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News >> Technology >>
India, U.S. to realize potential in the IT sector
By agencies
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Tuesday, 05 April 2005, 19:30 IST
WASHINGTON:Top U.S. economic policy development and advocacy organizations along with India's Nasscom has pledged for "multilateral cooperation" between each other to realize "the new potential for expanding mutual opportunities for both the countries in the IT sector."
The economic liberalization process undertaken by the Government of India has begun to unleash India's potential as an economic power, showcasing India's strength in knowledge-intensive industries such as biotechnology, healthcare and Information Technology, a joint statement issued by USIBC, CSI and Nasscom after a meeting at the U.S. Chamber of Commerce, said.
These sectors are areas of strength to the U.S. economy, creating the first opportunities for trade negotiators from India and the U.S. to begin a meaningful engagement at the WTO on issues where the two countries unequivocally stand to gain through multilateral liberalization, it said.
Nasscom president Kiran Karnik pointed out that when Nasscom first suggested bringing down the tariff in the IT sector to zero; the idea was dismissed as "crazy." But after further thought, it was adopted and today India's IT sector earns 30 percent of the foreign exchange.