By IANS,
Washington: Harold “Terry” McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies, has been elected chairman of US-India Business Council (USIBC), succeeding Indra Nooyi, the Indian-born chairman and CEO of PepsiCo.
“India is a tremendous growth engine for the global economy, and a strong US-India partnership will continue to generate meaningful benefits for the citizens of both nations,” said McGraw.
“Trade between the US and India has doubled in the last three years benefiting the economies of both our countries, and additional growth is possible. I look forward to working with business leaders and policymakers here and in India to strengthen relationships and establish partnerships that will help drive long-term growth and prosperity.”
India is projected by Standard & Poor’s to grow 7.7 percent in 2010 and 8.3 percent in 2011, far exceeding other parts of the world.
“We will focus on four key areas that build on the strong foundation set by Indra and the USIBC Board: trade and job creation, infrastructure improvements, technology sharing, and inclusive economic growth for our two societies,” added Mr. McGraw.
“We see tremendous opportunities for companies in our two countries to collaborate, and we view President (Barack) Obama’s upcoming visit to India as a chance to move ahead on a vigorous trade agenda.”
The McGraw-Hill Companies is a global information and education company providing knowledge, insights and anaylsis in the financial, education and business information sectors through leading brands including Standard & Poor’s, McGraw-Hill Education, JD Power and Associates and Platts.
McGraw-Hill established business operations in India 40 years ago. Through its partnership with CRISIL, India’s leading ratings, research, and risk and policy advisory company, Standard & Poor’s is helping facilitate access to capital to drive economic growth and job creation in the country.
Through its partnership with Tata, McGraw-Hill Education is delivering innovative, digital solutions to help workers acquire the 21st century skills they need to succeed in today’s global economy.
India is home to McGraw-Hill’s largest employee population outside of the US and is the company’s fourth largest market. McGraw visited the country earlier this month week to deepen the company’s relationships with customers, partners, employees and policymakers.
McGraw’s predecessor, Nooyi, heads PepsiCo, the global food and beverage company, which operates substantial food processing and agricultural operations in India, and pledged more than $500 million in investment to expand its businesses there during her tenure as USIBC Chair.
“As US-India relations continue to grow and develop, USIBC is fortunate to have a leader of Terry’s background, vision, and enthusiasm,” said Nooyi.
During Nooyi’s tenure as chairman, the USIBC has experienced unprecedented growth, driven by an enhanced commitment to membership service and the launch of new USIBC initiatives including the Green India Initiative, the Coalition for Healthy India and USIBC’s Education Initiative.
“I want to thank Indra for her excellent leadership and commitment to USIBC during these past two years,” said McGraw. “Her contributions to USIBC and to US-India relations have enhanced the cultural understanding between our countries and have set a very high standard for which she has all of our gratitude and respect.”
USIBC President Ron Somers said: “Terry has proven to be an effective advocate of international business issues and American engagement in the global economy. He has an outstanding track record as a business leader and his company has a long history in India that will help us realise the exciting opportunities associated with our two dynamic economies.”
The USIBC, which is comprised of 330 of the largest US companies investing in India and more than two dozen global Indian companies, aims to strengthening US-India commercial ties and deepening two-way trade