Finance Minister Arun Jaitley on Wednesday said that US President Barack Obama’s visit has helped in forging a ‘new commercial relation’ with India and exuded confidence that American businesses would increase investment in the country.
“The conclave of Indian and American CEOs exhibited a strong confidence about India. The desire of American businesses to invest in India was great. Their queries related essentially to the ease of doing business in India,” he said in his Facebook post, ‘President Obama, Davos and After’.
“With the American economy growing stronger, US corporates are flush with funds looking to invest elsewhere. India appears high on their agenda,” he said.
The conclave of CEOs, which was addressed by Prime Minister Narendra Modi and Obama, was organised as a part of the 3-day visit of the US President which concluded yesterday.
“President Barack Obama?s visit to India has helped forge a new commercial relationship with India,” Jaitley said.
The Minister said that while most competing economies were facing serious challenges, “India is promising to accelerate its growth. Hope has revisited us. We cannot allow obstructionism or complacency to squander this opportunity. This is a loud and clear message from Davos”.
India, he added, “needs more resources. Our domestic resources are not adequate. The cost of our capital is high. The world is looking to invest. There are not too many options which are more attractive than India.”
Referring to the World Economic Forum’s annual meeting at Davos last week, Jaitley said, the investors were looking at India with greater enthusiasm.
“The India focused meetings were over-attended. Many who wanted to register for these meetings were disappointed at the fact that they could not get entry,” he said.