Urges investors in NY to see India as a long-term destination
American Bazaar Staff
NEW YORK: Thriving domestic demand, high national investment rate, of 35%, and a high savings rate, of 31%, will continue to drive economic growth in India, said Anand Sharma, minister of commerce and industry, speaking at a meet organized by the Confederation of Indian Industry (CII) and the US India Business Council (USIBC), here.
Sharma, while admitting that India had a difficult growth year in 2012, made a strong pitch for the country as a long-term investment destination, citing recent steps the government has initiated to increase manufacturing and generate investment.
Sharma outlined steps like the National Investment and Manufacturing Zones (NIMZ) being set up across India; a single window approval mechanism for investments; the fast-tracking of critical infrastructure projects; use of technology to minimize paperwork for investment proposals; and the establishment of a Cabinet Committee on Investments chaired by the Prime Minister, to kick-start growth.
Highlighting the strong Indo-US ties in several spheres, Sharma pointed out to the strong two-way investment flows, with the US FDI in India pegged at $32 billion and Indian investments into the US projected to stand at $13 billion.
In a hint to the US to not be protectionist towards skilled professionals from India, Sharma said that “partnership is a two-way process and that the imperative of free movement of skilled professionals is an aspect that needs to be recognized and respected.”
Sharma was accompanied by Ajay Shriram, President-Designate, CII & Senior Managing Director and Chairman, DCM Shriram Consolidated Ltd and other members, including Chandrajit Banerjee, Director General, CII; Sunil Bharti Mittal, Chairman and Group CEO, Bharti Enterprises Limited; Analjit Singh, Chairman, Max India Limited; Rajan Navani, Managing Director, Jetline Group of Companies; and Som Mittal, President, NASSCOM.