The economic reforms initiated by the Narendra Modi Government to ensure ease of doing business in the country will encourage not just US companies but other global firms too to set up shop here, said Kathleen Stephens, US Charge d’Affairs in India.
If executed well, the new proposal to bring in changes in the areas of transparency and land acquisition, among others, will encourage more investment, she said while addressing the members of Indo-American Chamber of Commerce.
“I think that will encourage not only American firms, but others, many of whom are already doing business and want to expand,” she said.
Though India offers many advantages, “you need to have the infrastructure to do it,” she added.
Outlining the growing bilateral trade relations between the two countries, particularly in the areas of security, defence and civil aviation, the US envoy said: “Our relations have gone through ups and downs.
The people of India have given a strong mandate to Prime Minister Narendra Modi. We support Modi's emphasis on economic reforms for greater trade and investments. We want to partner with India in achieving its need of creating one million jobs every month.”
The US wants to partner with India on a host of areas such as tackling terrorism, space cooperation and climate change. The recent spread of Ebola has reminded us that we need coordinated efforts in handling not just current health issues but also future challenges.
Issue of visasThe US missions in India had last year issued a total of around eight lakh visas, and will soon reach the milestone of one million visas issued in a calendar year,” she said. Answering a question on intellectual property rights in India, she said they are being brought in line with international standards. This will help boost American investor confidence, she added.