Finance Minister Pranab Mukherjee today said the US remains a prime source of investment and an important trading partner for India. He said, Economic policy, finance and trade constitute important planks of our bilateral relations. Addressing a Indo-USCEOs forum meeting in New Delhi, he said, for India, the US remains a prime source of investment, technology and an important trading partner. The meeting has been organised against the backdrop of the visit of US President Barack Obama. Mr Mukherjee said, as New Delhi makes efforts to increase investment in infrastructure, and give a fresh impetus to the manufacturing sector, the importance of the partnership with the US will increase. He said, this mutually beneficial engagement would stimulate innovation, spur job creation, and promote sustainable and inclusive growth in both countries. The Finance Minster also said the bilateral investment treaty that is being negotiated with the US will improve flow of investment from America. Highlighting that India has emerged as an attractive global investment destination, he said, infrastructure sector alone requires investment of 514 billion US dollars for the 11th Plan (2007-08 to 2011-12). Almost 30 per cent of this investment is envisaged to come from private sources. The meeting was attended by Treasury Secretary Timothy Geithner, Commerce Secretary Gary Locke, Agriculture Secretary Thomas Vilsack from US side, and Commerce and Industry Minister Anand Sharma, Deputy Chairman, Planning Commission Montek Singh Ahluwalia, from Indian side among others. Besides, CEOs of different US and Indian companies were part of the Forum. Earlier in the day, Geithner met Mukherjee and discussed ways of deepening economic ties and re-balancing global growth.The two Ministers are understood to have discussed the cooperation at the G-20 forum, which would lead the economies worldwide to the higher growth terrain.They also discussed technical cooperation on capital markets, infrastructure finance, and anti-money laundering and combating the financing of terrorism.
News On AIR | November 8, 2010 1:57 PM
US remains a prime source of investment: FM