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US seeks more relaxation in India's FDI policy

Nov '19
Indian finance minister Nirmala Sitharaman (right) and the US Treasury Secretary Steven Mnuchin addressing a Joint Press Conference in New Delhi on November 01, 2019. Pic: PIB
Indian finance minister Nirmala Sitharaman (right) and the US Treasury Secretary Steven Mnuchin addressing a Joint Press Conference in New Delhi on November 01, 2019. Pic: PIB
US treasury secretary Steven Mnuchin yesterday sought further relaxation in India’s foreign investment regulations to allow US firms to raise investment to help India reach the $5-trillion economy target. At the 7th India-US Economic and Financial Partnership meeting in New Delhi, he said both sides are working to promote growth and improve economic security.

“I look forward to the government’s goal of $5 trillion. And I think that they’re going to hit that goal, even faster than they expect with what are great economic opportunities as they promote growth,” he said.

Prime Minister Narendra Modi has set a target of achieving a $5 trillion economy by 2024-25.

Mnuchin said that the US welcomes the growing bilateral foreign direct investment flows between countries, according to a news agency report.

Mnuchin said the United States and China are making progress as per the direction of President Donald Trump and Chinese President Xi Jinping.

“Our discussions took stock of the efforts undertaken to further improve mutual cooperation on wide range of bilateral and multinational subjects including macroeconomic policies to raise growth, improving financial market development, anti-money laundering and combating financing of terrorism,” Indian finance minister Nirmala Sitharaman said.

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November 2019

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