New Delhi, March 19, 2021: The U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC) convened its Destination India: Energy and Infrastructure Executive Mission to India with industry leaders from multiple sectors and key stakeholders from Government of India, U.S. administration and states of Gujarat and Andhra Pradesh.

The three-day Summit promoted an exchange between industry and Government of India around energy, climate and sustainability, and infrastructure in the U.S.-India strategic and commercial relationship. The importance of collaboration in areas such as decarbonization, water, energy, emissions reduction, finance, efficiency, and technological collaboration (to include partnerships, research and development) were reiterated throughout.  The importance of industry input, best practices, supply chains and manufacturing, and partnership were echoed by all.  USIBC looks forward to building on this momentum with a series of high-level meetings and initiatives, and invites interested companies to contact us to join this exciting opportunity to shape industry engagement to facilitate climate solutions.

U.S. Chamber Senior Vice President for International Strategy & USIBC President Nisha Biswal noted, “Energy cooperation is a cornerstone in the U.S.-India relationship and of increasing strategic importance to both countries. Over last three days we received notable suggestions from the GOI and members on India’s decarbonization strategy, stronger industry engagement in emissions reduction, climate smart infrastructure, energy access, and security. With this mission, we aim to continue conversations to increase investment and cooperation between the United States and India. We are thankful to our partners GE, Shell, J. Sagar Associates and McLarty Associates for their leadership and insight driven approach to bring policy and decision makers on the platform.”

USIBC Board Member Mahesh Palashikar, President, General Electric, South Asia, Chairman, GE Power India Ltd (GEPIL) and GE T&D India Pvt Ltd. (GET&D) “India is already on a strong, multi-decade energy transformation journey. We, at GE, believe that lower-carbon solutions of renewable energy supported by gas power, can contribute to a more decarbonized energy future. We are happy to bring the best of our global technologies and learnings to help accelerate energy transition in this region. The positive conversations about energy as well as other subjects, during the last three days,  have been insightful and inspiring.”

USIBC India Advisory Council Member Nitin Prasad, Chairman, Shell Group of Companies, India, “I congratulate the USIBC for a successful Virtual Executive Energy and Infrastructure Mission with the Government of India, the US administration and the States of Andhra Pradesh and Gujarat. Cooperation across industrial sectors and with governments will be essential to deliver economic growth that is environmentally sustainable and socially inclusive, and for developing today the enabling policies for low carbon fuels and technologies. The insightful views shared by policymakers reflected these shared interests of India and the US and will surely give a further thrust to the dialogue between industry and Government.”

USIBC Member and Mission Partner, and Managing Partner of J. Sagar Associates, Amit Kapur, “In the backdrop of the renewed Indo-US and quad cooperation, this was a very timely and engaging dialogue hosted by USIBC to explore and define fields of tangible participation by US leading businesses in India’s energy and infrastructure growth plans with a focus on sustainable development. The USIBC team engaged India’s policy makers highlighting their priorities as also concerns of investors which would go a long way in fructifying the US$1.6 trillion NIP and US$ 5 trillion GDP by 2025.”

USIBC Member and Mission Partner, and Senior Advisor of McLarty Associates, Balinder Singh, “We would like to congratulate USIBC for a very successful virtual energy and infrastructure mission. We look forward to the strengthening of the relationship of the Indo US corridor, particularly in the areas of renewable energy and decarbonization.”

Headlined by U.S. Embassy, Chargé D’Affaires Don Heflin, Energy Minister of Gujarat, Saurabh Bhai Patel, Secretary, Ministry of Finance, Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey, Energy Secretary of Andhra Pradesh, N Srikant, Additional Secretary of the Ministry of Environment, Forest, Climate Change, Ravi Agrawal, Director General of the International Solar Alliance, Dr. Ajay Mathur  the series will take forward suggestions in low-cost financing of cleaner energy,  innovative climate change impact mitigation technology and other policy and regulation work with Government.  

About USIBC

The U.S.-India Business Council (USIBC) represents top global companies operating across the United States, India, and the Indo-Pacific.  Amid dynamic growth within the U.S.-India commercial partnership, we serve as the premier voice of industry and create connections between businesses and governments across both countries.  Through our flagship Washington, D.C. and New Delhi offices and presences across both countries, we work with members to identify and advance key policy priorities.  Recognizing that U.S.-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 80 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.

For more information please contact:

Priyanka Sethi | psethi@usibc.com

WASHINGTON, DC, February 25, 2021: The U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC) today announced the addition of Kevin Lobo, Chair & CEO, Stryker to its Global Board of Directors; further solidifying Council’s leadership in healthcare sector. As U.S. and India focus on rebuilding economies, healthcare collaboration is set to take the centerstage, making Mr. Lobo’s appointment to the Board all the more significant.

“We are excited to welcome Kevin to our Board of Directors. His extensive global business and leadership experience across multiple industries, especially healthcare, makes him a great addition to our Board which includes some of the biggest names from U.S.-India corridor.” said USIBC President Nisha Biswal.

Effective immediately, Mr. Lobo will join the Council’s Global Board, which provides guidance on the Council’s overall advocacy approach and engagements.

“U.S.-India Business Council has played a crucial role in expanding the horizons of the U.S.-India partnership, which has transformed into a global strategic partnership. I am deeply honored to serve on USIBC’s Global Board as it charts a path forward in a post-pandemic era and continues to advocate for stronger U.S.-India partnership.” said Kevin Lobo, Chair & CEO of Stryker, one of the world’s leading medical technology companies. The company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes.

Mr. Lobo also serves as Stryker’s Chair of the Board, recently completed a two-year term as Chairman of the Advanced Medical Technology Association (AdvaMed) Board of Directors and serves on the board of directors for Parker Hannifin Corporation. He joined Stryker in 2011 and was named CEO in October 2012.

Mr. Lobo has a broad business career that includes executive positions in general management and finance. After holding finance positions with KPMG, Unilever and Kraft Canada he spent eight years with Rhone-Poulenc, including roles based in Europe as Worldwide Corporate Controller of the chemical spin-out, Rhodia, and General Manager of Specialty Phosphates EMEA. He then spent eight years at Johnson & Johnson, including CFO of McNeil Consumer Healthcare and Ortho Women’s Health & Urology, President of J&J Medical Products Canada and President of Ethicon Endo Surgery.

About USIBC

The U.S.-India Business Council (USIBC) represents top global companies operating across the United States, India, and the Indo-Pacific.  Amid dynamic growth within the U.S.-India commercial partnership, we serve as the premier voice of industry and create connections between businesses and governments across both countries.  Through our flagship Washington, D.C. and New Delhi offices and presences across both countries, we work with members to identify and advance key policy priorities.  Recognizing that U.S.-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 80 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.

 

For more information please contact:

Priyanka Sethi | psethi@usibc.com

A statement from U.S.-India Business Council President Nisha Biswal following Finance Minister Nirmala Sitharaman’s presentation of the 2021-2022 Union Budget.

“Today’s budget announcement contained several bold initiatives that set the tone for an accelerated post-pandemic economic recovery and new opportunities for India’s social development. While USIBC is still studying the details, we believe many of these measures will enhance confidence in India as a long-term destination for foreign investment and boost capital inflows.

Substantial commitments to increase public spending on healthcare, infrastructure and defence should promote inclusive growth and job creation and enhance national security, helping to sustain India’s impressive economic resurgence. Plans to set up a new infrastructure development bank and sell brownfield infrastructure assets should create opportunities for US asset managers and pension funds to enhance sectors like logistics, transportation, energy and water, supporting India’s drive to become more productive, connected and sustainable. Raising the cap on FDI in the insurance sector lays the ground work for American insurance companies to enhance financial inclusion in India and provide Indians with more tools to protect themselves against risks to their lives and livelihoods.

USIBC is also eager to learn more about many of these proposed reforms to fully understand their impact. For foreign investment to flow into the insurance sector, the management and control safeguards need to strike the right balance. The plan to set up a bad bank for distressed assets could have a major impact on credit growth, the lifeblood of the economy. We’re also closely examining the tax and customs proposals to determine how they will affect India’s ability to integrate into global value chains—a critical requirement to enhance competitiveness and ensure its long-term prosperity.

Finally, it’s worth highlighting that there is also prudence backing this budget: Combined with a commitment to spend this year, Finance Minister Sitharaman identified a five-year plan to reduce the fiscal deficit to pre-pandemic levels. USIBC stands ready to work with the Government of India in the next few weeks to maximize the positive economic and social impact of today’s announcements in the year ahead.”

A statement from U.S.-India Business Council President Nisha Biswal following Finance Minister Nirmala Sitharaman’s presentation of the 2020-2021 Union Budget.

“USIBC welcomes the Government of India’s 2020-2021 Union Budget, which introduces a variety of reforms to promote investment and enhance the Ease of Doing Business. Coupled with major policy announcements unveiled by Finance Minister Sitharaman last fall, the government has taken notable steps to stimulate India’s economic growth in the years ahead.
As the first full-year budget since Prime Minister Modi’s reelection in 2019, the 2020-21 Budget provides important insights into the government’s priorities for the next four years. USIBC was particularly pleased to see the Budget address a number of areas where the Council has urged reform on behalf of its members. These include an effort to double farmers’ income and develop a technology-enhanced agriculture ecosystem; a renewed commitment to transportation infrastructure through the National Infrastructure Pipeline; investments in advanced and emerging technology; and expand connectivity, technology, and smart cities that will underpin India’s $5 trillion digital economy.
We welcome the government’s decision to abolish direct dividend taxes and streamline the process for Goods and Services Tax (GST) filing, which will ease compliance burdens and make India a more attractive investment destination. Our members also positively note the new Tax Dispute Resolution Scheme, and anticipate implementation of mechanisms that improve tax predictability and certainty.
While USIBC had hoped to see an increase in the foreign direct investment (FDI) allowance for the insurance sector in the budget proposal, we look forward to continued engagement with the government on reforms that are needed to bring fresh investment in a critical sector. Recognizing that India is operating under fiscal constraints, the Council continues to advocate for greater investment of resources to modernize India’s defense industry and shore up the auto manufacturing sector, a critical driver of India’s growth.
The Council also remains concerned about the many new tariffs, fees, and cesses introduced in the Budget. These new tariffs touch agricultural goods, medical devices, automobile parts, electronics and electric vehicles. Both USIBC and the U.S. Chamber have long maintained that tariffs raise prices for consumers and create friction with trade partners, ultimately inhibiting economic growth.
The U.S.-India Business Council has been a part India’s growth story for 45 years since our founding in 1975. We believe that the economic outlook is strong, and India will remain a global destination for business and investment in the decades to come. We look forward to serving as a partner in that growth.”

WASHINGTON, D.C., Jan 29, 2020: The U.S.-India Business Council (USIBC) will lead its 17th Defense Executive Mission to DefExpo 2020 (February 5-8), showcasing the continuing vibrance and importance of the U.S.-India defense partnership. The mission will be co-led by Dennis Swanson, Vice President, International Sales, Global Sales and Marketing, and Defense, Space & Security, Boeing Global Services and David Sutton, Director for the Indo-Pacific, Lockheed Martin International. It follows a successful U.S.-India 2+2 Ministerial Dialogue, which featured the signing of defense agreements including the Industrial Security Annex (ISA).

“Defense trade is a key part of the U.S-India commercial partnership,” said USIBC President Nisha Biswal. “With the signing of the ISA and agreements to operationalize the Defence Trade and Technology Initiative (DTTI) in December, we anticipate opportunities for deeper industry collaboration and DefExpo is an important venue for strengthening these ties.” Bilateral defense trade reached $18 billion in 2019, up from less than $1 billion in 2008.

The mission includes executives from over a dozen top U.S. aerospace and defense companies seeking to enhance partnerships within India’s rapidly growing defense ecosystem. The delegation will include representatives from BAE, Continental Carriers, General Atomics, Jacobs, L3Harris, Northrop Grumman, Raytheon, Telephonics and Textron, among others.

“We have seen great positive energy and strong engagement between both governments and industry, leading to clarity in policy and the creation of a business-friendly climate to attract investment and spur growth,” said mission co-chair Dennis Swanson. “The expanded defense partnership between the U.S. and India serves as an engine for growth and innovation, and we’re excited about the future potential of the relationship.”

Mission co-chair David Sutton similarly noted, “we are encouraged by positive developments in U.S.-India relations, especially on the defense-industrial partnership front. With a presence of over 30 years in country, Lockheed Martin is privileged to have contributed to Indian defense operations as well as the evolution of indigenous defense manufacturing. We’re excited to be back at DefExpo and showcase our ‘Make in India’ legacy and present-day activities to the largest gathering of defense and aerospace partners in the country. We look forward to expanded collaboration with local industry to advance India’s strategic security and industrial capabilities.”

In collaboration with the Government of India’s Department of Defense Production, USIBC will also host an industry session at DefExpo 2020 on February 6, focused on the U.S. defense industry’s contributions towards ‘Make in India.’ The session will explore the investment environment in India’s defense sector and opportunities for collaboration between U.S. and Indian defense companies.

The U.S.-India Business Council represents top global companies operating across the United States, India, and the Indo-Pacific. Amid dynamic growth within the U.S.-India commercial partnership, the Council serves as the premier voice of industry and creates connections between businesses and governments across both countries. Through flagship Washington, D.C. and New Delhi offices, as well as presences in Mumbai, San Francisco, Chicago, Boston and New York, we work with members to identify and advance key policy priorities. Recognizing that U.S.-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states.

For more information please contact:
Carolyn Posner | cposner@usibc.com (U.S. Inquiries)
Priyanka Sethi | psethi@usibc.com (India Inquiries)

WASHINGTON, D.C. — The U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC) rang in the new year with several high-powered additions to the Global Board of Directors.

Bharat Forge Deputy Managing Director Amit Kalyani; Citi India CEO Ashu Khullar; HCL President and CEO C. Vijayakumar; Procter & Gamble President, Asia Pacific, Middle East and Africa Magesvaran Suranjan; and TransUnion President for International David Neenan join a prestigious list of CEOs and executives providing industry and strategic guidance to the Council. (See the full USIBC Global Board of Directors)

“I am enormously pleased to welcome our new Board members, said USIBC President Nisha Biswal. “Bringing on leaders of this caliber ensures that USIBC can deliver on an ambitious and wide-ranging advocacy agenda.” With 2020 set to be a dynamic year in the U.S.-India corridor, the newly added executives are ready to bring new perspectives on international trade, supply chain movement, data privacy, and other important issues that are facing our members. “I am honored to join the USIBC Board of Directors and very excited about the opportunities lying ahead to strengthen ties between India and the U.S.,” said P&G President Magesvaran Suranjan. “India is one of P&G’s top global markets and we are committed to be a force for good and a force for growth in the country.”

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Amit Kalyani is Deputy Managing Director and a member of the Management Board of Bharat Forge, the world’s largest forging company. In this capacity, he is involved in Bharat Forge’s strategic planning and global business development initiatives and contributes significantly across functions such as manufacturing, marketing, exports and technology up-gradation. Since joining the Pune-based multinational in 1999, Kalyani has served as Executive Director and Chief Technology officer. He previously held Chief Executive Officer and Managing Director roles at Kalyani Investment.

Ashu Khullar is CEO of Citi India and Cluster Head for South Asia, leading all of Citi’s businesses in India and providing oversight of Bangladesh and Sri Lanka. Over a multi-decade career with Citi, Khullar has served as Head of Citi’s Capital Markets Origination (CMO) business for Asia Pacific, Co-Head of Citi’s Corporate Banking business in Europe, Middle East and Africa (EMEA), and Head of Corporate Banking for Central Eastern Europe, Middle East & Africa (CEEMEA). He was previously Co-Head of EMEA Loans, Capital Markets Origination, with oversight of the Project and Infrastructure Finance business.

C. Vijayakumar serves as President & CEO of HCL Technologies, spearheading HCL initiatives touching digitalization, Internet of Things (IoT), Cloud, Cybersecurity and Artificial Intelligence. Vijayakumar has worked with HCL for nearly 25 years, first joining the company as a member of the team that designed and implemented India’s first automated trading network at the National Stock Exchange. More recently, he was President of HCL Infrastructure Services, and has held leadership positions in the company’s technology, business and operational leadership businesses.

Magesvaran Suranjan is President of P&G India and P&G Asia Pacific. Over twenty-five years with P&G, Suranjan has held various positions focused on general management, change management, finance & accounting, and systems integration. Before assuming his current role in 2015, Suranjan served as Vice President and General Manager for Asia Home, Power, Oral & Professional and North America Febreze, as well as Vice President and CFO for Global Home Products. He has also held leadership roles in corporate forecasting and analysis, finance and accounting, and business development.

David Neenan is President of International at TransUnion, a position he has held since joining the company in 2012. He previously held a variety of positions at HSBC, including Global Chief Operations Officer and Global Head of Sales and marketing for HSBC’s insurance division. He also served as President and CEO of HSBC Finance, Canada.

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The U.S.-India Business Council represents top global companies operating across the United States, India, and the Indo-Pacific.  Amid dynamic growth within the U.S.-India commercial partnership, we serve as the premier voice of industry and create connections between businesses and governments across both countries.  Through our flagship Washington, D.C. and New Delhi offices, as well as presences in Mumbai, San Francisco, Chicago, Boston and New York, we work with members to identify and advance key policy priorities.  Recognizing that U.S.-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 80 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.

Contacts:

Carolyn Posner | cposner@usibc.com (U.S. Inquiries);

Priyanka Sethi | psethi@usibc.com (India Inquiries)

WASHINGTON, D.C. — Today, the U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC) announced four new appointments to the USIBC Global Board of Directors. Effective immediately, VMware Executive Vice President and General Manager, Telco and Edge Cloud Shekar Ayyar; Jetsynthesis CEO Rajan Navani; Tractors and Farm Equipment Limited (TAFE) Chairman Mallika Srinivasan; and Library Pictures International CEO David Taghioff will join the 35-member board.

“Shekhar Aayar, Rajan Navani, Mallika Srinivasan and David Taghioff each bring a tremendous depth of industry and leadership experience,” said USIBC President Nisha Biswal. “Going into USIBC’s 45th anniversary year in 2020, I look forward to their guidance as we craft USIBC’s most ambitious agenda for engagement and advocacy to date.”

As members of the board of directors, Aayar, Navani, Srinivasan and Taghioff will provide insights both for sector-specific work and across the Council’s broader agenda. They join a prestigious list of CEOs and executives on USIBC’s board. (See the full USIBC Global Board of Directors)

Ayyer joined VMWare in 2007, where he serves as Executive Vice President and General Manager of VMware’s Telco and Edge Cloud business unit. Before assuming this role in July 2019, he led the company’s strategy and corporate development efforts and helped incubate the telco Network Functions Virtualization (NFV) focus area. Aayer brings over 20 years of senior leadership experience in enterprise software, communications and semiconductors, and has held senior executive roles at BindView, Instantis and Lucent.

Navani is the CEO of Jetsynthesis and Vice Chairman and Managing Director of the diversified Jetline Group of Companies, focusing on packaging manufacturing, IT services, healthcare, entertainment and digital media. He concurrently serves as Chairman of the Confederation of Indian (CII) Industry National Council on Future Businesses, National President of the Indian Digital Gaming Society, Trustee of Aspen’s Ananta Centre in India and Chairman of the CII Council on India@75. Navani is also a Founding Trustee of the India@75 Foundation.

Srinivasan serves as Chairman of Tractors and Farm Equipment Limited (TAFE), where she has held various roles for 25 years with a focus on product and process development. A thought leader and strategist, she has been recognized for entrepreneurship, commitment to excellence and contributions to the Indian agriculture machinery business. Srinivasan also serves on the boards of AGCO Corporation-USA, TATA Steel Limited and TATA Global Beverages Limited.

Taghioff has served as CEO of Library Pictures International (Library), a global local-language content financier, since the organization’s launch in May 2019. He previously served as Co-Head of Global Client Strategy at leading entertainment and sports agency Creative Artists Agency (CAA). Prior to joining CAA in 2011, Taghioff served as Chief Operating Officer of the entertainment division at Octagon Inc.

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The U.S.-India Business Council represents top global companies operating across the United States, India, and the Indo-Pacific.  Amid dynamic growth within the U.S.-India commercial partnership, we serve as the premier voice of industry and create connections between businesses and governments across both countries.  Through our flagship Washington, D.C. and New Delhi offices, as well as presences in Mumbai, San Francisco, Chicago, Boston and New York, we work with members to identify and advance key policy priorities.  Recognizing that U.S.-India trade is increasingly driven by new business hubs, USIBC is also focused on strengthening connections between cities and states.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Its International Affairs division includes more than 80 regional and policy experts and 25 country- and region-specific business councils and initiatives. The U.S. Chamber also works closely with 117 American Chambers of Commerce abroad.

Contact: Carolyn Posner | cposner@usibc.com

On December 4, The cabinet of Indian Prime Minister Narendra Modi approved a data protection bill for tabling in parliament. Following the circulation of the Personal Data Protection Bill (PDPB) text, U.S.-India Business Council President Nisha Biswal issued the following statement:

“The U.S.-India Business Council welcomes the Government of India’s introduction of the Personal Data Protection Bill (PDPB) in Parliament this week and commends the government for its consultative process.  Over the past several years, USIBC has worked closely with both government and industry leaders to support development of a transparent, light-touch, and risk-based approach to data protection in India.

It is clear that the government and Minister Ravi Shankar Prasad recognize the importance of establishing a sound data protection framework, and we are encouraged to see a number of industry perspectives reflected in the revised PDPB.  We note the requirements for data localization have been relaxed, enabling access to the global processing and data analytics that sustain India’s nearly $200 billion digital economy. A balanced approach to penalties is also a significant, constructive step. We look forward to additional opportunities to share specific additional technical points that could further improve the bill.

Unfortunately, the bill also contains several new provisions outside the core issue of data privacy that raise serious concerns for the private sector, particularly the inclusion of requirements around non-personal data and voluntary social media know your customer (KYC) provisions. These two issues are distinct from personal data issues and are complex in their own right. Given the need for additional discussion, we urge the government to remain focused on essential data privacy issues and to take up these matters as part of existing policy efforts taking place in parallel to the PDPB. We also recommend the bill be revised to provide ample time to establish a new Data Protection Authority (DPA) and strengthen the DPA’s independence and effectiveness, as well as allow companies to transform business operations, develop new technologies, and innovate digital solutions. We remain committed to working closely with the government as the bill moves through the parliamentary process, and commend the clear process outlined for the Bill’s introduction and passage next year.  Meanwhile, we will continue to seek opportunities for industry and India’s leading trading partners to share their views as new policy takes shape.”

For media inquiries, please contact Carolyn Posner (cposner@usibc.com | +1 202-281-7345) or Priyanka Sethi (psethi@usibc.com).

NEW DELHI, September 16, 2019 – Governor of New Jersey Philip D. Murphy kicked off a seven-day, six city visit to India today with a business roundtable and reception, hosted by the U.S.-India Business Council (USIBC) and the Federation for Indian Chambers of Commerce and Industry (FICCI). Addressing a gathering of over 60 industry leaders, Governor Murphy emphasized the strong partnership between New Jersey and India.

 

“A strong bilateral partnership between New Jersey and India helps promote inclusive economic growth and new investments,” said Governor Murphy. “I look forward to working collaboratively with the USIBC and FICCI to strengthen our business relations and promote economic opportunity both in New Jersey and India.” 

 

Amid growing interest in India at the U.S. state level, the visit is designed to strengthen economic connections to one of New Jersey’s largest trade and investment partners, as well as expand already extensive cultural and educational ties.

 

FICCI Senior Committee Member and Nucleus Software Exports Ltd. Managing Director Vishnu Dusad opened the event, welcoming the Governor and saying, that with the largest concentration of India Diaspora in US and a strong people to people connect, it is only befitting that the two regions should only expand their ties & collaborate. He added that the best of New Jersey and India is before us and the opportunities are unlimited.

 

His address was followed by special remarks from Kiran Mazumdar Shaw, Biocon Limited Chairperson & Managing Director and USIBC Board of Director Member noted, “We hope engagements like this will further strengthen the close cultural and economic ties between New Jersey and India, and encourage greater innovation-led tech cooperation between the two countries.”

 

The delegation from New Jersey, led by Governor Murphy and Choose New Jersey President and CEO Tim Sullivan, focused on the compelling case for investment by Indian industry in New Jersey. The program also featured testimonials by Indian companies operating in New Jersey.

A statement from U.S.-India Business Council President Nisha Biswal on Finance Minister Nirmala Sitharaman’s August 23 announcement of measures to boost the Indian economy:

“We commend Finance Minister Nirmala Sitharaman and the Government of India on this comprehensive set of proposed reforms, which will provide needed stimulus for the Indian economy and ensure continued economic expansion. We are confident that these reforms will help India attract additional foreign investment, unlock much-needed credit to sustain business growth and innovation, and ensure that India remains one of the world’s fastest growing major economies.

As a package, the proposals will strengthen India’s position as a global investment destination.  By removing surcharges on capital gains tax for foreign portfolio investors (FPIs), deepening the bond market with the creation of a credit default swap market, and eliminating debenture redemption reserve requirements, the Finance Ministry has sent a strong positive signal to the many foreign investors watching India’s capital markets.  The government has buoyed efforts to support innovation and make India a hub for entrepreneurship and startup capital with the move to eliminate the angel tax on startups.  USIBC welcomes the recapitalization of public sector banks (PSBs), which will benefit corporates, retail, and all market segments.  We also see new measures to simplify the goods and services tax (GST) – particularly the commitment to ensure GST refunds within 60 days – as a critical step to give both U.S. and Indian companies confidence in the predictability of India’s tax system.”