San Francisco, June 25: Alluding to extensive reforms launched by government in the last one year, Finance Minister Arun Jaitley has asked long-term US investors to start investing without any delay as India’s growth story is on a firm footing.
Dispelling any notion of waiting and watching by long- term investors, the Finance Minister said India’s growth story is on a firm footing and whatever outstanding issues are there are under the government’s active consideration.
Jaitley reaffirmed that the lack of majority in the Rajya Sabha does not lead to indefinite delays and in fact there is no precedence of permanent hold up.
Addressing long-term investors at a roundtable organised by CII and Kotak in San Francisco on Wednesday, Jaitley said the economic fundamentals are very strong, making India one of the most attractive investment destinations.
Jaitley urged the investors to look at India as a destination where investments can now be committed without delay.
Jaitley, who concluded his nine-day US tour on Wednesday, visited New York, Washington DC and San Francisco.
The CII-Kotak roundtable had representations from some of the biggest funds in the US, including Calpers, Calstrs, Townsend Group, Regents of the University of California, Hall Capital Partners, Stanford Management Company, J Paul Grey Trust, Dodge & Cox, Franklin Templeton, Geneva Advisors, Matthews, Route One, Standard Pacific, Think Investments, Chris Hansen.
Observing the collective value of the assets under management of the investors inside the room was upwards of USD 1 trillion, Dr Naushad Forbes, president-designate CII, said, “this meeting is one of the most important reaching out by the Government of India, in presenting the Indian story to investors, who have the potential of significantly meeting the capital requirements of India.”
In his last meeting, Jaitley addressed a select gathering of Indian-American community at Palo Alto organised jointly by CII and TiE.
Jaitley lauds Indian diaspora in Silicon Valley
Hailing the Silicon Valley’s entrepreneurial and innovative Indian Diaspora, the Finance Minister laid great emphasis on the positive impact this highly influential community can have on India’s transformation.
Giving an insight into government’s efforts towards ease of doing business, creating a reformist and developmental agenda with an aim to reach sustainable and inclusive growth, Jaitley invited and urged the Indian diaspora to engage and contribute towards India’s rise as a global power.
He highlighted the improved economic conditions in India since Prime Minister Narendra Modi-led government came onto power last year.
Some of the governmental efforts he alluded to were the coming into effect of GST from April 2016, efforts at bringing transparency into the public procurement process, reducing the red tape and creating an environment conducive for increasing investments.
Acknowledging the tremendous contribution of the very vibrant Indian diaspora into the economic, cultural and political fabric of the United States, Jaitley also recognized the opportunities the country has provided them to grow and achieve this magnitude of success.
(With Agency Inputs)