US companies investing $45 bn in India: John Chambers

Washington, June 8: Members of the US-India Business Council have already invested $28 billion in India since September 2014 and another $45 billion is in the pipeline, Council Chairman John Chambers told Prime Minister Narendra Modi here.

"In September 2014, USIBC members indicated an investment figure of $41 billion that was likely to be invested over a 2-3 year period. Today I'm happy to announce that in less than two years, about 20 percent of USIBC members have already invested $28 billion," Chambers said.

"In next 2-3 years, we will see this pace accelerating -- again with 20 percent of our members indicating that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate," he added.

Chambers met Prime Minister Modi just after his roundtable with USIBC members, which included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy.

The prime minister also presented the USIBC Global Leadership Awards to Dilip Shangvhi of Sun Pharmaceuticals and Jeff Bezos of Amazon.

According to Vikas Swarup, Spokesperson for India's foreign office, the prime minister outlined the strengths of Indian economy and its talented workforce to the chief executives and discussed with them the prospects for solar energy and digital connectivity.

Later at a gala in his honour, Modi lauded the contributions of the Indian diaspora in the US and said a partnership between the American capital and innovation, with Indian human resources and entrepreneurship can prove a powerful combination.

He also used the platform to emphasise that emerging economies also have a legitimate wish list for the rich nations. "It is very important for us that developed countries also open their markets, not only to goods from countries like India but also to services," said Modi.

"India is much more than a market. India is a reliable partner. It is a source of high quality scientific, engineering and managerial talent," he said, adding: "We are encouraging foreign and domestic investors to set up high quality and efficient manufacturing facilities."

On his part, he also promised disciplined macro economic policies, gender justice and empowerment, social security net and inclusive growth, while assuring that major steps had been taken to curb corruption, which was one of the main concerns and constraints in India.

"This brings me to an achievement that I think even our worst critics do not dispute," he said at the gala, where a host of top US political figures joined the business leaders to toast Modi.

IANS