USIBC Hosts DIPP Secretary Ramesh Abhishek in Washington, D.C.
Last week, USIBC hosted a roundtable discussion with Secretary Ramesh Abhishek, Department of Industrial Policy & Promotion, Ministry of Commerce & Industry. Myron Brilliant, EVP & Head of International Affairs, U.S. Chamber of Commerce, Nileema Pargaonker, Senior Director, U.S.-India Business Council and representatives from companies engaged in a dialogue with Secretary Abhishek.
Secretary Abhishek presented the estimates for key macro-economic indicators for FY 2018-19. GDP growth rate is estimated at 7.30 %, Fiscal Deficit and Current Account Deficit at 3.30% and 2.00% of GDP respectively. In 2018, India has moved up 30 spots to hold a rank as World Bank’s top 100th economy in terms of ease of doing business. Karnataka, Tamil Nadu, Telangana and Maharashtra rank as top states in terms of innovation. The introduction of GST, the insolvency and bankruptcy code, the expedited processing of IPR applications, policies towards innovation and the start-up ecosystem have contributed to India becoming the top choice for investments. FDI inflows have crossed the USD 200 billion mark since April 2014, infrastructure projects amounting to USD 135 billion have been unlocked and e-commerce in India has touched USD 20 billion.
Secretary Abhishek shared that the government is receptive to incorporate global best practices, to ensure a 100% feedback mechanism for reforms and to encourage an innovative, collaborative and competitive environment for all industries. As a step towards this, inputs from the World Bank’s Survey of companies shall be incorporated by the Ministry of Commerce to review the Business Reforms Action Plan. Further, to provide a conducive environment for innovation, training programs on IP enforcement for senior police officials and contract enforcement for judges are being implemented.
Members shared their priorities such as including insurance intermediaries in the gamut of insurance and increasing the FDI cap for the sector, interest in private sector participation in developing the national e-Commerce framework, and collaboratively working towards RBI’s proposed data localization reforms, among others. There was a consensus regarding the need for a healthy mix of ambition and pragmatism to further grow the U.S.-India strategic relationship.
Secretary Abhishek’s presentation to members can be downloaded from the link below.