Prime Minister Narendra Modi’s upcoming visit to the US will provide him yet another opportunity to showcase to international investors some of the economic achievements of the National Democratic Alliance (NDA) government, which has completed two years in power.
On June 7, after his meeting with US President Barack Obama in Washington, Modi is slated to address American and international investors as well as CEOs at the 41st Annual Leadership Summit of the US-India Business Council (USIBC). The Prime Minister, who is the guest of honour for the summit, will deliver the keynote address, during which he is expected to showcase some initiatives taken by his government that have helped boost bilateral trade and investment. According to sources, the who’s who of Indian industry is expected to accompany him during the visit.
Modi is expected to apprise investors of the passage of the Bankruptcy Code and relaxation of foreign direct investment norms in some crucial sectors such as defence, civil aviation, railways and insurance, sources told
In an effort to soothe investor nerves, Modi will also discuss various provisions of the recently rolled out National IPR Policy that seeks to enhance protection of intellectual property rights (IPR) beyond the Trade-Related Aspects of Intellectual Property Rights of the World Trade Organisation (WTO).
The Prime Minister is also expected to speak about the recently finalised bilateral advance pricing arrangements that have led to the closure of over 100 pending transfer pricing disputes, apart from highlighting the Make in India programme’s progress.
Modi’s speech to American investors assumes significance ahead of the second round of the US-India Strategic and Commercial Dialogue, slated to be held in July.
India has recently dragged US to the WTO Dispute Settlement Body for hiking fees for professional visas H-1B and L1. In February, India lost a case against the US on domestic content requirement provisions in the country’s solar power generation programme.
Meanwhile, the clamour against Indian policies has again gained momentum in the US.
“The high hopes and positive rhetoric that accompanied the beginning of Modi’s tenure as Prime Minister are yet to be translated into concrete measures to improve the business environment for US workers and companies operating in and exporting to India,” said a letter by key American business lobbies under the Alliance for Fair Trade with India.