USIBC members invest heavily in India under PM Modi's leadership

USIBC members invest heavily in India under PM Modi

Submitted by Subeditor on Thu, 2016-02-18 10:56 New Delhi: The concluding session by USIBC Chairman's Mission to India that had kicked off at the inaugural Make in India Week in Mumbai, focused discussions on growing the US-India trade relationship exponentially. The delegation, which included USIBC Chairman John Chambers, Executive Chairman Cisco, and USIBC's immediate past Chairman Ajay Banga, President and CEO of MasterCard, held meetings with Prime Minister Narendra Modi, Manohar Parrikar, Piyush Goyal amongst others. USIBC Chairman and Cisco's Executive Chairman John Chambers said, "Both countries have a huge opportunity to scale bilateral trade exponentially in the coming years. Over the last 40 years USIBC has built a strong foundation in engaging US business in India and we are excited to take the US-India business relationship to the next level. I also want to recognize the great work done by Ajay Banga as the outgoing chairman of USIBC." USIBC's immediate past Chairman and President and CEO of MasterCard, Ajay Banga said, "US-India relations and India's business climate are both getting stronger and better. The opportunity for USIBC to act as a catalyst for greater investment in India's future has therefore never been greater." "We have a lot to look forward to as our new Chairman, John Chambers, instills deeper commitment from both sides to growing the bilateral commercial relationship, which is such a critical part of the relationship between these two great nations," added Ajay Banga. "The reforms undertaken by India in the last two years under Prime Minister Modi's leadership are resonating very well with the US companies. In a recent USIBC survey, about 20 percent of our member companies confirmed that have already invested over USD 15 billion in India ever since Prime Minister Modi assumed office. Within this and the next year, we expect more than $27 billion to be invested additionally by at least 52 US companies in India," added USIBC President Dr. Mukesh Aghi. "We commend India's rise in the ease of doing business index. USIBC members are buoyed by the direction of reforms undertaken by Prime Minister's Modi's government in the last two years that include fast-tracking approvals, the transparent auction of key natural resources, and creating a level playing field for investors, which has led to growth in investments," Dr. Aghi further added. Also Mukesh Aghi said that USIBC has reorganized its policy groups to address the priorities outlined by Prime Minister Modi, with a strong focus on growing manufacturing ties. During discussions, they emphasized on next steps to boost investor confidence through a robust IP policy, providing greater clarity on certain FDI regulations, as well as implementing the GST. (ANI)