Chidambaram to meet key US corporates to attract investment

Finance Minister P Chidambaram will be meeting officials of top American companies like Walmart, Boeing and Lockheed Martin during his US tour to sell India growth story and attract investments to combat the falling rupee.

The Minister, who left on a four-day long tour last night, will also hold bilateral talks with his US counterpart Treasury Secretary Jacob Lew.

Chidambaram's US programme include meetings with Walmart Asia CEO Scott Price, Boeing International President Sheperd W Hill, Lockheed Martin International CEO Pat Dewar, Microsoft's General Counsel and Executive Vice President (Legal and Corporate Affairs) Brad Smith, among others.

His overseas visit comes at a time when the rupee has taken a beating and had touched all-time low of 61.21 to a dollar yesterday.

The huge outflow of foreign funds to the tune of $7 billion alone in June following concerns over tapering of bond purchases by the US government is putting pressure on rupee.

Chidambaram is reported to have held consultations with the Prime Minister Manmohan Singh and other senior economic advisors before leaving for the US.

The government has been contemplating to raise foreign investment limits in various sectors, including defence, telecom and retail, and is likely to take a decision by month-end.

'The Finance Minister is likely to discuss the issue of investment by US companies in India especially in infra sector, various policy measures taken by the Government to boost investment in the country and tax related matters among others,' according to a statement issued ahead of his visit.

Chidambaram will also address the US-India Business Council (USIBC) Leadership Summit on July 11.