The Hindu Business Line : `Indians investing in US a good trend'

(From left) Dr S. Narayan, Economic Advisor to the Prime Minister, Mr Omkar S. Kanwar, Senior Vice-President, FICCI, Mr Alan P. Larson, Under Secretary, Economic, Business and Agricultural Affairs, US Department of State, and Dr Amit Mitra, Secretary-General, FICCI, at an industry interface meeting on Indo-US Economic Dialogue in the Capital on Monday. — Kamal Narang

New Delhi , March 15

DR S. Narayan, Economic Advisor to Prime Minister, today stressed upon the increasing trend of Indians investing in the US, which is adding employment, providing goods and services and also pushing exports. This, he believes, would be an important trend to watch in the near future.

Speaking at an interactive meeting with Mr Alan P. Larson, Under Secretary for Economic, Business and Agricultural Affairs, US Department of State, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), he highlighted the importance of the meeting and the dialogue by defining the interaction as a major building bloc in further strengthening Indo-US relations.

He explained that the systematic process of tariff rationalisation was very much going on and both the policy makers and industry are engaged in it, as they believe it is good for the economy. It will make it more competitive and also cost-effective.

Dr Narayan further said that India was hopeful that with the projected growth of US, the world's largest economy, by 2 to 3 per cent in the coming years, it would open up new areas where Indian industry would partner in meeting the larger demand for goods and services.

He also mentioned that the coming 4-5 years was a very important phase for India, where 8 per cent growth should find a way of being a consistent component of the economy. This would mean substantial growth in the infrastructure and manufacturing sectors.

In addition to the major opportunities within the infrastructure sector, he emphasised that a major untapped potential can be harnessed further by encouraging the partnership between the SMEs in the two countries. The US could be the key supplier for information, knowledge and technology to the SMEs in India.