs of
much recovery, and the economy figuring high on voters' agenda as America goes to
mid-term polls on November 2, the success of his visit here will be measured against
certain metrics such as whether it will help create more jobs for the American people,
whether it will boost US exports, and whether it will help to lift a sagging economy.
Consequently, global economy and bilateral business relationships will be an important
aspect of his tour here. The focus will be on three key areas -- human development,
economic activity, and science and technology -- as was spelt out by US Secretary of
State Hillary Clinton a few months ago when she sought to answer the question about
what's next for the India-US bilateral ties after the signing of the historic nuclear deal.
The large US business delegation that will accompany Obama sees India as a market for
goods and services and it will be particularly keen to explore avenues of cooperation in
education, health, agriculture, financial services, retail, insurance, defence and energy.
Raising the caps on foreign direct investment and increased market access also will be
in its crosshairs.
In contrast, New Delhi's wish list is preponderantly focussed on political and strategic
issues such as an endorsement of India's candidacy for a permanent seat in the United
Nations security, lifting of export controls, counter-terrorism and security cooperation,
and Washington's attitude towards Pakistan, China, Afghanistan.
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