 I'm delighted to see this turnout. Let me welcome you. I'm Carl Endefer, the Wadwani Chair in U.S.-India Policy Studies here at CSIS, and I am very pleased to see all of you here this morning. We're going to accelerate the beginning portion here because Ambassador Rao on my left has another speaking engagement, and she very much wants to hear the NASCARM report from Sol Mittal on my right and comments by Ambassador Charles Ford on my further left. So I'm going to be uncharacteristically brief in my remarks. Now I know that's a big disappointment, but I will try to restrain myself. Let me just say a couple of remarks, and then we will get to our program. One is that as many of you know, the motto for our program here at CSIS is unlocking the full potential of the U.S.-India relationship. Now if we had decided to have a subtitle for that motto, I would have chosen this, a two-way street, because both countries have so much to add to make this, as President Obama has said, one of the defining partnerships of the 21st century. So with that notion of a two-way street for the relationship, I can think of no better example right now than what we will be talking about this morning, which is namely investing in America contributions by the Indian IT sector. The focus of this morning's discussion will be a report released by NASCARM, India's tech industry in the U.S. Now, Mr. Mittal, should we go ahead and pass to Ambassador Rao the copy of the report that you have here, and let me get out of your way here for this. This is a ceremonial unveiling of the report with a ribbon. This is sort of cutting of the ribbon sort of opening, and here we are. The report is now officially released. You have a copy in front of you. You do not have ribbons. The ribbon went to Ambassador Rao. So now with that, that's quite a ceremony here. I'm going to take a page out of Fareed Zakaria's GPS, which we all watch on Sunday, or many of us do. We all say a few remarks, and then you all say, let's get down to business. So I want to get down to business. First I want to again welcome India's Ambassador to the United States, Nehropama Rao. She's had many interactions with CSIS over the years, including in her role as Foreign Secretary, and we look forward to many more as India's Ambassador here in Washington. To my right, we have NASCARM's President, Mr. Song Mittal. I want to thank you very much for traveling here from India and bringing your report to CSIS. And next to Ambassador Rao, we have Ambassador Charles Ford, who is the Acting Assistant Secretary for Trade Promotion at the Department of Commerce and the Director General of the U.S. and Foreign Commercial Service. So we've got an all-star team here to talk about this report and its importance for, as I said, the two-way street that our two countries have and the important economic relationship and partnership that we have. So with that, as I said, I'm going to say let's get down to business. The extensive bios for our three speakers are out here at the table, as are some other handouts, which I hope if you haven't taken, you will when you depart. And I'd like to turn to Ambassador Rao to ask her to start off our presentation. Then I will ask Mr. Mittal to speak about the report. I think he has a presentation here followed by Ambassador Ford with his initial reactions and comments. And then we will turn to the audience. Thank you all for being here. Be thinking of good questions and comments. And Ambassador Rao, again, it's an honor to have you with us. Thank you. Thank you for your welcoming remarks, Mr. Som Mittal and Ambassador Ford. It's a matter of great pleasure for me to be here today and to be part of this event. I'd like to thank the CSIS and NASCARM for arranging this interaction. And let me also commend Mr. Som Mittal and his team for persevering with what is evidently their very successful effort in bringing out this comprehensive report on what the Indian IT industry in the U.S. stands for. Today's event focuses on an extremely important domain of India's commercial linkages with U.S. business. Let me elaborate. We're witnessing an unprecedented level of intensified economic interaction between our two countries characterized by active dialogue mechanisms, continuing growth in trade in goods and services that touched, in fact, around 100 billion U.S. dollars in 2011. Higher levels of innovation-driven cooperation in areas such as clean energy, agriculture, food security and health care, increasing two-way capital flows, creating new pillars of commercial growth, and growing research partnerships between Indian businesses and institutions of higher learning in the U.S., et cetera. It would be fair to assess that within this space, the Indian industry plays a defining role in shaping the direction of the overall rubric of India-U.S. trade and economic engagement, and also the nature of bilateral policy discourse. So where do the contributions of the Indian industry fit in in this large concentric circle of our two-way business ties? I believe that the Indian IT industry is one of the key constituents and stakeholders in the growing India-U.S. relationship. As the India-U.S. strategic partnership has grown, so has the willingness of Indian IT firms to populate it with concrete commercial underpinnings. Sorry, I have this awful cold. Both in and I'm talking of underpinnings both in the broader field of the knowledge economy and the specific area of IT and a whole range of IT-enabled services. And as the NASCOM report observes, India-U.S. partnership in IT has broadly been in three areas. One, with the U.S. economy, and I will come back to this a little later. Two, with U.S. companies through contributions to competitiveness of U.S. businesses and the development of innovative products and solutions for global markets and working together to open up markets in the emerging economies. And three, with U.S. society in working with local communities to strengthen local education standards, partnering to offer cost-effective healthcare benefits to U.S. citizens, and touching the lives of the common man and the common woman, in particular, the underprivileged. Most importantly, the Indian IT companies have been the bridge that has not only connected on a 24-7 basis the technology companies in Buffalo or California with their Indian partners in Bangalore and Chennai, but also have strengthened people-to-people contact. When one refers to economic contribution, it conjures up several notions. There are some who would perhaps measure it in dollars and cents. I would like to believe that the Indian IT businesses pursue a more holistic goal of economic contribution. The result is that the actual story of Indian IT companies in the U.S. is different and contrary to the existing rhetoric that often emerges from some segments of stakeholders. For those who talk purely of numbers, NASCOM's report and the evidence on the ground clearly points to the fact that last year Indian technology companies have supported about 280,000 jobs, predominantly benefiting U.S. residents, contributed billions of dollars in taxes to the U.S. Treasury, increased their local hiring when many U.S. companies were downsizing, and invested over five billion U.S. dollars in M&A activities in several U.S. states. All combined, Indian businesses have invested around 26 billion U.S. dollars in the last five years in over 43 states of the United States in a range of areas in manufacturing and services. But the contribution of the Indian IT investment in the U.S. also emphasizes a multi-level and value-based ecosystem. As a result, at the level of businesses, they have made commitments to the innovation economy of the U.S. by setting up innovation centers to drive the next generation technology development and to deliver process efficiencies. You'll find several examples of that in this report. Aimed at delivering the larger public good, they have integrated themselves with local communities through local hiring and undertaking social responsibility tasks. As part of building links with educational institutions in the U.S., Indian companies are visiting an ever-increasing number of U.S. universities for campus recruitments. They are also working with schools to support education initiatives and working with foundations, such as the New York Academy of Sciences, the NYAS, to train and mentor students of underprivileged communities in science, technology, engineering, and math. STEM, as we call it. In one case, one of the Indian companies is also working with an individual state government in this country on training U.S. war veterans. The Indian IT firms are globally integrated. They pioneered the global service delivery model, which allows delivery of a service to be location independent. One of the key factors that have contributed to benefits of trade and services accruing to businesses all over the world, including U.S. companies, has been the mobility of professionals. In this regard, some of the U.S. measures aimed at restricting movement of skilled professionals from India could be counterproductive and distort the nature of trade. Additionally, in our bilateral context, such measures could, I'm afraid, alienate the very constituency that has been in the forefront of building strong policy and trade-based engagement between our two countries. The Indian IT industry is competitive and top-end. It only seeks a level playing field. I think the NASCARM report presents the facts as they are on the ground, devoid of rhetoric, and aimed at promoting bilateral ties. The extent and depth of involvement of Indian IT businesses in the U.S. economy also clearly conveys that their partnerships are not transactional, rather that their commitment is long-term. Indeed, the Indian industry will continue to seek technology-based partnerships and markets in the United States, both in products and services. I also feel that this is a mutually complementary framework of ties. As I look ahead, I could say that in the India-U.S. relationship, especially where trade and commercial ties are concerned, the Indian IT sector will continue to be a bedrock of support and a key driver of consensus. What is important for us is to avoid taking measures that restrict the mobility of skilled professionals and, hence, constrain the growth in bilateral trade and services, in particular, IT and IT-enabled services. It is important that both sides should commit themselves to offer all and full support to their continuing good work in the United States, allowing them to make a greater and a bigger contribution to our bilateral ties. I thank you. Thank you, Ambassador Rao. I have been very impressed during your still early phase of your stay here as the ambassador to the United States, the traveling that you're doing around the country. Every time I look, you have traveled to one major American city, another state. Maybe you're trying to go to all those 43 states where there's Indian investment, and more, and including the District of Columbia. I think just recently you met with Mayor Vincent Gray, and I think his message was that Washington would like to see more Indian investment in the capital. So thank you for your remarks, and also adding a very important addendum to the two-way street, which is a level playing field. Both countries are looking for that level playing field. So it's an important message. I should mention, by the way, clearly, we have a camera here, this is very much on the record. If anybody had any questions of whether or not this was on the record background, this is on the record because we want to see this event used to actually get this message out beyond Washington and the Beltway to the American people, that this is a two-way street, and that these steps are being taken by India here in this country. So with that, Sol Mital, if you will give us your presentation, which we look forward to hearing. Thank you very much. Thank you, Carl, and good morning, everybody. After Ambassador has spoken and how articulate she is, we've known this, she was our foreign secretary, and before that, we met her when she was ambassador to Beijing. So she's really represented us. But thank you very much for this partnership, and we have similar partnership back in India with a similar initiative that's being led by Icrier in India, and we recently did some events there. I stand here as NASCARM. We represent 1,300 members. Those members include almost every tech industry from America. You'd be surprised we would have Boeing and every one of the banks as our members as well, besides Indian companies. So it has been a way where we have been encouraging work to happen across the globe, as the ambassador mentioned here. I think you have the report in with you. That's just the brief report. There is far more detail in the CD that's accompanying the report there. But what I'm going to cover are just few points. I think this is a good timing to be here. We just had a big seminar up conference in Mumbai where we had 1,600 delegates and about 300 of them were foreign. And I think the mood or the conclusion in those three days was that the business is better than the moods. And as we come here, I speak at a time where we started seeing, if you want to call them green shoots, so the economy going up and jobs coming back. And I think this is a good time to be here besides the fact that you have such a great bloom of cherry blossom and other flowers here. Over this last one year, while today I present to you the outcome of what we are seeing. But we have seen large number of delegations coming to India led by governors, senators, business people talking about how US is open for business and each of them competing to saying how we should make investment in those states. So the things we are seeing here today is really an outcome of the work that's been happening. And we're very happy that when they come here, we get the chance to host them as well. So what I want to take you through is very briefly some of the points that Ambassador has already made, but show you a little bit more detail. What we are presenting here is actually work that we did collectively with our industry, taking the inputs from them. So it's entirely database data that we collected and aggregated as NASCOM. One of the things we are blessed is that our platform, people really collaborate very well and we are able to put something like this together. So as Ambassador mentioned, I think our bilateral trade is increasing. It's touched $60 billion. The foreign direct investment into US has gone up 90% in just about a year's time and hence I think you can see. And this is coming in both as direct investment in Greenfield project as well as the one that come in towards accusations and mergers that are happening. The merchandise goods export increased by 17%. The bilateral goods in the last 20 years have seen an Atex improvement. And I think interestingly also as was mentioned of the 15 top tech industries in India, 10 of them happened to be of US origin there. So it is truly worth that we do here as well as the work that's being done back in India. Here are the three areas that I think we are making contributions. One clearly to the US economy in terms of creating and supporting jobs, contributing to the economic recovery. And the economic recovery happens when there is growth and you can fuel growth by making businesses more competitive. And of course, investing for growth itself. And we're finding that as emerging markets are coming up, right? How do US businesses get competitive there? I think that's a big contribution that we make in terms of the work that happens. US companies, they're transforming themselves, you know, remaining competitive in this world where you have pressures of inflation on one hand and your markets emerging. How do you compete in those building innovative products and solution for global markets and help entering emerging markets? So that would be what we would do in terms of working with US corporations. And then of course, the society investing in improving education standards. One of the things that we have been able to do very successfully for our own industry is to be able to skill and re-skill people. And I think that's the need today of how we can do. And I think in our own small way, we are trying to bring our learnings of what we have done back in India to being able to use whether it was war veterans, as you mentioned, ma'am, versus, you know, what we can do at the school level to be encouraging children to take up STEM courses. And I think that whole range is where we are engaged today. And of course, areas of contributing to the healthcare initiative, and I have some examples, and of course making contributions to the underprivileged society and what you could do. I think it is in some manners about being responsible in countries where you operate. If we get into specifically on the IT tech sector, we are supporting 280,000-plus jobs today. 200,000-plus jobs are for locals in U.S. supported by Indian companies. Over these last five years, there has been a 2X jump in this number. And also for the locals in the U.S. in the last five years, it's been a 2X jump. So the vector is right, and I think we see that progression happening. In terms of the contributions, both taxes paid and the contributions to the social security is, in the last five years, about $15 billion. But more importantly, the current run rate is in excess of $3.5 billion a year. So again, every year you're contributing to the society, and I'm not even counting what you contribute in terms of economic activity in the places where these individuals live and stay. $5 billion are investments made in acquisitions in just a very short period. And today the taxes paid, as I said, the vector is important, it's doubled in the last five years. So why is this happening, right? It's happening because the nature of work, the business models today, mean that this world is getting integrated. And if you have to do work, it's not that all the work can be done back from some offshore location. You need presence here, you need domain expertise, you need contextual data and information. And I think that's what is leading. So by the way, most of the jobs that you create are all high value jobs. They are people who are skilled, you're bringing in that skill level, and you're bringing in your technology as well. If you look at this chart here, the, of course, the scales are different. During this period as the unemployment was coming in, it's good to see the chart go back. Through this difficult period as well, constantly the employment that we were creating was going up, right? In an environment which was where jobs were getting lost. It was also important to note here that when we speak about the sector, while the unemployment rate overall is 9%, probably now under nine, the tech unemployment was only about 4%, which actually kind of starts bordering at shortage in many manners. If you also looked at the unemployment, which is for college graduates, is actually 5% or less, right? So the unemployment is in other areas, and I think hence we have to find ways and means that the whole economy comes up so that employment gets done. So it's not about what we are doing and where are the jobs going. I think in this particular sector, for high-paid jobs, for educated jobs, there are still opportunities that are there. And even during the recession period, we were able to contribute to this. Today we hire people from the market, we hire people from campuses, almost every large company of ours, Infosys, Wipro, TCS, HCL, all of them have campus recruitment programs and quite large engagement there. If you see the direct employment created, as I said, over the five years, it's become 2X, but more important is what's ahead. AG is one of our very large companies. They already have significant presence, but they over the next two years would add 4,000 jobs. GenPact is planning to increase its U.S. workforce for multiple positions. In fact, in their case, that contextual knowledge becomes extremely important and that's across the country. HCL plans to hire more than 1,000 local employees across the U.S. over the next 18 months, MindTree, TCS. And of course, Wipro and Infosys, both of them have put centers and are increasing. So the center that Wipro has in Atlanta and TCS in Ohio is again growing. And by the way, they're increasing their seats and investment itself. So I think that's a major driver. If you look at the number of people that we support, the three out of every four jobs supported by Indian companies that are constituted by locals in the U.S., the ratios that are there are 1.6 direct jobs. So you can see that if you use that, 280,000 jobs that we support here. And these are across sectors. So while we created hiring jobs directly, there are many jobs that are for those services that we consume, which is also very important because that's the segment which needs to be promoted. As I said, there is already, shall we say, a reasonable employment rate among those who are educated. But the other class that we support are right here, which forms into that indirect workforce that's getting supported. And where are these jobs coming in and where? So I think it is split way. If you look at these dark green versus light green and lighter green, you can see that there are some places, in fact, in California, Illinois, Minnesota, New Jersey, and those are the ones that are dark there. It's not just one company, many companies setting up. So each of these companies are setting up multiple centers. So we are going where people live. We're going where people studied or their old jobs were. So it's not about migration, but are taking the jobs to where they were located. And you can see it's quite a good spread across the country that we're seeing. And many of these locations were where the jobs were actually getting lost. If we see just these few states here, 50% of the jobs created were just in seven states with California leading at 13%, Texas at eight. And the other 50% is actually quite widely spread across. So we would think that as we go forward and many of our activities, the diversity of our locations would actually continue to increase while there are certain areas that are concentration pieces today. I think it's important to also see that while we are speaking about jobs, what are you contributing to the Exchequer? And if you see here the contribution by the employer and employees of almost $15.3 billion over the past five years. And if you see the growth, it's gone from a run rate of $1.6 billion a year to $3.6 billion just in a five-year period. And given the fact that our industry continues to grow, last year the industry grew at 16%. The US and their business grew at 18%. I think this vector should be continuing to see the same direction. And I think it's very heartening to see that that growth is increasing. We are here today because US forms such an important part and we are helping US take, US will and is and will continue to be the fort of technology. And I think what we are really doing is helping that technology proliferate to other countries and to other emerging markets. If that's the case, US will always continue to be a very significant part for our industry besides many other sectors. I do know that besides IT, there are other sectors who are setting up green field projects here just because of the ambitions and the opportunities that Indian industry has here in US. We, as I mentioned, not only hire fresh people and add organically, but there's a lot of inorganic activity that's happening over this period. There were 261 acquisitions as a country that we made. There were 133 that happened in other sectors, but half of these were in our sector. And what are these companies? These are companies who actually are smaller. They have domain expertise. They have some very good people, but they are finding it very difficult to sustain themselves given the global nature of the business. But for us, it's a win-win game because when we acquire them, this acquisition is not for efficiency. This is actually to be able to leverage the capabilities that these people have. And hence, we are not only able to retain all of them, but actually grow them. So in every one of these cases, what we acquired has grown. And in this, as you can see, the number of acquisitions which were growing at the rate of 41% in the previous year are, you know, the growth rate went up. I would think that they have added value to our sector at the same time. I think we've been able to save a large number of jobs as we went through this. The, you know, those were the numbers of employment and exchequer and, you know, what business. But I think it's also to see the kind of work that's happening. And the society, we're actually delivering to the society with the solutions that we bring in. For example, in terms of innovation, how do you develop compact devices on healthcare which make it efficient for the healthcare and actually can reach those who cannot afford that healthcare today? And, you know, I'll show you some examples of that development work happening. In fact, they have developed devices which are affordable and the doctor doesn't have to carry those devices with them and still be able to do. In many of them, you can probably even see them remotely. Government departments in terms of unemployment assistance for citizens, improving the efficiency of child support, payment system, all these are very important to make what President Obama and his team wants to achieve in terms of being able to change the way and add to the well-being of the society. Indian companies are also doing helping in many other healthcare system, assisting research organizations in how they would look at faster availability of drugs to patients. In fact, many of the research that happens is to cut down the development time and cost of new drug development as well. So, the one that I mentioned before were really projects that are coming on a commercial basis and you're working, but then on the corporate social responsibility side, you have healthcare programs where we are involved at a grass root level working with communities to improve the healthcare system. Education initiatives that, Ambassador, you had mentioned about how are we doing? As I mentioned, one of the things that we know how to do well is to skill and reskill people better and can we bring everything that we do here and do that? By the way, we have similar roles and responsibilities back in India where the divide is even larger. And even back in India, we would work very closely with the society to get that done and it's only natural that we bring some of what we can do there up here in the U.S. where we work. There are, of course, philanthropic initiatives that we do in terms of participating with the communities. So, just as some examples in the healthcare TCS team, working with the American Heart Associations in work events, Aditya Pillar team in fundraising, Genpact and actually many others. We've just picked up some examples. There are more details here where, you know, in blood donation camps that you're running there and supporting charity that's happening and, of course, participation in many of the things which are U.S. while it's blessed with everything good that happens but you also have your calamities that come in through tornadoes and others and in every one of them, we have seen individuals and companies participating both in terms of time and money. So, we couldn't put all the examples here but there are ways. So, and I think this is important that it should not restrict itself to business but should be able to link up beyond. Here in terms of the education initiative itself, Wipro is driving veterans' employability initiative and this has been very successful, expected and I think they are not only doing it to reskill them but also offering them employment. So, I think there are many people who are getting absorbed. This program alone is expected to create 400 jobs for U.S. war veterans. In first year's USA is Riving STEM initiative where how do you encourage young children to be interested in science, technology, engineering and maths and this is clearly one of the stated objectives of the U.S. administration to increase that. They have actually been working with underserved communities to do this. I have seen programs where during summer vacations, they're running special programs within the school to be showing that maths can be fun, right? And there are other jobs too but maths could be fun. TCS is supporting education for underprivileged children, distributing books, getting in programs to be using technology to be able to take that education initiative out. So, overall, as I would do, I was conclude that we are having a huge progress working together. I must say at the same time that India offers a huge market opportunity right now, particularly in the tech space. Just last week when our government announced its budget for the year, it was very clear that many of the social programs need to get targeted better so that we improve the efficiency of the money that we spend and underlying each of those programs would be technology where to reach every individual. So, 250,000 villages in India get connected on broadband in the next three years. They get connected. Now we have 900 million mobile users and if that's the case, it's already happening, mobile money, can they get into a financial inclusion? How do we provide healthcare? And I think US companies have an opportunity to participate in that. And I don't think we're really talking about business. If we get that program and that thing successful, then we are able to take this particular initiative out to other countries where we need it. So I think we have a lot of work to do working together. And as the ambassador mentioned, right, the short-term dynamics of where we are, we have our own dynamics in our own politics and the way we are. But I think as our conference in February came out, the business is better than the moods and we hope that our taking these messages across would send the right message to people to know that finally it's business that's going to create economic activity. Thank you very much. Mr. Ford, can we turn to you for some reactions and comments? Thank you very much. And first of all, Mr. Inderforth, let me congratulate CSIS and the whole US India program that you put together. It's a remarkably important contribution to the issues that we're going to talk about today. So I wanted to thank you for the invitation, but also for the work that you're doing, as well as Madam Ambassador. I think the work that you're doing here and the message you've given this morning is so important to this evolving, dynamic, very large relationship, which has enormous potential going forward, despite some of the speed bumps that we have to face in working these issues in the level playing field that we're looking to create. And the same, Mr. Metall, really. I was impressed. I've worked for 30 years now in trade promotion, trade policy work for the US government and Europe and Latin America principally, but the tool that you've put forward, I find always very persuasive. Putting the facts out, explaining what it is, has a whole lot to do with demystifying issues or allowing you to talk about specific issues because you now are able to see the work that your companies are doing here, the contributions they're making, and that's just always a good place to start the discussion. So congratulations for the report. Very briefly, I was thinking of this group. I talked to my former boss, who many of you might know, who returned to the private sector a few weeks ago, Suresh Kumar, who had visited Indy many times, obviously has a whole range of relationships there, and he passes on regards for those of you that know him. I'm in this position as the acting assistant secretary because I was his deputy, and I'll be carrying this forward for a period of time at the Department of Commerce, but did want to pass on his regards. The office that I'm heading just very, very briefly, because I want to make the comments on the report, is the responsible office in the Commerce Department for the promotion of U.S. exports. I think in a very, very useful way, with President Obama almost a year ago announcing an initiative on foreign direct investment that's called Select USA, we are beginning to take on a role at the federal level of helping to attract foreign investment to the U.S., and so today I'm here with a title and a position that I think traditionally you might know as the export promotion arm of the U.S. government, and I think by doing promotion, we often surface issues that the policy community has to focus on to make sure we're going in the right direction, but I did want to highlight that new evolving role at the federal level with working with our states and local governments to understand better the needs of foreign investors and see how we can work on some of the many issues that are coming up for them, so that brief background. I won't add, I've had some numbers here, I don't think we need to do any numbers, the numbers have been laid out very, very carefully. I would just make a general point that India is one of the 10 fastest growing countries investing in the U.S. You've laid out the case for the numbers you have there. I believe it was last year for the first time you passed the billion dollar mark in terms of investments in the U.S., so I think with the report, we're very conscious of the fact of the growing bilateral economic trade and commercial relationship, but particularly the growing investment and its importance to the U.S. economy as our investment in India is equally growing and important, so I think that's one general comment. I would be remiss if I didn't mention the attention, I know you're getting, I supervise our offices in India and they're overwhelmed with the attention from state governors and the others, but we had our Under Secretary of Commerce there a few weeks ago and I was just in meetings yesterday with Secretary of Commerce, Secretary Bryson, who leaves shortly to be there next week with a large business delegation, three cities to stop and visit and I'm sure you'll have many useful opportunities in that trip, both to see the opportunities in India for U.S. companies, but also to discuss the many issues that we've, I'm sure I can talk a little bit about this morning and the questions and answers. I did want to just, as a comment, mention that the federal role in word investment can be very helpful for some of the issues, I think that you're working on, as we try to support your company's efforts to make investments in the U.S., we obviously want to understand at the federal level what are the issues that affect that investment, how can we continue to make it taken care of, how can we help it grow? And I hope in the context of the issues that we have in front of us, we can work on that issue. We aren't the policy world here, we're working on a project basis to help attract that investment, but clearly understanding your interests and concerns is of great interest to us. In all candor, I think it's no secret to this group that issues that surround visas are important, issues around social security payments and getting things right are important and I think I welcome very much the two-way street issue, there are issues on the agenda in India that American investors and trading community would like to deal with and I find the step that's been taken here today extraordinarily useful to lay out a baseline, if you will, of the Indian investment in the United States, its growth, its potential, what it's contributing much more than a transaction, Madam Ambassador, as you said, but to a long-term commitment here. There's another story we're not talking about because that's not the purpose today of the American investment, the American trade in India and I know we have a very robust dialogue, Secretary Bryson will be learning about these issues more directly soon and how we can, for example, on visas with our consular dialogue at the State Department, how we can intensify that, how we can understand it better, how we can talk to you about issues we're facing. I don't think anyone can doubt and I hope my presence here in a very modest way is a statement of how much we care about understanding each other's issues and how much we bring that commitment to work together to make sure they are only these bumps in the road as we go about developing this larger relationship that's been so typical of many other relationships over the years and please understand the sincere commitment we have to understand the issue and see how we can work it at the highest levels if required. So with that, maybe I could stop and we could take advantage of the time we have for questions, but I did want, again, congratulate CIS for hosting it, for its work on India. The report is extraordinary and the message and work you're doing around the country is so vastly appreciated by all of us. Thank you so much. Before we start, I think we need to thank Ambassador Brown for being with us. She is speaking today at the Hudson Institute on the subject of Indian foreign policy in the 21st century. So we look forward to hearing what you have to say there. And before she does leave, I just want to mention Ambassador Ford mentioned about Secretary Bryson's trade mission. It's his first overseas trade mission and going to India. And I think the first in his tenure as secretary, the subject is going to be on infrastructure, the subject that we've been looking at here. And for those of you who are not going to be with Secretary Bryson, you can be back here on April 12th because he'll be at CSIS to talk about that trade mission. And more broadly, his role is promoting exports around the world. So we look forward to having him here. So Ambassador Brown, thank you very much. Let's give Ambassador Inouye. Oh, yes. And no one leave here. We're just going to say thank you to the ambassador. Then we're going to have the questions and answers. You're all locked down until the end of the day. I have a lot of people. All right. Now, let's move to hearing the comments, observations from those of you here. Sloan Mittal obviously will be here throughout. I think we have investor here for five or 10 minutes. And we have I think another 30 minutes for this event. So what I'd like to do is just start and if you could identify yourself and your affiliation if you wish and who you would like to address the question to. So please. I thank you very much. I'm Neil Ruiz from the Brookings Institution and this is congratulations on this report. It's kind of timely because we're gonna be releasing actually our report in June on the geography of H-1B workers in the United States that gives a spatial analysis of where the requests by employers and occupations are in the United States. So I guess one follow up question I have is you mentioned from to Mr. Mittal is that you mentioned that companies like Wipro, ACL, Tatar, they're trying to recruit campus recruitment in the US and I'm curious to see to understand if are they having a hard time finding a US workforce that meets their kind of needs for STEM workers or for the companies like, because we're interviewing a lot of companies we notice we get this observation that many people have a hard time finding US workers with the skills even with the unemployment problem. So I was wondering if you could address that and also I was wondering if you had a statistic for, because I noticed you talked about the number of jobs and locals you created by Indian companies but if you had some statistics because a lot of critics would H-1B or other visa programs would talk about how if they're replacing US workers and I'm wondering if you have a stat on for every H-1B or Indian coming in how many jobs if they're creating two jobs per. I mean something like that I'm just wondering if you have a statistic that we try to do something like that. Thank you. Thank you, not the easiest of questions to answer. I have some of our member companies here as well and you can surely pitch in to answer. So I think there are two parts to our ability to hire, right? At the campus level, a few years back we really had a big problem hiring fresh recruits and that was really because they all wanted to work for an American company, right? And I think the own branding of our companies wasn't high enough to be able to attract them and I think that's got changed over time. So if you today look at Indian tech companies and look at how industry analysts put it they're probably competing with the best across the world so today their names are there and in fact many of these companies did not stop at that. They have a very strong, robust, intern program. So we actually take hundreds of people across the world back to India so that they get, I think it's also becoming now very good for people to have countries like India and China on the resume, right? So there's an added advantage of being able to do this but I think we still struggle to be able to pick up and it's become easier from a branding perspective but there is we believe still shortage. We probably are able to get many of the companies go to 50, 60 campuses to hire just about 100 people, right? So it's a, and we need to get better at hiring those. I think we must be clear of what we are hiring for and there are permanent jobs that are here and those jobs we would like to have permanent people right here and these are domain experts which are going to be very difficult for us to build organically. It takes time so we need to hire people literally. We need to fire people locally here because they want to be delivering within the time zone but that doesn't take away our need for H1 visas or L1 visas and so on because in this new model of where you deliver from, you would need people who have done that and have subject matter expertise of that particular product to come here for short period and I think it's also important that we distinguish between immigration and trade, right? So these people who come in are actually in our analysis we found that people who came on H1 visas their average stay was less than two years average stay, right? Whereas you're allowed over a period of time up to six years and so which clearly, so I think we should be worried about net immigration rather than talking at a gross number. People movement always becomes a sensitive issue but I think we must distinguish between immigration and high skilled people coming to add value here. Could I suggest that while we still have Ambassador Ford with us he just told me by the way that his purpose in departing is he actually has a meeting with Secretary Bryson to talk about the mission, the trade mission to India so we don't want to hold him up for that. In fact, may I present two years for him and maybe some would like to, maybe he would like to autograph, I see more are coming. This is one for you and one for Secretary Bryson. One for Secretary Sanchez. Yes, we have more are on the way. Yes, this is, we see our opportunities and we take them under Secretary Sanchez was with us in Mumbai and we hosted him and it was a very nice meeting. But as we ask questions, if there are those also for Ambassador Ford that he can comment on before he has to depart. So other questions, toward the end here. Thank you, Ambassador. Raghubir Goyal from India Glomination today. My question is that there was a time when US companies were investing and billions of dollars in China and today China is because of US and US investment and that what India and Indians were hoping that US investment in India will bring and do the same thing just like they did in China 30 years ago. What I'm asking you is that how the IT sector, Indians in America who are well to do, how can they and what can they contribute to uplift India today as far as healthcare sector is concerned or infrastructure and all that because so more US companies can invest in India. Thank you. I'm not sure if you would have an insight on that. I think India and US have always had a very good relationship and I think there is huge amount of investments happening right now. Ford is putting up a very major plant and I think it's because the local business is so high and India should never be seen as a zero sum game. We have a pyramid in our society and a small percentage moves from a lower middle class to a middle class, they suddenly become. So India is about creating a market rather than gaining market share and I think that's driving the fact that 250,000 villages will get linked up on fiber. Corning is putting up one of its largest plants there to serve the needs of that place. So I think there is investment coming in just the other way around. Indian companies have aspirations and I know there are many green field projects that are happening and I think this is the way of the globalized world today that the investments happen both sides. Now on the Indian Americans maybe you want to. No I was just to add to that and you have the expertise in India that I don't directly have but I know in talking to US investors it's kind of the other side of the issue. There's a very robust agenda because the investment is happening and in looking at your regulatory environment and other reasons that are creating market share not market share but market opportunities in the infrastructure and other areas there's quite a bit of interest in that piece. I wouldn't think the impression that you have the China 30 years ago is really the world's changed a lot in that time. I could assure you that there are a lot of American investors that talk to our offices in India about coming to India and a range of projects in place. Can I just quickly ask what message are we sending as far as billions of dollars of Indian investment in America to the Indian taxpayers and to India today? Thank you. I'll let you talk about it in a second. I think it's a question of where are the investments today as our industry has grown. And by the way, we represent this year we will be $80 billion in a country where current account rate deficit is very high and growing, our import bills are growing. I think India needs high value. So I don't think it's going to be about saying India for India, America for America those days are gone. And I think the very purpose of CSIS and us and the fact that Ambassador Ford is here is about that message. So I think if we are going to look at it in a very narrow framework, which is what we did as a country for four decades and we know that in that four decades we limited our growth rate to 3%. But the moment we opened it up in the 90s in the last two decades, we have seen and it is growth and economic growth alone, which is going to get the well-being of our people. That's what's going to generate employment and that's what's going to generate enough funds for the government to invest. If I could just add to that in a non-specific way to India US, I think having worked for a long time on outward US investment, I would say one of the, to the point we talked about earlier, the more we can help explain to our own citizens the benefits of trade and investment, the more you can get over this narrowness of if it's over, it's a zero-sum game. I know from the trade side, I might be misstating a little bit the latest data, but a third of American exports are generated by US subsidiaries overseas. And so the connectivity of why that investment makes sense in a holistic way to the global economy and why it's not over there and not here is a very important conversation to have and make it as factually based as possible and less emotive about someone from outside, just the very word itself sometimes raises in the range of countries of what is foreign, what's that mean? And I think these kinds of efforts like this study are very, very helpful to just make it factual, describe it, and it's a gain for India, it's a gain for the US in the relationship, but it actually is all part of a global economy now that's not really restricted so much to bilateral trade or investment flows. I think that's just a broader point I'd make. Thank you, I'm gonna have to leave at this point, but appreciate the opportunity, thank you very much. Okay, we will continue with the discussion. Let me also suggest there are a lot of people in this room that have a lot of experience in this world that we're talking about, about the various sectors, investment and the rest, and I've heard a few comments already made about bumps in the road. We're talking about a two-way street, but we're talking about bumps in the road. I think it'd be very helpful for those of you that have experienced these bumps in the road to identify them and also to discuss how they can be addressed. I think we ought to just try to get as much out of this as we can to find ways to overcome obstacles to accelerate this. We've just heard about the fact that US investment in China has been and continues to be at a very high level. India is not at that level. Question is, what can be done to increase investment both ways and what are the bumps in the road that need to be removed? So if I could prompt that kind of discussion, please. Again, please identify yourself. My name is Sachin Gurg. I'm a student in public policy at George Mason University, doing my PhD. Prior to that, I was actually in the IT sector in India working for 15 years and I would like to thank Mr. Som Mithal and his generation for helping us unlock the doors to that. The work that you did at that time and the Indian economy was really close. It has been phenomenal. But I would just like to add to this one of the caveat that we mentioned that US tech, Indian tech industries paid more than $15 billion in taxes to the US Treasury. And may I add to that that actually the Indian taxpayer has also paid significantly for the Indian IT industry. The Indian IT budget, which came out recently, has an NX share 12, which talks about tax revenue foregone. And in the last three years, before the STP exemption have failed out, the total amount of tax exemptions that revenue foregone was $8 billion. And essentially, as NASCOM has repeatedly pointed out and supports, the Indian IT sector has had a tremendous export orientation, 60% is export oriented. And back of the envelope calculation, I did back in two, three years back, said that actually the profit margins of Indian industries trying to do locally for the same thing is almost 40% less than what the same company gets at the same billing rates for a foreign company. So I would like to, you have been talking about this that the US company should invest more in India and I appreciate the fact that we need to do a lot. But what way do you think the Indian IT sector should actually start concentrating a lot more on the things to build in the Indian infrastructure that is really needed? And I would like to honestly like your thoughts on those sort of challenges that are there because the biggest challenge that I face in India today is going to be the large demographic dividend that we have which might not be converted to the real demographic dividend because of the low educational and other issues that we have. Thank you. Sid, I think you've studied the tax part more deeply and I don't think that's really something of interest but it is governments and their draw list to support industries and so on. And I think to encourage that, there would be tax stops that will come in but that's not what gets the industry. I think this industry is really about picking up young, changing the aspirations of the youth, being able to train them. By the way, the average age of this industry is 27 years, right, and how do you do that? So I think that's a big, big thing, what it's contributed in terms of the education et cetera. So I don't wanna go about what this industry has done to the India but I think it's very important question that you raised that if we have done this and we have the right resources for doing what we have done across the world, what are we doing in India? And I think you should divide any market into three categories. One is the corporate world, right? And then the other one is the government and the third one is small, medium businesses as well as the common citizen. And I think if you look at technology, you can only reap that benefit if there is connectivity. Digital world is all about connectivity. And today, what we see coming ahead in the future is gonna be connectivity. So to the point that you mentioned, I think today the Indian tech sector is working immensely in the domestic sector. Some of the world's largest infrastructure projects in tech are from India, right? For example, when we have to reach a subsidy of a kerosene or a food down to the last citizen, we find that there is enormous amount of leakage and it's very inefficient, right? So the UID scheme, which is a platform where it will be targeted for an individual having 1.2 billion people, all on a common database being able to be authenticated that he's the individual, I think is one of the largest projects that's on around the world, including the one that I spoke about of 250,000 villages getting connected. So when that happens, I think you're going to see far more ways that technology is going to make change. Forget about the business and forget about tax. I think it's about well-being of common citizens. So technology today has the scope of doing it. And I think we welcome every company around the world, the US in particular, to be coming and participating in this opportunity, which is unknown. It's not going to be about tweaking your processes and products to do it. It's going to be about how can we innovatively come and tap that out. Please. You've got a microphone there. Sadanand Hume, and I'm with the American Enterprise Institute and I also write a column for the Wall Street Journal Asia. I have a question, Mr. Mitchell, for the broader sort of economic climate in India. And I think there's been much concern, not only in the United States, but elsewhere about a couple of things. One, the economy seems to be slowing down and that an assumption that a lot of people took for granted, including people in government, that India would manage to grow indefinitely, let's say eight or 9%, is now seriously being questioned. As you know, the last quarter, that growth was down to 6.1%. And along with that, there's a sense that there's something in the political economy, and particularly with the current dispensation, that may not be able to take the kind of tough decisions that need to be taken on reform. We've seen an extremely lackluster budget, for example, and we've seen a failure to pull through on reforms that most people have a very wide consensus on, including retail. So I want to get your sense of what you think the political economy in India is going to look like for the next two years. What are the implications for business and the private sector more broadly? And what are the implications for your industry specifically? Thank you. Well, it is, I think it addresses the issue that you talked about of hurdles. I think it is true. So one, when you talk about the growth rate, I think we have had a very significant shift in our own economy. So if you look at over four decades, and you know that the pie of services, manufacturing and agriculture went through a big shift, today services forms over 60% of our economy, right? Where I think we need to be increasing agriculture through agriculture productivity and also be able to move the manufacturing. So I think there's a lot more to be done. But given the uncertainty in the global environment, a 6.9% growth may be much lesser than the 8% that we looked at, but it is still 6.9 and I'm sure a lot of economies would be envious of that. And the second part is that that growth is largely fueled by internal consumption, right? So it's really internal consumption driven rather than export driven. I would think that 6.9 is not sustainable for us to be doing and running our programs as they are. And I think the forecast for the coming year is 7.5. But I would think unless we are coming out with the programs that you mentioned, which would take us to eight, eight and a half percent, I think we have trouble, right? I don't think we will be able to sustain our programs at that lower level of growth. But having said that, yeah, I think we are going through a very new catharsis in our political environment. It's very odd, I think I'll take a minute to explain this. We have a federated structure, we have central government and then we have states. In the states, and we just had our largest state, which is I'm not sure how many times UK in terms of size and population. But we had that election, 60 plus percent people voted. 20 percent of those who voted were first time voters. More than 50 percent of those who voted were women, right? And they threw the incumbent government, which was supposed to be corrupt and gave a great majority. So I think it would be taken as a great success for a political democracy side. I think the same message we're getting from various states where the elections are taking place, the problem for us is what happens in the center where all those reforms happen because it necessarily means that we are going to have a new form of coalition politics. And we don't have, the government doesn't have a mandate. So as you saw, one house passed the bill on multi-brand FDI and the other house didn't. And I think it was about, and I don't mind being on record to say it, I think it was a responsible opposition in politics, right? I think we can't oppose for the sake of opposition. There are many things that we must still converge even if we had different motivations politically. And if we can't get that together, so I would think that in the next two years, as we head to our center election in 2014, there would be a new realignments, right? And a new understanding of how oppositions would have to work together. So you might oppose in a state, but can you collaborate together at a national level? Difficult positions to take, but I think that will be the only one. I don't think we have a choice. The Indian electorate has shown that they don't tolerate anymore. We were a very tolerant society and I think that intolerance is increasing, which will get reflected in how voting patterns will happen in the future. So I think these two years are gonna be quite defining for us. The reforms that you mentioned are essential, many of them, but during this period, we as associations would have to work with political parties, with the government, to ensure that we are getting the right message and helping them rather than only being criticizing. So we actually work very closely with the government to have many of their policies on track. May I ask that if you can find out in India how oppositions can work together? Would you let us know? Weird. Another common denominator in our relations. Yes, sir. One quick question. All the conversations that you've been having. Could you again introduce yourself and... Yeah, I'm Francis Bukalovitz now. And my question is, most of the discussions today has been about the business to business connect and pretty large corporations. What is NASCARM doing in terms of connecting the entrepreneurs and small businesses in US to leverage the emerging markets in India or the new opportunities in India? So you can comment about that. You know, actually what you mentioned is a struggle, right? And I think we have a similar situation in our own country. As I mentioned, we have 1,300 members in NASCARM, but we have 4,000 IT companies. We have a long tail. These are small companies that are there. And I think the issues for them are a hordes of them, which is about funding. It's about mentoring. It's about, more importantly, a marketplace. So we do have a number of mutual delegations happening where companies come in from US, right? Or Indian companies come here and we find those connects coming up. The only way that we can reach out, and mind you, the only issue they have really is of market access, right? So how can they find collaborations to make this happen? So there are many tools that we have provided as NASCARM. So for example, we have a website called EGavreach. We are encouraging people who have very good solutions to be coming up and looking at what kind of needs are there and then tying up with someone because they can't approach that market alone. So they'll have to really find partnerships to do that and we encourage that to happen. We've got a website called Products Made.in, which is about products that are available and how can we partner in those. But I think a very big change is happening right now, which is cloud, right? People who have solutions to offer, it doesn't matter what brand you are. As long as you have a great solution, cloud really, really takes away and disintermediates big from the small. And I think the small companies will really gain because the market outside the Fortune 1000 in IT is going to be more than what it is in Fortune 1000 companies, right? And I think that's the big opportunity that we all need to work. Our concern would be the way at least some places these discussions are happening on data security and so on, particularly in the European environment. We all need to work together to saying that we don't disrupt this great technological move that's happening by preventing cloud from being the game changer ahead. Good morning, Diane Farrell with the US India Business Council. And it's wonderful to hear you again, Mr. Mittal. And congratulations to you and the companies who contributed to this very successful and very illustrative report. Something that you said just as a quick comment and then I do have a question. You used the phrase skill and reskill. And I think that is so incredibly apropos to the kinds of challenges that we're talking about here in the United States as we're dealing with unemployment rates. And also equally as important when you talk about some of the educational challenges that are faced in India and yet with this great wealth of talent that exists there, if you can create the kind of education system that will really, as you described, sort of a rising tide raising all boats. So I think that's a particularly important phrase to use as you're describing this. I also note that statistically about 50% then of the investment in the United States is coming from the tech companies who you were describing here. So we have that other 50% which are also very important to investment here in the United States. We've been speaking with Tata as an example about opportunities to perhaps create a program that would basically provide education as well as opportunity to some degree reaching out to the SME community, for example. As a means to, number one, raise awareness of the contributions, the positive contributions that Indian companies as well as companies created by Indian-Americans here in the United States have really provided to the fabric of our economy. And so here you have this terrific report. We have that other 50% that we also want to highlight in terms of contribution here to the US economy, the importance to job creation and retention here in the United States. So my question for you is if you had a slide following the thank you slide that's behind you, it would probably say next steps. And I'd love to know what your say two or three top priorities are in terms of turning excellent information into specific and positive action. Thank you. So it's probably a feedback to us and we should take that. But I do know that there is work happening on the other side as well with our other sister trade associations like Fiki and CII, right? And this is one matter where we had more subject matter expertise. And I would say also our industry while it contributes what it does gets to be on the highlight news on outsourcing and so on. So I thought it was very relevant because we are talking about highly skilled jobs here even though as others are available. So but I take your feedback. I think these reports are not one time, right? They're supposed to have they're organic in many ways. And I think we'll build on this. At this point of time, I think it's more important that both sides and businesses in particular work with their respective governments to take away the negativism because at the end of it, you know, business is not a bad word, right? Business is the one that's led but there are always these issues about business being positioned as always being on the receiving end of the governments, right? Whether it was budgets or any other. So I think we'll work on that to the point of skilling and reskilling that you mentioned. Technology is going to play while a positive role, technology also disrupts jobs, right? If you talk about manufacturing productivity, it just means there is more innovation happening there which means you're doing lesser, more with less. And hence people who come out of that then there are enough new needs that come up and we have to ensure that those people get reskilled, right? And we in our sector have seen this because during a journey of an engineer's life, right? Technology disruptions are happening probably every two years and hence it becomes very important for us to just keep them reskilled all the time. The next steps? You know, the next steps from is again getting the hard data out and evidence out so that we move from sometimes the political rhetoric starts converting into what people start believing. I'm sure if I say the same thing 10 times over even if it was a lie, I start believing it to be the truth, right? And I think we all the time have to come and say what are the facts and where they are, right? At the end of it, we're talking about two nations who have similar values, we are democracies and so on. And I think we have to remove the hurdles. I think India has a lot of things to do, right? We represent free trade, right? And I think we work as hard in opening up India as an economy as we would come and present our case or what things we need to do. I think more dialogues, more exchanges, more visits by secretaries and so on, I think helps in removing. But I'll appreciate if there is any suggestion or advice to us, we'll surely put it in our agenda. Yeah, Melanie? One of the things that I... We mentioned in the same regard when we had Foreign Secretary Mathai here several weeks ago, in his remarks, he talked about the economic partnership at the top of the priorities in terms of the US-India relationship. And he referred to the Bilateral Investment Treaty and he referred to the need to get beyond bit. And that is something that we are going to start looking here. We have a new member of our team, Matt Stokes from the State Department who will be doing a five month look at the question of bit and beyond to look at not only what are the obstacles to moving forward with a bilateral investment treaty but also looking as Secretary Mathai also mentioned, a SIPA, Comprehensive Economic Partnership Agreement and at some point looking toward down the road to a free trade agreement. So in terms of where the question of the two-way street and investment goes, we're gonna be taking a close look at that in the months ahead. I hope that those of you here interested in that will work with us, contribute and be in touch with Matt. Give him your ideas. And I just wanted to commend that and taking on from Melanie and what you had mentioned and I'll give it, you know, the need for all of us as business and trade associations to build trust with our respective governments is extremely high at this point of time, right? And that trust can only be built by our bringing in suggestions and solutions rather than objections to government policies. You know, where businesses and what dynamics are, right? Are always ahead of how governments think and I don't mean any disrespect to people in the government. They're all smart people, right? But at the same time, I think for every issue that gets raised, we need to find a solution for them. Most of the time we land up only raising concerns. And I think that does not help in building the trust that's so important. People are only going to listen to us if we are coming with solutions and we are building the trust, right? And I think as one big action point if there was, that is what probably we all need to do more. Well, I think, last question, please. Okay, I was about to say that we want to end on time but we will have a quick question. Do you want to make a comment? Yeah, Vinod Jain from the India-US World Affairs Institute and from the University of Maryland. You know, I've been doing some research on how American companies are doing research and development in India, IT companies especially. And this is very different from the typical low cost of showing they're going after talent. And what I found that companies like Google now have several projects in India where the team leadership is based in India and the team is based all over the world including Silicon Valley. Now, one of the things I found was I'm talking to the head of R&D at IBM, and I'm going to say to the head of R&D that the team that works in a project, global team, the team members from the United States would be in their 40s and 50s. And their colleagues in India would be, you mentioned the average is 27, in the 20s. And that gives quite a bit of concern to the American team members. So, is this something which NASCARM has looked at or thought about? So, I think it is clear that given the nature of the work, the profile of the teams is going to be a pyramid, right? There are going to be people in the middle, why they're going to be more senior people, but there is volume. Today, I would say that there was a time, I think, where age played a big criteria. But if today technology is what it is, then believe me, I'm not the one with my gray hair or no hair, right? To be saying how easily I'm adapting to technology. And I think these are the kids who are innovative, right? I think we have to tap, our biggest problem is not going to be what age they are, how are we going to tap their energy, right? I would think it is our people who are at my age, it is their vulnerabilities and so on, which is creating that issue. But the question is, are they delivering? And I think the answer is a big, big yes. These are the people who should, we should all be backing, right? And supporting, because today we struggled to be able to use their energy, right? So I think it's really positive in my opinion. I know Dr. Jain, you were recently with the governor there, that's part of one of the delegations. And I think you did a great job by visiting all these cities that went there. But I think today, the power is in the youth. And if we did not capture that, if we did not train our schemes and our thinking way to be tapping that resource, given particularly the changes that are happening in the demographics, it's scary, right? Let me give you an example. I'm sorry, they're gracing here. In China, right, we all know, not sorry, in Japan, we all know that there is a negative population growth today, right? And young people in Japan have declared tech jobs to be negative, not paying long hours, not sexy, da, da, da, da, da, right? So Japan for whom innovation is so important, right? That's the view. So I think Japanese would have to go embrace this youth and saying, fine, I think you have opportunities and finance and media and wherever else, but we need you to work in technology or then tap young resources that are there anywhere else in the world. Last question from Donald Kemp, who I actually, this gives me an opportunity to say, Don, a distinguished career foreign service officer, now retired, but never retired if you're in the foreign service. And he is now a non-resident senior associate of CSIS. So Don, final question to you. Sure, thank you. And I'm loath to keep people after 1130, but I'll be very brief. I just wanted to say, Mr. Mitchell, this report is a great contribution to the debate, the issue debate in this country on jobs. And you alluded, you talked about Indian politics. This is an electoral year in the United States. I would argue that the issue for all of us is not so much our governments, but our political class, if you will, and the issue will be joined in the election campaign this year and on Capitol Hill as to the job situation. You've made a great case. The case needs to be made on Capitol Hill as well as with the governments of both our countries. And I guess my question would be, are you thinking of political outreach as well as in addition to this report? Well, if you saw my slides, they had the US map on it and it talked about the states which are greener than the other states and we're surely going to be tapping onto those dark green states this visit, right? So we are meeting up with them and taking our story out. But we know we can do it alone. We also know that when we speak, right, people say why? So we want CSIs to do that for us as well and many of you in this room. So I do hope that our case has been convincing enough for you and we do hope that this message in the interest of both our countries, you would help us take it as well. Well, it's a very timely subject when I was in India just three weeks ago. I was looking at the economic times and it had this large article. Here's how India Inc. insources jobs to America and I began by saying Indian companies are job eating villains in US political rhetoric. The reality is that India Inc.'s local hires in America are rapidly rising. So this is an important story to get out. We will certainly be a part of that but we also want to be a part of how to turn this, if you will, this two way street into a super highway. We've got a lot of work to do. There we go. And we've got to make sure there's a level playing field that the bumps in the road are repaired. So we've got a lot of work to do and I'm glad, so glad you and your colleagues were here with us this morning. Thank you very much. Thank you.