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Over $15bn Invested by USIBC Members in India under PM Modi’s leadership, over $27 billion expected in next two years: Mukesh Aghi
High powered business delegation led by USIBC Chairman John Chambers including Council’s immediate past Chairman Ajay Banga, Vice Chair Ed Monser and President Dr. Mukesh Aghi meets Prime Minister Modi, several ministers to explore new opportunities for U.S.-India relationship
New Delhi, India – February 17, 2016: USIBC Chairman John Chambers, Executive Chairman Cisco, and USIBC’s immediate past Chairman Ajay Banga, President & CEO of MasterCard, today in New Delhi concluded USIBC Chairman’s Mission to India that had kicked off at the inaugural Make in India Week in Mumbai. The discussions focused on growing the U.S.-India trade relationship exponentially. The delegation held meetings with India’s Prime Minister Narendra Modi, Defense Minister Manohar Parrikar, Power Minister Piyush Goyal, Commerce Minister Nirmala Sitharaman, IT Minister Ravi Shankar Prasad, Minister of State for Finance Jayant Sinha, Andhra Pradesh Chief Minister Chandra Babu Naidu, Foreign Secretary Dr. Jaishankar, and U.S. Ambassador Richard Verma.
USIBC Chairman and Cisco’s Executive Chairman John Chambers said, “Both countries have a huge opportunity to scale bilateral trade exponentially in the coming years. Over the last 40 years USIBC has built a strong foundation in engaging US business in India and we are excited to take the US-India business relationship to the next level. I also want to recognize the great work done by Ajay Banga as the outgoing chairman of USIBC.”
USIBC’s immediate past Chairman and President and CEO of MasterCard, Ajay Banga said, “U.S.-India relations and India’s business climate are both getting stronger and better. The opportunity for USIBC to act as a catalyst for greater investment in India’s future has therefore never been greater. We have a lot to look forward to as our new Chairman, John Chambers, instills deeper commitment from both sides to growing the bilateral commercial relationship, which is such a critical part of the relationship between these two great nations.”
USIBC President Dr. Mukesh Aghi added, “The reforms undertaken by India in the last two years under Prime Minister Modi’s leadership are resonating very well with the U.S. companies. In a recent USIBC survey, about 20% of our member companies confirmed that have already invested over $15 billion in India ever since Prime Minister Modi assumed office. Within this and the next year, we expect more than $27 billion to be invested additionally by at least 52 U.S. companies in India.”
Dr. Aghi further added, “We commend India’s rise in the ease of doing business index. USIBC members are buoyed by the direction of reforms undertaken by Prime Minister’s Modi’s government in the last two years that include fast-tracking approvals, the transparent auction of key natural resources, and creating a level playing field for investors, which has led to growth in investments. USIBC has reorganized its policy groups to address the priorities outlined by Prime Minister Modi, with a strong focus on growing manufacturing ties. During our discussions, we emphasized on next steps to boost investor confidence through a robust IP policy, providing greater clarity on certain FDI regulations, as well as implementing the GST.”
About U.S.-India Business Council: Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council is the premier business advocacy organization, comprised of 350 top-tier U.S. and Indian companies advancing U.S.-India commercial ties. USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi.
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