'U.S. FDI In India Could Double In Liberalised Regime'

WASHINGTON: With a liberalised investment regime, foreign direct investment from the U.S. could double, a top American diplomat said describing recent reforms as the "first great step" that will help India meet the needs and aspirations of its people.

"We believe U.S. investment into India could double if India continues to liberalise its investment regime," said Catherine Novelli, Undersecretary for Economic Growth, Energy, and Environment at a conference on "Deepening the U.S.-India Commercial Partnership," organised by the Center for Strategic and International Studies.

"More U.S. companies could bring their comparative advantages in technology, expertise, and capital to India, to help India grow and create jobs. But companies involved in global manufacturing need transparency, predictability, and legal certainty," she said.

Praising the reforms unleashed by the new Indian government in the last one year, Novelli said Prime Minister Narendra Modi is working hard to help India make significant leaps in education levels, healthcare outcomes, agricultural productivity, manufacturing output, retail markets, financial access, digital connectivity, physical infrastructure, electrification, and urbanisation.

"Realising these achievements will require new technologies, new perspectives, and new policies. Meeting this potential will mean addressing many structural and institutional barriers that have to be overcome," she said.
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