India, the third fastest growing Investor in the US
Contribution to economy at the time of recession
In
the array of fastest growing foreign investors Indians stand at the
third position in the US. According to PTI reports a top Obama
Administration official has said, acknowledging the positive
contribution of India in the US economy at the time of recession.
“India is the third fastest growing foreign investor in the US,” said
Holly Vineyard, Deputy Assistant Secretary of Commerce for Africa, the
Middle East and South Asia, at an event here yesterday. Vineyard said
Indian investment in 2008 was USD 4.5 billion but the investments in
2009 grew 60 per cent higher than investments in the previous year. He
was quoting from a yet to be published report by India US World Affairs
Institute and the University of Maryland. The report will soon be
released by Congressman, Jim McDermott, Co-Chair of the Congressional
Caucus on India and Indian-Americans, at a function organized by the
East West Center, a Washington-based think tank.
Giving
preview of the report, the FICCI secretary general, Amit Mitra, said
there were 127 green field investments worth $5.5 billion by Indian
companies in the United States. “So these are huge numbers that India
is contributing to the US economy,” Mitra said. “In contrast”, the
FICCI secretary general pointed out, “India was facing difficulties in
attracting US investment in its infrastructure sector.” US needs to do
more in the infrastructure sector, he said. “We have come here to tell
the US government and businesses, ‘get in there’.” To boost the US
involvement in India, FICCI is following
Track II policy, envisioned by the External Affairs Minister, S M
Krishna, and the Secretary of State, Hillary Clinton when they meeting
here earlier this month. The policy works on enhancing public private
engagement in economic and strategic sectors in both the countries.
Source:- Nriol News
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