New Indian Govt Needs To Ensure Predictability In Law, Policy: USIBC

WASHINGTON: For the first time India has a government that understands business and foreign investment, the new head of an influential Indo-U.S. business advocacy group has said, while cautioning that the country needs to ensure "predictability" on law, policy and bureaucracy.

"This is the challenge I am giving to the U.S. companies. Do not look for a perfect environment. You have to come in and stake your claims, invest and move forward. Because India has for the first time, a government which understands business, which understands foreign investment, is good," Mukesh Aghi, president of the U.S. India Business Council said.

He argued that the Indian government, which is taking all necessary steps to make India a business and investment friendly destination, needs to be given "a little bit of time to get things in order".

"For the first time after India's independence, there are a couple of factors that are playing very well in favour of India. First is the convergence of U.S. India strategic interest. If you look from economic perspective, India needs U.S. investment and US needs India's market," Aghi told PTI in an interview.

"From a geopolitical perspective, India is the right partner for the U.S., because of the values and strategic interest in Asia Pacific. From a global environment perspective, India has an opportunity not to go the fossil route, but leverage clean technology," he said, adding that for businesses from both sides this is a fantastic opportunity.

"The issue is who is going to take the lead and grab the opportunity," Aghi asserted.
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