Investments from US likely to help Indian economy grow
Union Minister P. Chidambaram, during his meetings with the industry leaders and lawmakers of the US, invited American companies to set up their manufacturing plants in Indian land, defending the Indian policies by calling India a growth oriented country. Even the Commerce and Industry Minister, Anand Sharma invited business from US at a conversation hosted by the Confederation of Indian Industry (CII) and the US India Business Council (USIBC).
Mr. Chidambaram is at present on a four day US trip to attend the 38th annual leadership summit of US-India Business Council. He invited investments from the US corporate sector in India in the form of setting up their manufacturing plants in the country.
In the summit, other issues like, transfer pricing and the impact of the Comprehensive Immigration Bill passed recently by the US Senate, were raised by the CEOs and senior leaders of companies like Microsoft, Lockheed Martin, Boeing and International Lease Finance Corporation (ILFC). They were thankful to hear about the measures to be taken on the matter of transfer pricing.
Mr. Chidambaram highlighted the recommendations of the Arvind Mayaram Committee on enhancement of FDI caps in many sector, and the steps being taken for implementation of these recommendations, in front of these business executives. He also emphasized on India’s concern about the provisions in the Comprehensive Immigration Reform Bill related to the skilled non-immigrant visas.
Whereas, Mr. Sharma highlighted about the steps being taken by the government for encouraging business and investments in the country. He also said that the National Investment and Manufacturing Zones (NIMZ) are going t be established in India. He further spoke about the economic status of the country, which was weak in the year 2012, but the flourishing domestic demand, high national investment rate at around 35%and high savings rate of around 31% are factors which can help in growth of economy of the country in the present and upcoming years.