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US Inc commits investment in India after polls

PTI | Last Updated: Tuesday, April 15, 2014 - 11:33

Washington: Expressing faith in India`s growth story, several US companies have committed themselves to increasing investment after the ongoing general elections in the country.

"USIBC reaffirmed US companies` commitment to India`s growth and focused on reviving investor sentiment and cross-border collaboration in the first year post-elections," said a release after private meeting of RBI Governor Raghuram Rajan with top executives of global companies.

The meeting was hosted by the US India Business Council (USIBC).

The industry representatives, including several CEOs, heard from the Governor the challenges the Reserve Bank of India (RBI) faces in taming inflation while promoting the growth, all in the midst of factors beyond the institution`s control.

Among others the meeting was attended by KKR Co-Chairman Henry Kravis, Chairman of McGraw Hill Financial Harold McGraw, and Co-CEO of Warburg Pincus Charles Kaye.

The USIBC said the members supported RBI`s financial sector reforms, including actions to further deepen India`s debt capital markets toward long-term infrastructure development and manage risk.

"USIBC also discussed with Governor Rajan the importance of a vibrant payments industry with competition and dialogue spurring further innovations in mobile banking, prepaid, and cash transfer remittances for SME businesses and individuals," the release said.

The USIBC members welcomed the Governor`s insight on opportunities for meaningful US-India collaboration in the financial sector.

In addition to continued banking reforms, contributions of non-bank financial companies to the real economy, including those wholly-owned by foreign direct investment, were raised.

"American investors are grateful for the Reserve Bank of India`s leadership of the Indian economy. USIBC looks forward to continuing industry`s dialogue with the RBI across capital markets, banking, payments and asset management," said USIBC Director for Financial Policy, Melissa Frakman.

"The past year saw unprecedented volatility for Indian markets - and under Governor Rajan`s able stewardship - the rupee has been one of the most stable currencies in emerging markets and globally," said the CME Group`s Senior Managing Director for Foreign Exchange and Metals, Derek Sammann.

CME Group is the world`s leading and most diverse derivatives marketplace, headquartered in Chicago.

Formed in 1975 at the request of the US and Indian governments, the USIBC is the premier business advocacy organisation advancing US-India commercial ties.

First Published: Tuesday, April 15, 2014 - 11:33

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