Modi urges US businesses to expand base in India

He asked corporates to take advantage of India's growing economy to foster mutual prosperity

Asserting that India is on the move to becoming a country with a business-friendly environment, Prime Minister Narendra Modi has exhorted top US corporates to establish and expand their base in India before it is too late.

"Take the benefit of the fast paced development and changes in the Indian economy," Modi said in his address yesterday to American businesses urging them to take advantage of India's growing economy to foster mutual prosperity.

"Together we will reach new heights of development and growth," Modi said at the event organised by the US-India Business Council (USIBC).

"I invite you all. I invite you all for 'Make in India'," he added.

Referring to a speech he made to the business community in the 2009 Vibrant Gujarat Summit, he said, "At that time, I had said that do not delay (in coming to Gujarat), the queue might be too long too soon and you might be left behind".

"Today I am saying the same thing with confidence - that the queue would be too long too soon," Modi said.

Among those present at the meeting were World Bank President, Jim Yong Kim, External Affairs Minister, Sushma Swaraj, and several top corporate leaders from both the US and India, including Mukesh Ambani.

USIBC chairman, Ajay Banga, who is also MasterCard CEO, said India under Modi is experiencing a new chapter of growth.

And encouraged by the steps taken by the new Indian government in its first three months, the USIBC has identified upwards of $41 billion slated for investment from members over the next two to three years, he said.

"The best days of US-India relations are coming," Banga said.

"What a difference one election can make," Banga added.

The US Chamber of Commerce President, Tom Donohue, in his brief remarks welcomed Modi's commitment to replace 'red tape with red carpet'.

In his speech, which he delivered in Hindi with simultaneous interpretation in English, Modi said even if there is no red carpet, he would ensure that there is no red tape in his country.

He assured American investors and businesses that in the next six months, he would implement all the things necessary for ease of business in the country.