(CNN) -- President Barack Obama arrives in Mumbai Saturday morning for three days of deal making, cultural engagements and talks on regional and global security. He and Manmohan Singh, the Indian prime minister, have much to discuss. America is the world's most powerful democracy; India is its largest and most vibrant. America needs India to stabilize a rough neighborhood; India needs America to counter China's growing power. America wants to develop a strategic military alliance by arming India with the modern tools of war; New Delhi prefers a more limited transactional relationship with Washington to replace its depleted Soviet-era fleet that avoids making India the operating base of a future conflict.
@highlight
Obama will visit India with a group of American business executives
@highlight
Mansoor Ijaz says trip offers opportunity for a grand bargain with India
@highlight
By striking a deal on economic, military, security issues, the two nations would benefit, he says
@highlight
Ijaz: Progress on peace in the region and in the fight against terrorism could result
America wants less outsourcing and more trade to create badly needed new jobs at home; India, whose protectionist economic tendencies have given way to a meritocracy driven by entrepreneurial spirit, wants more U.S. visas to train its bright minds and can't understand why @placeholder innovation has given way to a defeatist closed-door, anti-immigration mentality.