Speaking to Prime Minister Narendra Modi in Washington, Chairman of the US-India Business Council (USIBC) and executive chairman of Cisco, John Chambers, announced that the US companies will invest $45 billion in India in the next two to three years.
Members of the US-India Business Council have already invested $28 billion in India since September 2014, Chambers told Modi. “In September 2014, USIBC members indicated an investment figure of $41 billion that was likely to be invested over a two to three-year period. Today, I’m happy to announce that in less than two years, about 20% of USIBC members have already invested $28 billion,” Chambers said.
“In next two to three years, we will see this pace accelerating again with 20% of our members indicating that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate.”
Chambers met Modi after his round table with USIBC members, which included the honchos of companies like PepsiCo, MasterCard, Warburg Pincus, Lockheed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy.
“It is very important for us that developed countries also open their markets, not only to goods from countries like India but also to services,” Modi said. “India is much more than a market. India is a reliable partner. It is a source of high quality scientific, engineering and managerial talent.”
The PM also presented the USIBC Global Leadership Awards to Dilip Shanghvi of Sun Pharmaceuticals and Jeff Bezos of Amazon.
During the event, Bezos had also pledged an another investment of $3 billion in Amazon India. “We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” Bezos said.
Modi, on his part has promised disciplined macroeconomic policies, gender justice and empowerment, social security net and inclusive growth, while assuring that major steps had been taken to curb corruption, which was one of the main concerns and constraints in India.