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South set to emerge as 'the future India' at Dynamic Summit in Madras

Shobha Warrier in Madras

Do the US investors care two hoots for the sanctions imposed on India by their government? Are they not worried about the financial crisis that stalks Brazil? Yes, according to Dr Michael Clark, executive director of the US-India Joint Business Council.

Clark is busy these days overseeing the arrangements for the two-day Indo-US summit, called the Dynamic South, beginning January 20 in Madras.

He admits it was a difficult task convincing the investors to converge on Madras after the Brazil's currency crisis broke out. However, India's steady economy proved the major attraction when viewed against the neighbouring economies that have suffered negative growth in the last few years.

So far, 100 US companies and 250 Indian corporates have registered as delegates, indicating that businessmen do not like to mix business and politics.

Dr Clark said they had quite a different image of India till they came to the south which, he said, has shown a new, aggressive approach to business. The chief ministers of the southern states will attend the summit in their bid to woo the visiting American businessmen. They are expected to make presentations about the investment climate and potential in their respective states. ''This represents the future India," he said.

The "change in the policies of the Indian government" in the areas of insurance, patents and telecommunications has provided a boost to the prospective investors from the US.

The US has also woken to the fact that there are small companies in India which are capable of developing new products for a company like the General Electric and these products compete with the GE's own companies in the US. "We don't see India as just a consumer country now. It is going to be the nerve-centre of production soon," Dr Clark said.

After the two-day summit, the investors would visit all the southern state capitals to evaluate the situation.

Union External Affairs Minister Jaswant Singh, Industry Minister Sikander Bakht, former industry minister Murasoli Maran, Central Electricity Authority Chairman S L Rao, Insurance Regulatory Authority Chairman N Rangachari, US Ambassador to India Richard Celeste, Chief Vigilance Commissioner N Vittal and US-India Business Council Chairman Dean R O'Hare are expected to address the summit.

The thrust of the summit will be on information, telecommunications, chemicals and petrochemicals, power, roads and highways, airport and mass rapid transport system, agro-business, industrial townships and parks.

N Sankar of the Sanmar group, and chairman of the Indo-US JBC, is confident that the "biggest event in Indo-US economic relations after the nuclear detonation" will be successful.

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