[Congressional Record Volume 140, Number 62 (Wednesday, May 18, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 18, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
WELCOMING THE PRIME MINISTER OF INDIA, THE HONORABLE P.V. NARASIMHA RAO

                      HON. GEORGE J. HOCHBRUECKNER

                              of new york

                    in the house of representatives

                        Wednesday, May 18, 1994

  Mr. HOCHBRUECKNER. Mr. Speaker, I rise to extend my warm welcome to 
the Prime Minister of India, P.V. Narasimha Rao, who will be speaking 
before a special joint session of the Congress today. I recently had 
the opportunity to visit India and meet with Prime Minister Rao.
  India is a nation of tremendous and growing importance to the United 
States. It is the most populous democracy in the world. One of its 
official languages is English. It is strategically located on the Asian 
subcontinent and equidistant between the Persian Gulf and the newly 
industrialized states of the Pacific rim. And, importantly, there are 
millions of Americans of Indian ancestry who are productive, active, 
and concerned members of their local communities.
  With a total population of over 900 million people, India has the 
third largest technical and scientific workforce in the world and a 
growing middle class of over 200 million eager consumers. Since 1991 
Prime Minister Rao has dismantled restrictive regulations and 
bureaucratic regulations that discouraged foreign investment and 
steadily moved his country toward a more open market economy. Average 
tariffs on imported goods have declined by one-half over the past 2 
years and foreign companies can now own majority shares in Indian 
companies.
  These reforms have yielded substantial benefits to American 
businesses. Today, the United States is India's largest trading 
partner. Over the last 3 years, United States exports to India have 
grown from $1.9 billion in 1992 to $2.4 billion between January and 
November in 1993--a 38-percent increase over the corresponding period 
in 1992. Over 200 foreign institutional investors have been registered 
with the Securities and Exchange Board of India and as of the beginning 
of this year $1.13 billion has been invested in India as portfolio 
investment. General Electric, American Express, AT&T, Citibank, IBM, 
Merrill Lynch, Morgan Stanley, and Raytheon are all actively pursuing 
markets in India.
  Mr. Speaker, as a founding member of the Congressional Caucus on 
India and Indian-Americans, I have a special interest in India. I am 
pleased that the Prime Minister has decided to visit our country and I 
look forward to his remarks today.

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