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US businesses want to participate in India's growth story

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Penny Pritzker
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India will need to spend $1.7 trillion on infrastructure by 2020 and despite significant budget deficits, the government has set a target of $1 trillion with substantial contributions from private sector.

Keeping these facts in view, American businesses want to participate in India's growth story, Penny Pritzker, US secretary of commerce, told captains of the industry at a session held by the Confederation of Indian Industry (CII) on Wednesday.

Pritzker emphasised on clean energy US could bring to India with its vast experience. "Securing a steady supply of energy for India's villages will transform lives, while at the same time plant the seeds of economic growth in every region," she told Indian business delegates.

Besides, US was looking at manufacturing sector where local manufacturers could integrate the latest technologies to bring it into the global supply chains and expand export potential.

The US businesses were open to support the manufacturing sector with best workforce and build up the manufacturing industry.

"Private sectors in both our countries have vested interest in encouraging governments to make progress in protecting intellectual property rights and ensuring a predictable and consistent investment environment,", she said.

Post the address, Vinai Thummalapally, executive director of SelectUSA and Yaduvendra Mathur, chairman and managing director of Export-Import Bank of India, signed a memorandum of intent (MoI) to attract Indian foreign direct investments to the US.

Speaking on the occasion, Thummalapally said, the new collaboration will open up doors for Indian companies to grow their businesses in the US.

The US was open to even small entrepreneurs especially the small and medium enterprises and with the financing from Exim Bank and the assistance from SelectUSA will help companies realise their full potential.

"We will nurture such companies and integrate them with world class practices to make them renowned brands," said Mathur.

The MoI would be instrumental in advancing commercial ties between the two countries, he added.

The initiatives of CII and the US commerce secretary are exploratory in nature where both the countries would seek an exchange of foreign direct investments to participate in economic development. The US seem tilted towards easing visa norms for promoting businesses.

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