Make investment in India attractive for mfg growth: US envoy
Updated: May 21, 2013 04:09:10pm
Kolkata, May 21 (KNN) The US ambassador to India Nancy Powell met city-based industrialists and businessmen today and called for greater economic opening and more foreign investments for India's higher economic growth.
Speaking at a joint chambers’ meeting organised by the Bengal Chamber of Commerce and Industry, "The road to higher growth will require more economic opening and more foreign investment. Since GDP growth is not an end in its own right, since the ultimate goal is to raise standards of living and to eradicate poverty, opening the economy and bringing in more foreign investments take on a new urgency. You cannot defeat poverty without growth," she said according to a media report.
Powell also said that the US and India shared similar goals to encourage domestic manufacturing and industry and added that the most effective way to grow India's manufacturing sector in both the short term and the long run was to make investment in India more attractive, both for domestic and foreign firms alike.
Referring to the Indo-US relationship as 'vibrant' Powell said, "The importance of building the economic relationship between the US and India in the immediate future cannot be understated, and I believe we are growing from strength to strength."
On the day her government completed two years in office, Chief Minister Mamata Banerjee met the US ambassador yesterday.
The two had a one-hour meeting at the chief minister's chamber at Writers' Buildings after which they were joined by finance minister Amit Mitra and the US consul general to Kolkata.
During the meeting, Mamata urged Powell to help attract investment from the US to improve the state's economy.
Powell promised all help to pitch the state as an attractive investment destination. She also enquired about the government's plans to improve road connectivity and power supply.
Mamata said US firms were welcome to invest in the sector as well as in bio-technology.
The government had only a couple of days ago, made the draft industrial policy public and sought suggestions before finalizing it.
The state was also trying to improve the climate for small and micro enterprises and was planning new incentives to encourage innovative projects.
Highlighting her government's success in increased revenue generation without taxing people, Mamata mentioned how Bengal had recorded a 7.6 per cent GDP growth in the last fiscal compared to the national average of 4.96 per cent.
The CM also mentioned that the growth rate was better than the national average in agriculture as well as industry. (KNN)
Speaking at a joint chambers’ meeting organised by the Bengal Chamber of Commerce and Industry, "The road to higher growth will require more economic opening and more foreign investment. Since GDP growth is not an end in its own right, since the ultimate goal is to raise standards of living and to eradicate poverty, opening the economy and bringing in more foreign investments take on a new urgency. You cannot defeat poverty without growth," she said according to a media report.
Powell also said that the US and India shared similar goals to encourage domestic manufacturing and industry and added that the most effective way to grow India's manufacturing sector in both the short term and the long run was to make investment in India more attractive, both for domestic and foreign firms alike.
Referring to the Indo-US relationship as 'vibrant' Powell said, "The importance of building the economic relationship between the US and India in the immediate future cannot be understated, and I believe we are growing from strength to strength."
On the day her government completed two years in office, Chief Minister Mamata Banerjee met the US ambassador yesterday.
The two had a one-hour meeting at the chief minister's chamber at Writers' Buildings after which they were joined by finance minister Amit Mitra and the US consul general to Kolkata.
During the meeting, Mamata urged Powell to help attract investment from the US to improve the state's economy.
Powell promised all help to pitch the state as an attractive investment destination. She also enquired about the government's plans to improve road connectivity and power supply.
Mamata said US firms were welcome to invest in the sector as well as in bio-technology.
The government had only a couple of days ago, made the draft industrial policy public and sought suggestions before finalizing it.
The state was also trying to improve the climate for small and micro enterprises and was planning new incentives to encourage innovative projects.
Highlighting her government's success in increased revenue generation without taxing people, Mamata mentioned how Bengal had recorded a 7.6 per cent GDP growth in the last fiscal compared to the national average of 4.96 per cent.
The CM also mentioned that the growth rate was better than the national average in agriculture as well as industry. (KNN)
Loading...
