Swaraj woos US industry to invest in India for win-win outcome

Washington: Asserting that India offers immense opportunities, External Affairs Minister Sushma Swaraj on Tuesday sought investments from the US industry in both public and private sectors in the country for a "win-win" outcome.

In her address at the 40th Annual Gala of the US India Business Council (USIBC), Swaraj said the US businesses are "best placed" to make their business decisions.

"But, it would help if I underline here the scale of India's economic ambition and the size of economic opportunity that it represents for both our countries," she said.

The focus now is on building 100 smart cities; rejuvenating the Ganges river and developing cities along its banks and skilling 300 million youth by 2022, she said, while addressing America's top corporate leadership.

"The business of diplomacy in India's present government is business. The government's priority from day one has been to make it easy to do business in India --- and with India," Swaraj said.

"We have plans to boost urbanisation and we are determined to provide affordable power and housing for all. We want to connect manufacturing in India with global supply chains and target to develop product based and service based industrial and governance platforms around Digital India," she said.

All of these initiatives and plans present real commercial and business opportunities for the US industry to partner with Indian public and private sector, and with a larger economy for a "win-win outcome", the Union minister said.

"In doing so, and as is your key goal, you would of course create wealth for your organisation," Swaraj said, adding equally importantly, the US companies would add value to the society, build long-term links with India' economic growth story and strengthen economic underpinnings of the India-US strategic partnership.

"We see business between our two countries not simply as transactions, but as yet another manifestation and another multiplier of that very important strategic convergence. We hope this will be reciprocated by the businesses," Swaraj said

India, she said, wants to ensure that the concerns of those who create jobs and bring value to the two countries, are addressed.

The decisions taken by Government have led to a significant jump in FDI inflow into India in the last one year, she said.

US President Barack Obama, and Prime Minister Narendra Modi have set an ambitious target on bilateral economic front, said Union Commerce Minister Nirmala Sitharaman.

The Modi government, she said, has taken a "series of steps" to boost the confidence of foreign companies to invest in India.

This includes a number of measures with regard to ease of doing business. There are so many opportunities within India infrastructure sector, building smart cities, she said. "We welcome all of you to take greater interest in India and invest."