Banking at issue for Paulson in India

Marketplace Staff Oct 29, 2007
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Banking at issue for Paulson in India

Marketplace Staff Oct 29, 2007
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Scott Jagow: The U.S. Treasury Secretary just arrived in Calcutta, India for a three-day trip. Henry Paulson will be talking with India’s Finance Minister and U.S. and Indian CEO’s. Sunita Thakur takes a look.


Sunita Thakur: Treasury Secretary Paulson is likely to focus on the rupee-dollar exchange rate. The rising rupee makes Indian exports more expensive.

India wants more of a level playing field for its U.S. investments, says Anjan Roy, an advisor to the Indian Chamber of Commerce and Industry.

Anjan Roy: While you have so many U.S. banks operating in India — just like any other Indian banks in the Indian market, please — there are very few Indian banks operating in the USA. Only two Indian banks are there.

Roy says bank licensing in the U.S. is up for discussion. Conversely, the U.S. wants to provide insurance in India, something India doesn’t see as a priority. Roy says it all hinges on building personal relationships between company executives.

Roy: It’s a kind of mutual exploration discovery process.

While this may be Henry Paulson’s first visit, it doesn’t look likely to be his last.

In New Delhi, I’m Sunita Thakur for Marketplace.

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