Turning the spotlight on India's new push for reforms and IMF's upbeat growth projections, Arun K. Singh, the new Indian Ambassador to the US, has called upon Corporate America to seize the potential offered by the country at a particularly promising time for bilateral relations.
“We are in a very momentous phase of our relationship,” said Singh, in an address to the US India Business Council, noting: “India is moving quickly on its commitment to reform, throwing up tremendous opportunities for working together. I am confident that the US Business and Industry, will continue to seize the potential, and our cooperation will reinforce our strategic ties in a long-term framework.” In his first public engagement on assuming charge after presenting copies of his credentials to the State Department’s protocol division (the formal presentation to President Barack Obama will take place at a later date), Singh said Year 1 of the PM Modi Govt has been transformational in many ways.
“Trying to dispel the scepticism in some quarters, Singh asserted the Modi Govt has pushed ahead with its reform agenda at a remarkable speed”, focusing on infrastructure development, manufacturing, technological advancement and skills development as part of the vision to turn India into a global manufacturing hub.
With foreign investments and transfer of technology key components of the proposed transformation, the Ambassador pointed to the slew of measures to liberalise FDI in several sectors including defense, railways, medical devices, insurance and pension funds.
latest figures are said to show a 30 per cent jump in FDI attracted by India between April 2014 and February 2015, amounting to $41.22 bn. Portfolio investment is also reported up to $42.35 bn.
“Norms have been simplified, including creating a single window for a number of services. A high-level committee is working to recommend a simpler mechanism to start a business in India,” Singh said and referred to the new five-year Foreign Trade Policy, with a special emphasis on improving the ease of doing business. As he put it, the climate of political stability, coupled with the strong commitment to reform, has put the Indian economy on the path to a robust recovery, with the IMF projecting India’s emergence as one of the fastest growing economies, with an expected growth rate of 7.5 pc this year.