Washington, Nov 24: Promising to push economic reforms, Prime Minister Manmohan Singh has invited US investors to tap “enormous opportunities” in sectors like infrastructure, energy and agriculture, exuding confidence that India would return to 9 per cent growth within two years.
Reaching out to the American business community, he said, virtually all spheres of Indian economy are open for participation by foreign investors and “no investors will be more welcome than investors from this great country”.
Singh allayed fears about any rollback of economic reforms, asserting that his government rather plans to push ahead on key reforms in several areas including taxes, education, skill development and legal sector, though it might happen gradually through consensus.
“Wherever I meet businessmen to talk of our plans for the future, the question I am most often asked is whether economic reforms will continue. You should have no doubt on that score,” he said last evening while addressing the US-India Business council.
Singh said the growth rate that has slowed down to 6.5 per cent, is expected to get back to around 9 per cent within two years.
“American companies interested in global markets would be well advised to look at India,” he said, seeking the US corporates world’s collaboration “as we transform India from a low-income country into a vibrant market of over a billion people, with steadily growing purchase power.”
The council was attended by top US and Indian corporate leaders including Pepsico Chairperson Indra Nooyi, Reliance Chairman Mukesh Ambani, Tata Chairman Ratan Tata, ICICI Bank MD Chanda Kochar and Bharti Group CMD Sunil Bharti Mittal.
Singh said tax reforms, especially the introduction of a Goods and Services Tax, are a very important part of his government’s agenda, along with financial sector reforms.
“We are also committed to major reforms in education and skill development. We have started a programme to raise resources by sale of equity in public sector enterprises. Legal reforms aimed at reducing delays are another priority,” the Prime Minister said.
He underlined that the economic reforms of the past have brought India advantages and “I can assure you that we will continue down the road. We might do it gradually, and in a manner which builds a consensus for change. But I assure you we will persevere.”
The Prime Minister said his government plans to push ahead on “key reforms in several areas especially those aimed at bringing the deficit under control while ensuring a strong expansion in investment in infrastructure.”
Replying to questions after his address, he said, India today is open for business in almost every sphere of economic activity.
In infrastructure and other sectors, he said, “I see enormous opportunities for participation on the part of US business communities, both directly and through public-private partnerships”.
–Agencies