Something went wrong with the connection!
 Breaking News
  • Your Weekly Future: 16th to 22nd July Aries (21 March – 20 April) The beginning of the week is favorable for speculation, share market investment, entertainment business, relations with children, and love life. This is right time...
  • Your Weekly Future: 8th to 15th July Aries (21 March – 20 April) The beginning of the week indicates that you shall setup your mind and work conditions in such a way so that your social life...
  • Your Weekly Future: 1st to 7th July Aries (21 March – 20 April) You shall earn name and fame in your social life. You would become more influential and it is for sure that in the beginning...
  • Enormous potential for growth in ties with India: US WASHINGTON: There is an “enormous potential” for growth in the India-US relationship, the Trump administration has said, exuding confidence that the ongoing trade issues could be worked through because of...
  • Christine Lagarde resigns as IMF MD WASHINGTON: French politician Christine Lagarde on Tuesday said she will resign as the Managing Director of the International Monetary Fund with effect from September 12 after helping its members navigate...
  • US mulls increasing merit-based immigration to 57% WASHINGTON: The Trump administration is proposing a nearly five-fold increase in merit-based legal immigration and half those based on family and humanitarian system, in an effort to overhaul the outdated...
  • ‘The world was watching’: US commemorates Apollo mission 50 years on CAPE CANAVERAL: Fifty years after a mighty Saturn V rocket set off from Florida carrying the first humans to the Moon, a veteran of the Apollo 11 crew returned to...
  • Congresswomen can go wherever they want: Trump WASHINGTON: United States President Donald Trump has said the four Congresswomen, whom he accused of hating the country, could go wherever they want, but they need to love the country...
  • Death toll in Mumbai building collapse rises to 13 MUMBAI: The death toll in a building collapse in south Mumbai’s congested Dongri locality has risen to 13, the NDRF said on Wednesday, even as rescue and search operation from...
  • Organs of brain dead man transplanted on four patients KOLKATA: Heart, two kidneys and liver of a brain dead person were transplanted on four patents at different hospitals here on Tuesday, doctors said. Thirty six-year-old Chinmoy Ghosh, a resident...

US corporate sector welcomes Indian budget, says it will attract FDIs

US corporate sector welcomes Indian budget, says it will attract FDIs
July 06
10:36 2019

WASHINGTON: The American corporate sector Friday hailed the maiden Budget of Finance Minister Nirmala Sitharaman, noting that it is not only inclusive but also attractive for foreign investments.
President of US India Strategic and Partnership Forum (USISPF) Mukesh Aghi said the budget is inclusive and policy decisions are encouraging for American companies.

It’s “good news” for companies like Apple, Aghi told PTI. The Budget opens up the Indian market, and encourages US companies to invest more, at the same time it ensures prosperity and growth for the lower sections, he said.
The Budget is trying to make positive structural changes, he added.

“We are pleased to see a 2019-2020 Budget that delivers a forward-looking and reform-minded approach for the Modi government’s second term,” Nisha Desai Biswal, president of US India Business Council, told PTI.
USIBC welcomes proactive measures to double farmers’ income, liberalise FDI in a number of sectors and allow 100 per cent FDI for insurance intermediaries, and increase FPI investment limits – all reforms USIBC has actively supported, she said.

USIBC members will be encouraged by the Budget’s focus on skilling Indians, with an emphasis on jobs in data analytics, artificial intelligence, and robotics, Biswal said.
“Goals like transforming India into a global space and aviation hub also demonstrate the longer-term thinking of the new government. We look forward to working with Prime Minister Modi and the Government of India to make these priorities, and the larger vision for a modern India a reality,” Biswal said.

“This is a visionary budget from the first woman Finance Minister of India marked with a long-term 10-year plan while retaining focus on immediate priorities,” said Karun Rishi, president of USA-India Chamber of Commerce told PTI.
The focused impetus for sustainable job creation via targeted investment in infrastructure will have a ripple effect on secondary and tertiary employment.

The mission to provide housing to all by 2022 has the potential not just for growth in downstream sectors such as cement and steel but also for overall job creation in these vital industries, he said.
It is a relatively cautious Budget, considering the government’s election mandate, noted Rick Rossow from the Center for Strategic and International Studies (CSIS) think-tank.
“I expected some bigger ideas, but instead we saw a continuation of key programmes such as infrastructure development, expansion of social programmes in rural areas, and nods to big campaigns like Digital India and Make in India,” Rossow told PTI.

From a foreign business perspective, it was a mixed bag, he said.
“On the positive side, several sectors were listed for foreign investment reforms including insurance, media, and single brand retail,” he added.
“Customs duties are to be reduced in some narrow areas like specialty chemicals and capital goods for electronics manufacturing. But in a range of other sectors, customs duties will be increased including auto parts, video recorders, metal fittings, and more. This Budget is not going to alleviate the current state of trade tensions between the US and India,” Rossow said.

Lauding the fiscal deficit target of 3.3 per cent for FY 2020, Rishi told PTI that much will depend on the execution and global economic factors.
The budget strikes a reasonable balance between addressing the objective of inclusivity and laying the path for Prime Minister Modi’s vision of a USD 5 trillion economy by focusing on infrastructure spending incentivising affordable housing and providing growth capital for PSU banks, he said.

Setting up the National Research Foundation (NRF) chaired by Prime Minister Narendra Modi and co-chaired by Principal Scientific Advisor K Vijay Raghavan to fund, coordinate and promote research in India will be a game changer, Rishi said.
“The NRF’s focus on promoting and funding multi-disciplinary, multi-institutional, multi-investigator led research by having robust industry-academia collaboration could tremendously benefit the biopharma and healthcare industry in India. Indian and global patients can look forward to cutting edge innovative medicines coming out of India in the next five to ten years,” he said.

Stating that USA-India Chamber of Commerce has been encouraging structured research in India for over 12 years, Rishi said the current setup is not efficient.
The NRF can correct the deficit in research, he asserted.
As per data released by the central government, India’s research and innovation investment vis-a-vis global standards in terms of percentage of GDP is quite less (0.68 per cent) in comparison to the United States (2.8 per cent), China (2.1 per cent), Israel (4.3 per cent) and South Korea (4.2 per cent).

“If India aims to emerge as a global research and innovation hub, apart from just increasing the funding, we also need to have a central systematic mechanism to fund and monitor research and innovation outcomes, especially in the fields of national importance.
“Under the guidance of top leadership, the NRF has the potential to make India a global partner in BioPharma Research and Development. A 15.4 per cent increase in allocation to the healthcare sector compared to the previous year’s revised budget is a remarkable step,” Rishi said. PTI

Comments

comments

Related Articles

E-paper Latest Edition

Subscribe to our Digital Edition

Epaper

ADVERTISEMENT – SUMMERHILL HOMES

Attached Homes in Fremont, CA

ADVERTISEMENT – INKASA INTERIORS

Inkasa Interiors | Interior Designer in Delhi

ADVERTISEMENT – TRACY HILLS

Tracy Hills

ADVERTISEMENT – Ponderosa Homes

Ponderosa Homes

50 SPIRITUAL APPETIZERS – VINOD DHAWAN

50-ad-Indiapost

It’s a lovely book. It feels energetically clear and light. It’s easy to read, dip in and out and most importantly it offers information without fluff! Blessings on this project.

Jac O’Keeffe
Spirituality teacher based in USA.

*Available on Amazon, Flipkart & other online stores*

ADVERTISEMENT – Star Tours

Star Tours

ADVERTISEMENT – Global Holidays

Global Holidays Early Bird Discounts

POPULAR CATEGORIES

Follow us On Twitter

US Secretary of State, Mike Pompeo meets EAM, @DrSJaishankar in New Delhi. #indoAmericans #America #jaishankar #MEA… https://t.co/Ci4zoggjAn
h J R
@Indiapost_News
RT @FremontPD: At-Risk Missing Person Patricia Hodge, 76 years old. Last seen at 5:30 pm in area of Mildred and Blacow. https://t.co/3CMI9
h J R
@Indiapost_News
Exclusive Opportunity for budding writers to establish themselves as authors! https://t.co/k0vVHxsmgZ is accepting… https://t.co/umFU0DxbPJ
h J R
@Indiapost_News

Facebook

Subscribe To Our Mailing List

Enter your email address:

Delivered by FeedBurner

Subscribe to IndiaPost by Email

Download Media Kit