Arun Jaitley’s American Voyage Brings more Economic Prospects for India & US
Mr Arun Jaitley, Minister of Finance, Corporate Affairs and Information & Broadcasting, Government of India addressed long term investors at a Roundtable organized by CII and Kotak in San Francisco.
In a unique coming together of long term investors, the Roundtable featured some of the biggest funds in the United States including Calpers, Calstrs, Townsend Group, Regents of the University of California, Hall Capital Partners, Stanford Management Company,J Paul Grey Trust, Dodge & Cox, Franklin Templeton, Geneva Advisors, Matthews, Route One, Standard Pacific, Think Investments, Chris Hansen, etc.
Observing the collective value of the Assets Under Management of the Investors inside the room was upwards of USD 1 trillion, Dr Naushad Forbes, President Designate, CII said that “this meeting is one of the most important reaching out by the Government of India, in presenting the Indian story to investors, who have the potential of significantly meeting the capital requirements of India. The Finance Minister was articulate and made a convincing pitch about the opportunity that India presents today.”
While addressing the investors Mr Arun Jaitley alluded to the extensive reforms that have been done by the government in the last one year and that the economic fundamentals that are very strong, making India one of the most attractive investment destinations. Dispelling any notion of waiting and watching, by the long term investors the Finance Minister said that the India story is on a firm footing and whatever outstanding issues are there are under the government’s active consideration. He reaffirmed that the lack of majority in the Rajya Sabha does not lead to indefinite delays and in fact there are no precedence of permanent hold up. He urged the investors to look at India as a destination where investments can be committed now, without delay.
In another event, hailing the entrepreneurial and innovative diaspora in Silicon Valley, the heart of America’s entrepreneurial dyanimic, Mr Jaitley laid great emphasis on the positive impact this highly influential community can have on India’s transformation.
Giving an insight into government’s efforts towards ease of doing business, creating a reformist and developmental agenda with an aim to reach sustainable and inclusive growth, Mr Jaitley invited and urged the Indian diaspora to engage and contribute towards India’s rise as a global power.
Mr Jaitley highlighted the improved economic conditions in India since the Modi government came onto power last year. Some of the governmental efforts he alluded to were the coming into effect of GST from April 2016, efforts at bringing transparency into the public procurement process, reducing the red tape and creating an environment conducive for increasing investments.
While acknowledging the tremendous contribution of the very vibrant Indian diaspora into the economic, cultural and political fabric of the United States , Mr Jaitley also recognized the opportunities the United States has provided them to grow and achieve this magnitude of success. He expressed hope and optimism that the same entrepreneurial and innovative spirit could be brought to India as well.