In an open letter to President Obama Mr Mittal hits by pulling his legs for “strategic partnerships in trade and business” with America.
Figures bites:
- With 1.2 billion people and a growing economy, India is a potentially an important market for US exports. US goods exports have already quadrupled over the last seven years to about $17 billion. And service exports have tripled to about $10 billion a year.
- Indian companies are the second-fastest-growing investors in the US. They now support about 57,000 jobs in the country. About 239 Indian firms have invested $21 billion in the US through 267 acquisitions between 2004 and 2009. In recent years, Indian FDI in the US has been growing at a much higher rate vis-à-vis US FDI in India. America will do what it is great at. Yet it will have to bank on others to do things that they excel in. Please allow us to convince you through facts.
- One in five jobs in America depends on global trade. For the US to retreat into shell or to resist globalisation is damaging to growth and dangerous.
- For every job outsourced, it creates two new ones. In the past too, companies based outside the US have doubled the number of jobs created in America. And, those workers at US-based subsidiaries of foreign corporations earn significantly more — 31% — vis-à-vis their counterparts at competing firms based in the US.
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