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Indias strong economic growth is prompting global investors to reassess the countrys prospects, with greater regulatory opening needed to attract more foreign direct investment, including capital market flows, Atul Keshap, President of the US-India Business Council at the US Chamber of Commerce, said.
Speaking exclusively to ANI, Keshap said Indias infrastructure push, regulatory and tax reforms and efforts to dynamise the economy had strengthened confidence among US investors, with American investment already flowing into areas such as electronics manufacturing and defence. And we'd like to see even more regulatory opening up in India to ensure that even more FDI can come into India, including in capital market flows, Keshap said. He said investors around the world were reappraising their view of India as the country continued to post strong growth. India has a really hot hand right now, Keshap said, adding that the countrys growth story was a real story and worth the attention of global investors. Keshap, who recently joined the Indian Ambassador at the Nasdaq opening bell ceremony in New York, said India had the potential to build incredibly robust, vibrant, world-class stock exchanges and financial markets. He said further regulatory reforms could help India unlock greater economic gains and move towards becoming a developed economy. Keshap also stressed the importance of policy predictability for attracting large, long-term investments, saying businesses need clarity on the regulatory and tax environment before committing significant capital. Businesses and investors need to know long haul that if they're going to put $10 billion or $20 billion or $30 billion into a project, that they know the parameters of how that investment will play out, he said. His comments come as the US-India Business Council prepares to host the B20 in Washington, D.C., which Keshap said would bring together economies representing 85 per cent of global GDP and 75 per cent of global trade. He said India would enter the gathering with strong momentum following 7.8 per cent GDP growth and its ambition to become a developed economy and reach a $30 trillion economy by 2047. The US-India business council applauds Prime Minister Modi and the Government of India for an incredibly impressive record of achievement, Keshap said, adding that the growth reflected both government efforts and confidence among businesses and investors. Keshap also said the US Chamber of Commerce wants the American economy to grow at 3 per cent annually, while emphasising that greater cooperation among major economies would support global growth. For the Chamber's perspective, if we can get the world's biggest economies of the B20 and the G20 to work together to ensure growth, not only in America but around the world, it's going to be good for the entire planet, he said. (ANI)
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