With the passage of a year since the visit of President George W. Bush to India, it is the business communities of the two countries that have benefited the most from the momentum created by the upsurge in Indo-US relations. While two-way trade and investment had been growing at a steady clip, the announcement and subsequent passage of the Bill on Co-operation in Civil Nuclear Energy, intended to remove the last vestiges of the adversarial relations between the two countries, have taken business relations to a new level.
The most visible manifestation of a strategic relationship between two countries is cooperation in the defence sphere. When the Defence Framework Agreement was signed in June 2005, it was widely assumed that the Agreement provided a skeleton that would be fleshed out over a period of time.
The speed and relative ease with which the Indo-US nuclear deal raced through the respective committees of Congress and the margin by which it was assented to by the House of Representatives on 27 July, scarcely four months after it was introduced in Congress, created the expectation that the same scenario would play out in the Senate. These hopes have been belied by the failure of the Senate to pass the Bill before it recessed for the mid-term elections.
With President Bush having concluded, in the eyes of both governments, a highly successful visit to India, the time has come to take stock of developments and to assess whether, as has been asserted over and over again, the outcome has been a win-win for both countries.
In the course of his visit to the United States last July, Prime Minister Manmohan Singh and President Bush signed a landmark agreement whose intent was to "transform" the relationship between the two countries.
Indo-US Business Relations: Setting new records
With the passage of a year since the visit of President George W. Bush to India, it is the business communities of the two countries that have benefited the most from the momentum created by the upsurge in Indo-US relations. While two-way trade and investment had been growing at a steady clip, the announcement and subsequent passage of the Bill on Co-operation in Civil Nuclear Energy, intended to remove the last vestiges of the adversarial relations between the two countries, have taken business relations to a new level.