The US has finally got hooked to the development potential of India's infrastructure and is looking at a big slice of its huge business potential. Corporate America has also appointed a whole-time executive to garner business in India.

Working in the capacity of executive vice president, Diane G Farrell will advise US business on the emerging opportunities in business advocacy and membership service in the lucrative sectors like financial services, real estate and infrastructure development, the US-India Business Council (USIBC) said in a release.

Farrell, who recently completed her term as director on the board of the US Exim, had tirelessly strived to promote India as a primary market for US goods and services, the USIBC release said.

The US Exim's India portfolio is the second biggest after  Mexico's in terms of exposure.

"We are delighted to have the benefit of Ms Farrell's experience and insight as we strengthen the United States' economic relationship with India," Harold McGraw III, chairman, president and CEO of The McGraw Hill Companies and chairman of the US-India Business Council, said.

"Her rich background in infrastructure, financial services and real estate will serve our members and our country well," he said.

"Recognising the linkage between economic growth and the successful build-out of the $1-trillion worth of infrastructure projects in India needed in the coming years and keeping in mind the imperative to simultaneously develop the soft infrastructure of new and robust capital markets capable of funding India's vast infrastructure requirements. USIBC could not have brought onboard to its leadership team a more capable professional and friend of India than Diane Farrell," said Ron Somers, president of the USIBC.

US Exim has recently extended a $917 million export finance guarantee to support US exports to the Sasan Power Project in Madhya Pradesh. It has also extended a $400 million loan guarantee to support sale of US equipment and services to Reliance Industries in India.

Besides, it has authorised direct loans of more than $50 million for two 10-megawatt solar power projects in Rajasthan and Gujarat.

Between 2007 and 2011, Farrell and her colleagues have helped approve over $5.8 billion in lines of credit for projects ranging from aviation, telecom, oil and gas, mining equipment, healthcare, IT services, and energy, including solar power, in India, a press release said.

The move comes after a meeting between commerce and industry minister Anand Sharma and William Daley, chief of staff of President Obama at the annual summit of the US India Business Council (USIBC) last month.

During his address, Sharma had pointed out that India needed investment to bring about a second green revolution in India and to develop the agro-processing and food processing sectors.

India has projected infrastructure spending of around $1 trillion projects, including energy, roads and power, in the 12th Five Year Plan beginning 2012.

Sharma had called for strengthening the ongoing technological collaboration between the two countries through institutional linkages and co-development of technologies. He also had pointed out the opportunities available in India in the manufacturing sector, in pharmaceuticals, in research and development and in a number of other sectors.

Delivering the key note address at the summit, Sharma had stressed on the commercial aspects of the relationship and pointed to the tremendous opportunities available to US companies for investment and partnership with India.

USIBC is the premier business advocacy organisation in the US committed to strengthening US-India commercial ties and deepening two-way trade between the two economies. It comprises 370 of the top US companies investing in India.