Rolling out the red carpet for American companies, Finance Minister P. Chidambaram urged them to set up manufacturing bases in India.

Chidambaram, who is on a four-day official tour to the US to attract more investments into India from US companies, said it was in mutual interest of both countries for India to become a large manufacturing economy. He was addressing chief executive officers of top American companies in Washington D.C.

In his meeting with Senator Max Baucus, Chairman of the Senate Finance Committee, the Finance Minister sought to allay concerns about the current business environment in India.

The policies adopted by the Indian Government are pro-growth and WTO-compliant, Chidambaram said.

He also reiterated the Government’s commitment to ensuring a “transparent, fair and non-discriminatory investment environment for foreign investors seeking to do business in India.”

The Minister also apprised the CEOs on the recommendations of the Arvind Mayaram committee on enhancing foreign direct investment caps in many sectors and outlined the steps taken to implement the recommendations.

The Finance Minister also met the US Exim Bank Chairman, Fred Hochberg, and other senior bank officials.

srivats.kr@thehindu.co.in

(This article was published on July 11, 2013)
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