Thaindian News

Pune (Maharashtra), Sep 28 (IANS) A high-ranking official of the Barack Obama administration Tuesday urged the need to tap the potential of emerging metros like Pune, Nagpur and Amritsar for the growth of the Indian and US economies.
US Under Secretary of Commerce for International Trade Francisco Sánchez said the “emerging Indian metropolitan areas like Pune, Nagpur and Amritsar offer great potential for future US exports”.

While delivering the inaugural remarks at the Growth in Emerging Metropolitan Sectors (GEMS) Conference here, Sánchez said that according to estimates, 68 Indian cities would have population of more than one million with average household incomes in urban areas topping four trillion dollars in the next two decades.

“These GEMS cities with their booming population and their increasing demand for goods and services are milestones along a clear roadmap to make India a prosperous and secure world leader. If we can work together to harness their potential, we can grow the economies of both our nations. This is a win-win situation,” he said.

The Department of Commerce’s International Trade Administration (ITA) developed the GEMS initiative to help build commercial ties between the US and India’s emerging cities and states.

As part of US President Barack Obama’s national export initiative - with the goal of doubling exports in the next five years - ITA has targeted India as one of the most promising global markets.

The US exports to India doubled between 2005 and 2009 and increased by 20 percent through the first seven months of 2010.

“If we increase the number of American companies that help develop and interact with the GEMS cities through increased exports, we will be doing our part to deepen this important relationship,” Sánchez said.

He expressed the hope that this new GEMS initiative would help US and Indian companies, especially smaller firms, focus on and take advantage of the expanding markets in the GEMS cities.

Later, Sánchez toured the Cummins College of Engineering for Women (CCEW) in Pune and interacted with students and teachers to learn how Cummins Inc., an American company, endeavors to provide higher education to the socially disadvantaged, particularly to women.

Four top-ranking students receive sponsorships from Cummins to pursue their graduate degrees at Purdue University each year.

Sánchez will conclude his India visit Wednesday in New Delhi where he’ll meet India’s commerce secretary and chairman of the US-India Commercial Dialogue Rahul Khullar, besides speaking at an American Chamber of Commerce India luncheon.