By Christmas this year, the world’s largest refinery complex will be operational in western India. It will produce 1.1 million barrels a day. Recent development is partly financed by a loan guarantee from the Export Import Bank of the United States. American companies have played a major export role in the new refinery’s success. San Francisco based Bechtel provided design and project management, Kansas City-based Black & Veatch sold sulfur and gas treatment units, New Jersey’s Foster Wheeler provided industrial heaters, and UOP near Chicago supplied catalytic converters.
In 2007, American sales into India shot up a breathtaking 74.3% percent according to US government numbers. Despite the slowdown, 2008 numbers so far have recorded a further 46.3% increase. The gain spans many sectors. For instance Aircraft sales were up three times primarily on account of Boeing’s civilian successes. And the military wing of Boeing has just bid on a $10.5 billion fighter project. Another American vendor, Lockheed Martin is also in the race. Sales of boilers and machinery rose by more than a third. So did fertilizers. And optical and medical instruments rose 26%.
India is already among the top 20 trade partners for the United States but the future holds a much larger potential. My company’s clients are seeing rises in orders from India regardless of industry. In my book, Business in 21st Century India, I talk about the Six C’s driving demand in India. Few western executives can afford to ignore the potential of India in these challenging times.
Posted on July 12th, 2008 by Gunjan
