NEW YORK CITY (TIP): India’s Finance Minister Arun Jaitley sounded optimistic that foreign investors are going to make a large amount of investments in India,. The reason- they are highly satisfied with the reform process initiated by the Modi government in the last one year.
“I clearly see two kinds of reactions. The predominant reaction is that there is a lot of excitement and a lot of buzz about India. There is a lot of sense of satisfaction with regard to how the reform process has phased out in the last one year. And therefore investors are certainly looking forward at India in order to make a large amount of investments in India”, Mr. Jaitley told reporters after visiting the New York Stock Exchange on Wednesday, June 17.
“Last year also, as far as foreign direct investment is concerned, it went up by 39%and almost by the day we are getting proposals both through the direct route and also through FIPB (Foreign Investment Promotion Board) route. For example last year we got about 350 requests to the FIPB itself”, he added.
Earlier the minister rang the closing bell at the New York Stock Exchange at 4 pm and also visited the trading floor of the world’s largest stock exchange where the Indian tricolor was displayed on various TV screens. India’s Ambassador to the US Arun Kumar Singh and India’s Consul General in New York Dnyaneshwar Mulay also accompanied him.
Jaitley, who began his 10-day trip to the US on Wednesday, June 17, was accompanied by a high-level business delegation from India that included HSBC India chairman Naina Lal Kidwai, JK Paper vice chairman and managing director Harsh Pati Singhania, Ambuja Neotia Group chairman Harshavardhan Neotia, Apollo Tyres Chairman Onkar Kanwar, Bharti Enterprises vice chairman and managing director Rajan Bharti Mittal and Bharat Hotels chairperson and managing director Jyotsna Suri.
Earlier in the day (Image below), Jaitley attended a luncheon meeting with executives of top US companies organized by the industry chamber FICCI. Later, in the evening, he attended a civic reception in his honor.