The US India Business Council (USIBC) on Friday said it is ready to roll up sleeves and work with the new government led by BJP leader Narendra Modi to advance the US-India partnership and deepen economic ties.
"USIBC member companies stand ready to roll up their sleeves and get to work with the new government to advance the US-India partnership and deepen bilateral economic ties," said USIBC Chairman Ajay Banga, president and CEO, MasterCard.
"The successful conclusion of the largest elections in history calls for recognition and celebration. On behalf of USIBC’s member companies and its Board of Directors, our heartfelt congratulations go out to the people of India and to Narendra Modi and the NDA," he said in a statement.
Banga said the keys to attracting much needed investment are predictability and transparency. "When these fundamentals are consistently applied, particularly to areas like tax and intellectual property, business will boom for both countries," he said.
"Bilateral trade currently stands at $100 billion. Increasing trade five-fold is achievable if we work together as partners and avoid protectionist tendencies. We must allow for the free movement of skilled professionals, and lift FDI caps in important sectors like insurance and defense," Banga said.
Both the US and India have deep pools of entrepreneurial talent and energy, and both countries need to stimulate economic growth and create new jobs, he said, adding this requires a forward-looking partnership between these two great democracies.
Congratulating Modi on his historic victory, former USIBC president Ron Somers has offered his services to bring foreign direct investment from the United States to India.
"Clearly, the people have voted for change – change from scandal, change from status quo, change for the hope of progress and opportunity. You personify this hope," Somers, who recently resigned as the USIBC president to form his own consultancy group on India US relationship, wrote in a letter to Modi.