India-US Business Summit: Barack Obama, Narendra Modi meet top CEOs

New Delhi:
US President Barack Obama and Prime Minister Narendra Modi arrived at Taj Palace hotel on Monday to meet around 50 top business leaders at the CEO's meet and later, will address a business summit.

Trade and economic issues, including visas, the totalisation agreement and impediments hampering investments are expected to top the agenda at the meeting.

Finance Minister Arun Jaitley was also present for the meeting, which will focus on Modi's 'Make In India' campaign and on ease of doing business. 

Indian and US CEOs submitted their recommendations to Obama and Modi at the forum.Cyrus Mistry of Tata Sons and David M Cote from Honeywell will co-chair the high-profile meeting of business leaders from both countries.

Members of India Inc include Reliance Industries Chairman Mukesh Ambani, Bharti Enterprises chief Sunil Mittal, ICICI Bank MD & CEO Chanda Kochhar, Reliance Group Chairman Anil Ambani, Infosys CEO Vishal Sikka, Adani Group head Gautam Adani, Shashi Ruia, Chairman of Essar Group, Mahindra & Mahindra Chairman Anand Mahindra, Hari Bhartia, Co-chariman and and Director of Jubilant Life Sciences, Biocon Chairman and MD Kiran Mazumdar-Shaw and Sudhir Mehta of Torrent Pharma.

State Bank of India Chairman Arundhati Bhattacharya, Oil and Natural Gas Corp (ONGC) Chairman and Managing Director Dinesh K Sarraf and BHEL head B Prasada Rao too are part of the 17-member Forum.

The US team includes Indira Nooyi of Pepsico, Harold McGraw, Chairman McGraw Hill Financial and Ajay Banga, CEO Mastercard.

The forum is likely to discuss bilateral business ties, particularly in the light of US being a major potential source of manufacturing investments.

Critical issues, including visa impediments for professionals, intellectual property rights and bilateral investment treaty too may be discussed, sources said.

The meeting is significant in the light of 'Make-in-India' initiative, which seeks to make the country a hub for global manufacturing, design and innovation.

India has already relaxed foreign investment caps and norms in various sectors including defence, insurance and pharmaceuticals. It also took a slew of other initiatives with a view to improving the business climate and attract foreign investment.

The bilateral trade between the countries stood at USD 61.64 billion in 2013-14. India has received USD 13.28 billion FDI from the US between April 2000 and November 2014. America is the sixth largest investor in India.