Washington: Finance Minister P Chidambaram has arrived in Washington to address United States’ concerns on India’s economic policies. The visit comes at a time, when rupee has plunged to a record low and he is also expected to pitch for a fresh series of foreign direct investments in key sectors like infrastructures among investors.
On a four-day trip to Washington, his second in less than six months, Chidambaram is primarily in Washington to deliver keynote address at the 38th annual leadership summit of US-India Business Council and meet his American counterpart Jack Lew.
He is also scheduled to meet a host of American corporate leaders and lawmakers, who, of late have been highly critical of some of the Indian policies, particularly those related to intellectual property rights and foreign direct investment.
However, the decision of Prime Minister Manmohan Singh to put on hold the contentious Preferential Market Access (PMA) policy is expected to give Chidambaram some comfort level in responding to the charges of the American corporate sector and lawmakers. The move has been welcomed by the US industry.
Chidambaram is likely to discuss the issue of investment by US companies in India, especially in infra sector, various policy measures taken by the government to boost investment in the country and tax related matters among others.
Before leaving for India, he is also scheduled to meet Senator Max Baucus, Chairman, Senate Finance Committee and Senator Mark Warner, Co-Chair, Senate India Caucus.
Chidambaram has been pitching for increased foreign investment into India, especially in the infrastructure sector. Also to attract overseas funds, the government has liberalized FDI norms in various sector including multi-brand retail and aviation.

India requires investment to the tune of USD 1 trillion in the 12th Five Year Plan ending March 2017 for development of various infrastructure projects.
The share of infrastructure investment in GDP is planned to be increased to more than 10 per cent by the end of the 12th Plan. The government has recently set up a Cabinet Committee on Investment for speedy clearance of large infrastructure projects.


Latest News from World News Desk