India invites US investments in infrastructure projects

Finance Minister Nirmala Sitharaman has invited US investments in infrastructure projects and reiterated the government's commitment towards transparent policy-making.

She also spoke about deepening economic reforms and ease of doing business in the country's bid to become a five trillion dollar economy in the next five years.

Addressing the US-India Strategic Partnership Forum (USISPF) here on Wednesday, Sitharaman said the government led by Prime Minister Narendra Modi is committed to implementing banking reforms.

In August, the government had announced the merger of 10 public sector banks (PSBs) into four large entities with countrywide networks and global reach to boost credit and revive economic growth.

Senior leaders from US financial services were present for the round table that included insurance companies, debt restructuring companies, private equity investors and banks.

The USISPF in partnership with industry body FICCI, Bank of America and Citibank hosted the interaction in New York. Later, Sitharaman attended annual meetings of the World Bank Group and International Monetary Fund in Washington DC.

"Our discussions with Sitharaman were extremely candid and positive, building upon some extremely positive reforms that the government has undertaken in six months," said USISPF President Mukesh Aghi.

"The Modi 2.0 government has demonstrated its willingness to deepen its collaboration with industry and create a level playing field for foreign investors," he said in a statement.

"Most significantly, the industry has welcomed lower corporate tax rates in India. This move encourages greater investments from US firms which are already betting big on India," said Aghi.

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