By Andrei Skvarsky.
The chief executive of Sun Global Investments, a London-based financial services firm, has confirmed that US direct investment in India has increased fivefold over the past two years, and has put it to the credit of Indian Prime Minister Narendra Modi, who has been in office since May 2014.
Mihir Kapadia, an Indian-born entrepreneur who has successfully led some startups through two financial crises, made his comment in connection with a meeting in New Delhi on August 30 between US Commerce Secretary Penny Pritzker and Indian Commerce and Industry Minister Nirmala Sitharaman.
“Investors hope the meeting will lay a roadmap for much stronger partnerships” between the two countries, the Sterling Media corporate communications agency quoted Kapadia as saying.
The United States’ direct investment in India rocketed to $4.12bn in the 2016 fiscal year from $806m in 2014.
The Pritzker-Sitharaman meeting was part of the second iteration of the US-India Strategic and Commercial Dialogue, which the US State Department describes as “the signature mechanism for advancing the [two nations’] shared priorities of generating sustainable economic growth, creating jobs, improving the business and investment climate, enhancing livelihoods, and sustaining the rules-based global order”.
According to Indian daily The Hindu, after their meeting Pritzker and Sitharaman co-chaired a session of the US-India CEO Forum, a platform for American and Indian company chief executives to hold discussions and hammer out recommendations to their governments for ways of boosting trade, investment and people-to-people ties.
The Forum discusses opportunities for increasing bilateral trade and investment, in which the CEOs will communicate their joint recommendations to the U.S. and Indian governments.