Fair
-7°CFri :Clear. High: 2 Low: -9

Chidambaram promises fair, transparent regime for foreign investors

Chidambaram promises fair, transparent regime for foreign investors

Washington: Seeking US investment in manufacturing in India, Finance Minister P Chidambaram on Thursday said the government was committed to ensuring a fair, transparent and non-discriminatory environment for foreign investors.

The Minister, who is on a visit to the US to sell India growth story and attract investments, met CEOs and top management officials of a number of American companies with substantial investments in India.

“It is in the mutual interest of both countries for India to become a large manufacturing economy,” he said during his interaction with captains of American industry.

Discussions with business leaders including from Microsoft, Lockheed Martin, Boeing and ILFC focused on the current business and investment environment in India.

In his meeting with the Senator Max Baucus, Chidambaram stated that while some concerns have been expressed about the current business environment in India, the policies adopted by the Government are “pro-growth and WTO compliant”.

He stressed that New Delhi is committed to ensure a transparent, fair and non-discriminatory investment environment for foreign investors seeking to do business in India.

The Finance Minister also underscored Indian concerns about the provisions in the Comprehensive Immigration Reform Bill relating to skilled non-immigrant visas. He also met with the Chairman of US Ex-Im Bank, Fred Hochberg and other senior officials.

Chidambaram who is here to attend the annual leadership summit of the US-India Business Council, will also meet his American counterpart Jack Lew.

CEOs and business leaders of American companies raised the issues of transfer pricing and other matters.

Chidambaram also apprised the executives of the recommendations of the Arvind Mayaram Committee on enhancing FDI caps in many sectors, and the steps being taken to implement them.

The Mayaram committee has favoured higher sectoral caps in almost all sectors including defence, multi-brand retail and telecom.

Chidambaram’s US visit comes at a time when rupee has taken a beating and had touched an all-time low of 61.21 to a dollar early this week.

The huge outflow of foreign funds to the tune of USD 7 billion alone in June following concerns over tapering of bond purchases by the US government is putting pressure on rupee.

 

Top Stories

Gautam_Gulatijpg_2_hvqpe

Bigg Boss 8: Gautam Gulati is the champ, say HT perusers

January-30-2015
Mainstream reality show Bigg Boss 8 is all situated for its excellent finale on January 31. Over the recent days, we saw
Microsoft_ap_2294854f

Microsoft dispatches new Outlook application for ios, Android clients

January-30-2015
Taking Gmail and other email applications head on, Microsoft has dispatched another Outlook application for ios and Android gadgets. The new application
vijender_2294869f

Harmed Vijender hauls out of National Games

January-30-2015
Star Indian boxer Vijender Singh has hauled out of the 35th National Games beginning tomorrow in the wake of neglecting to recuperate
modi_twitter-624x351

PM Modi’s locations e-Governance gathering on Twitter, pushes for versatile first methodology

January-30-2015
In a to start with, Prime Minister Narendra Modi today decided to deliver his comments to the eighteenth National Conference on e-Governance
ayushmann

Hawaizaada Review: Ayushmann stars in an illogical and exhausting film, flies around in batsuit

January-30-2015
Hawaizaada cases to be the story of Shivkar Talpade, a Maharasthrian researcher from the 1860s, who apparently manufactured the world’s initially unmanned
arvind-kejriwal

Get prepared to serve Delhi and make it ok for ladies: Arvind Kejriwal to AAP unit

January-30-2015
New Delhi: In an endeavor to activate the Aam Aadmi Party unit, AAP boss Arvind Kejriwal on Thursday spoke to his gathering