industry. The changes relax the controls on the purchase of India's "dual use" technologies that can be used for civilian or military and remove India's leading defense and space organizations from a blacklist of organizations that face restrictions on doing business in the United States.
The controls have been seen here as a kind of denial of technology in disagreement with the heating business and political ties that the two governments have been trying to cultivate.
Bilateral trade is on track to reach 50 billion this year, but remains hampered by restrictions on foreign participation in key sectors such as retail, finance and insurance and the concerns of India on the assembly U.S. protectionist rhetoric
U.S. is the second largest import partner of India, accounting for 6% - or 16.4 billion - of the import market in India growing rapidly, a number Obama would like to see grow. The White House said that trade agreements worth $ 14,900,000,000 were announced on the tour, supporting an estimated 53,670 U.S. jobs.
Anand Mahindra, managing director of Indian auto major Mahindra & Mahindra, said the export control reforms were the "notice window" for the Indian public on Saturday.
Few expected the advertisements of big bang, and Mahindra, said Obama benefited from low expectations for "biting" U.S. media reports in the midterm elections and a series of comments accusing him of being antibusiness Indian and anti-outsourcing.
"There was a perception that he was coming after losing a significant amount of energy," he said.
"A lot of editorials and comments before his visit here is not to expect anything."
In this context, Mahindra said he was "pleasantly surprised" by the visit and that the president had done a good job of gauging his speech to reach both a national audience of U.S. and India.
"He ended with an almost lyrical passage on shared values," said Mahindra.
"He and his speeches did a good job evoking the company values the two countries share. I think that resonated with this audience brilliantly."
Amit Mitra, secretary general of FICCI business group, said FICCI has been working for four years for liberalized export controls.
"This is a very important announcement for us because it is the synergy we are looking long term," he said, adding that business is open for vaccines against biotechnology, hardware and software and the defense industry.
He said he appreciates the president's commitment not to attack Indian companies unfairly. Indian outsourcing companies have been protesting an increase of $ 2,000 in visa charges against them, but not its US-based competitors with more than half of its staff in the United States.
Mitra said the president's remark was some distance to ease those tensions.
"I would not say it all the way," he added. Onkar Kanwar, President of India is the largest tire maker Apollo Tyres, said he appreciated the symbolism of Obama coming to India during his first term and the election of the first visit to Mumbai.
"The ties are getting closer, you have to do," he said.
"After 30 years, is the first president who has come in the first quarter. This shows their commitment to the other great democracy where you see a lot of synergies. You have done well."
Chanda Kochhar, executive director of ICICI Bank, the largest private bank in India, said he was eager to see words translated into action pretty hard.
"I think a good start has been made of Obama's speech," he told Indian TV CNN-IBN.
"But after the speeches are done, we need to implement projects, to pass and see projects to improve trade flows between the two countries."
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