By Paul Beckett
- MasterCard Inc./Bloomberg News
- Pictured, Mr. Banga.
Ajay Banga, president and chief executive of MasterCard Worldwide, was recently named chairman of the Washington-based U.S.-India Business Council. He succeeds Harold “Terry” McGraw III, chairman of The McGraw-Hill Companies. Mr. Banga answered questions by email from India Real Time.
WSJ: How would you describe India-U.S. business relations now compared to five years ago?
AB: To provide context, five years ago the landmark U.S.-India Civil Nuclear Initiative was only a concept, and had not even passed legislative approval in either country. Today, not only is an historic nuclear reprocessing agreement in place, but strategic defense trade between the U.S. and India has crossed $12 billion. Our total two-way trade in goods and services has surpassed $100 billion. Five years ago, two-way trade was less than half this amount. Indian companies are now major investors and employers in the U.S. economy. American firms are opening research and development facilities and manufacturing plants across the subcontinent. In sum, as I look at the big picture, the U.S.-India business relationship has never been stronger.
