Making a strong pitch for investments in India, Finance Minister Arun Jaitley has asked long-term US investors to start investing without any delay as India's growth story is on a firm footing and all outstanding issues are under the government's active consideration.
In his meeting with a group of US investors, Jaitley , who concluded his nine-day US tour on Wednesday, alluded to the extensive reforms that have been launched by the government in the last one year.
Addressing long-term investors at a roundtable organised by CII and Kotak in San Francisco on Wednesday, Jaitley said the economic fundamentals are very strong, making India one of the most attractive investment destinations. Dispelling any notion of waiting and watching by long- term investors, the Finance Minister said, "India's growth 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 is no precedence of permanent hold up. Jaitley urged the investors to look at India as a destination where investments can now be committed without delay. Jaitley left for India on Wednesday and during his US stay, he visited New York, Washington DC and San Francisco.
The CII-Kotak roundtable had representations from some of the biggest funds in the US, 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.
Observing the collective value of the assets under management of the investors inside the room was upwards of $1 trillion, Dr Naushad Forbes, president-designate CII, said, "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."
In his last meeting, Jaitley addressed a select gathering of Indian-American community at Palo Alto organised jointly by CII and TiE. Hailing the entrepreneurial and innovative diaspora in Silicon Valley, the heart of America's entrepreneurial dynamics, Jaitley laid great emphasis on the positive impact that this highly influential community can have on India's transformation.