Looks like Narendra Modi’s US visits has always been a moment for euphoria for Indian-US relationship and business ties. This is his fourth visit to the states since he overtook as the Prime Minister of India in 2014 and the trip has already started shimmering outcomes. Soon after our prime minister met some high profile people including US President Obama for a bilateral meeting followed by a lunch at the White House on Tuesday, US companies have showered larger interest in investing in India.
As per John Chambers, Chairman, US- Indian Business Council (USIBC) and Executive Chairman, Cisco US companies have planned to invest around $45 billion in India in the coming 3-4 years. In his meeting with Modi in Washington he said that the members of council have already injected around $28 billion in India since September 2014.
Earlier USIBC numbers showed an investment figure of $14 billion that was planned to be invested in the coming 2-3 years. Chambers expressed his delight for this whooping increase and how within less than 2 years, 20 per cent of the members have already invested $28 billion.
These numbers are likely to accelerate in the coming years as USIBC members have eyed on the Indian market with a plan to invest an additional $45 billion.
USIBC leadership team that met Modi along with Chambers were companies like PepsiCo, MasterCard, Warburg Pincus, Lockheed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy including others.
During this meeting Modi stressed upon opening the global market for a developing country like India. He further proposed their business leaders to not just open the market for goods but services too. According to the PM, India is more than just a market and also a reliable partner. It is a source of high quality scientific, engineering and managerial talent.
Later Modi also presented the USIBC Global Leadership Awards to Dilip Shanghvi of Sun Pharmaceuticals and Jeff Bezos of Amazon (Indianretailer reported earlier).
While addressing the conference, Modi said that India is encouraging foreign and domestic investors to set up high quality and efficient manufacturing assets. Here is also talked about providing a disciplined microeconomic policies, gender equality and empowerment, social security and growth.