Tag: DeshKaVikaas

Maharashtra Chief Minister Fadnavis Pitches For Investment During Visit to New York

Ajay GhoshFinance/Economy, India, Politics 0

NEW YORK — Maharashtra Chief Minister Devendra Fadnavis last week made a high pitch for investment in his state, telling U.S. businesses that he wants to provide a boost to not just “make in India’ campaign launched by Prime Minister Narendra Modi last year, but supplement that with ‘Make in Maharashtra’ as well. And he explained why investors should be in interested in Maharashtra.

Addressing prospective investors at a round table organized by the U.S.-India Business Council in New York June 29Fadnavis said the state government has taken measures to promote ease of doing business in Maharashtra because the government wants the state should be viewed as a top destination for doing business by domestic and international investors.

The chief minister, who was on a five-day visit to the United States was accompanied by senior government officials from the state. The USIBC meeting in Manhattan was the first of his official engagement in New York.

He said that the government wants to provide business to both medium and small enterprises and create much-needed jobs in his state. Fadnavis pitch for foreign investment was endorsed by USIBC. Its president Mukesh Aghi said at the meeting that Council’s member companies have been encouraged by the ease of doing business in Maharashtra.

“Now is the right time to invest in Maharashtra. It is a land of immense opportunity. I assure you that once you decide to come…we will do everything for you. Our government has decided that there is going to be no more red tape but only red carpet,” he told investors and the business community.

He said that the government is looking for joint ventures in critical projects such as the Delhi-Mumbai Industrial corridor, smart cities, adding that the government was inviting investments in manufacturing, agriculture, aviation, engineering and information technology.

The Chief Minister was also hosted by the Friends of Maharastra and the Indian Consulate in New York at the at the Pierre Hotel in New York. The sit-down dinner was attended by an estimated 300 people, inclduing leadeers of the Indian American community from the Tri-State area. The minister and his family were welcomed with koli dances and vada pav was on the menu.

At the Pierre Hotel, the minister reiterated what he said ealier during the day at the USIBC, urging people to come and make investment in Maharashtra which he said has the best infrastructure for doing business. At the reception he was accompanied by Minister of Industry Subash Desai who also spoke about the availability of skilled labor and a business friendly climate in Maharashtra.

The chief minister’s visit came less than two weeks after Union Finance Minister Arun Jaitley visited U.S. and w as also hosted by the USIBC in New York. The visit primarily aimed at attracting foreign direct investment in India’s infrastructure and other sectors.

Said Aghi: “I have no hesitation in saying that the state has the potential to emerge as a high ranking state on the ease of doing business index.” Earlier, the chief minister was received at the Newark International Airport by New Jersey Governor. During the day-long visit, Fadnavis met with the New Jersey Gov. Chris Christie as well as other senior political leaders from New York City and Connecticut.

In a press release, India’s Consul General Dnyaneshwar Mulay told reporters that, given the large population of Indians in the New York-New Jersey area, Fadnavis will hold meetings with the states’ leadership and promote it as an attractive investment destination, not only among the diaspora but to a larger American audience.

Mulay said given Prime Minister Narendra Modi’s emphasis on the ‘Make in India’ campaign and the country’s ambitions to grow at a fast economic rate, states must also take the lead and contribute actively to the economic development of the country. “Unless that happens, rapid growth will not take place and benefits of the economic growth will not reach small towns and rural areas,” he said.

Over $15 Billion Invested in U.S. by Indian Firms, Employ Over 91,000 Jobs

Ajay GhoshBusiness, Finance/Economy 0

India-based companies have invested over $15 billion across the U.S., creating an estimated 91,000 jobs, according to a new report released by the Confederation of Indian Industry and Grant Thornton. Of the investment destinations for Indian firms, New Jersey, California, Texas, Illinois and New York lead the way, noted the report, “Indian Roots, American Soil,” released on July 14 at an event on Capitol Hill.

Those states have the most Americans directly employed by Indian companies, with New Jersey accounting for 9,278 hires; California employs 8,937; Texas has 6,230 jobs; Illinois has seen 4,779 people land jobs; and New York employs 4,134.

Texas at $3.84 billion; Pennsylvania with $3.56 billion; Minnesota at $1.8 billion; $1.01 billion for New York; and $1 billion from New Jersey account for the highest foreign direct investment from Indian-based companies, the first time a state-by-state breakdown of tangible investments made by Indian firms has been provided.

Indian ambassador Arun Singh
Indian ambassador Arun Singh

Indians are “making a significant contribution to the U.S. economy, investing billions of dollars and creating thousands of jobs across states and sectors,” Indian Ambassador to the U.S. Arun K. Singh said. “This trend has grown stronger over the years and is continuing to show remarkable progress.”

The report said that 100 Indian companies have employed more than 91,000 people across 35 states, as well as Washington, D.C. Those 100 companies have made in excess of $15.3 billion in investments.

On average, the investment from Indian companies for each state is $443 million.

“Today Indian companies are not just investing and creating jobs, they have also become significant stakeholders in the growth and prosperity of their local communities,” Singh added.

CII’s study also said that roughly 84.5 percent of the companies intend to make more investments in the U.S., and 90 percent plan to hire more employees locally in the next five years.

“Prime Minister (of India, Narendra) Modi and President (Barack) Obama’s vision for the U.S.-India relationship is in many ways best exemplified through these Indian companies in America that, though they have Indian roots, are completely enmeshed into U.S. soil,” CII president Sumit Mazumder said.

Devendra Fadnavis Keynotes 2015 Bruhan Maharashtra Mandal Convention

Ajay GhoshCommunity 0

ANAHEIM, Calif. — Over 4,000 people packed the Anaheim Convention Center here July 3-5 to attend the 17th biennial convention of the Bruhan Maharashtra Mandal, which was inaugurated by Maharashtra Chief Minister Devendra Fadnavis.

Fadnavis, who was on a visit to the U.S., told his audience — greeting them in Marathi — he was pleased with the theme of the convention, “Maitra Peedhyanche,” as there were many generations of Maharashtrians living in the U.S. now, and it provided an occasion to celebrate the “sanskriti” of all generations.

The chief minister said he wished to connect the different American Marathi generations with the different Marathi generations back home in Maharashtra. During his speech, which was heartily applauded by the attendees, Fadnavis spoke about Prime Minister Narendra Modi’s “Make in India” initiative, and stressed that it will succeed only if “we embark on ‘Make in Maharashtra’.”

Urging the Indian Americans in the audience to invest in Maharashtra, the chief minister spoke of how “India is young” and that it can provide human resources to the entire world, adding that the average age of India’s population is only 25. There will be a “red carpet” for investors, he emphasized, not “red tape.”

Inviting the audience members to come and visit Maharashtra, Fadnavis said the state has many unexplored tourist spots, from beaches to jungles, and offered a 25 percent discount to anyone booking through the Maharashtra Tourism Development Corporation.

On the occasion, the chief minister also unveiled the convention’s Smaranika, or souvenir book, as well as a tri-monthly magazine by the Maharashtra Government — Maharashtra Unlimited.

The three-day convention actually began July 2, termed a pre-convention day, that included many seminars such as a Business seminar for accomplished Marathi businessmen wishing to network. Among the main speakers were Harsha Bhogale, a well known cricket commentator, and his wife Anita Bhogale. Also featured was a business plan competition.

Among other features of the convention were Continuing Medical Education provided for physicians, and a panel, “La Cinema,” which offered an opportunity for discussions on the movie industry. Several Marathi film personalities took part in the discussions, along with those from Hollywood, such as the team from “Outsourced.”

Companies in India create thousands of U.S. jobs

Ajay GhoshBusiness, Science & Technology 0

Arun Singh with President ObamaA remarkable story that has often escaped public attention in the overall context of the vibrant India-U.S. relationship is that Indian companies have been pouring investment dollars into businesses in the U.S. and creating tens of thousands of American jobs. A new report from the Confederation of Indian Industry and the accounting firm Grant Thornton reveals that not only is Indian investment in the U.S. large, it’s also extremely widespread and clearly growing.

The 100 Indian-based companies surveyed for the study have made an aggregate $15.3 billion investment in their U.S. operations. That, in turn, has created 91,000 jobs in the U.S., which by any measure is a substantial contribution to the American economy. Those jobs are scattered throughout the country. In fact, the survey found that Indian companies have a presence in all 50 states.

The U.S. isn’t just a favored destination for the time being; it is likely to remain attractive for Indian investors for years. When asked if they plan to invest in the U.S. in the next five years, 84.5 percent of the Indian companies surveyed said yes. Only 4 percent said no. Asked if they plan to hire more employees locally in the U.S. over the next five years, 90 percent of the companies answered in the affirmative.

The survey also challenges the greatest stereotype about the kinds of Indian companies in the U.S. They are not all information technology companies. Far from it. In the U.S., IT comprises 40 percent of Indian-company investment, according to the survey. The rest is highly diversified. Life sciences, pharmaceuticals and health care companies make up 14 percent of Indian investment here. Another 14 percent are manufacturers and mining companies. 16 percent offer financial, engineering, construction and entertainment services. The remainder is companies in the automotive, energy, hospitality and food businesses.

The average investment received from Indian companies per state is substantial: $433 million. The top five states with the highest volume of investment – $1 billion or more – are Texas ($3.85 billion), Pennsylvania ($3.56 billion), Minnesota ($1.8 billion), New York ($1.01 billion) and New Jersey ($1 billion).

In terms of employment generated by Indian companies, the top five states are New Jersey and California, each with about 9,000 jobs, Texas (6,000 jobs), Illinois (5,000 jobs) and New York (4,000 jobs).

Arun Singh with NRIsAll of these numbers have been rising steadily, a sign that the U.S. market is among the strongest investment destinations in the world. These substantial investments are also a testament to the trust and openness that India and the U.S. enjoy both at the people-to-people and government-to-government levels. According to Select USA, India is now the fourth-fastest growing source of foreign direct investment into the United States. The significant and growing contributions of Indian investments in the U.S. remain a vital component of the bilateral relationship.

American firms, of course, have long been major investors in India. Foreign direct investment by U.S. firms in India has been more than $1 billion a year. Efforts by Prime Minister Narendra Modi to make economic growth a hallmark of his administration have accelerated U.S. investment there.

India has been lowering barriers to investment and encouraging business expansion. For example, the Indian government has over the past year raised limits on foreign investment in sectors such as insurance, medical devices, railways and defense. This will no doubt provide myriad opportunities for U.S. companies to increase their presence in India and will strengthen Indian companies so that they can enlarge their footprint in the U.S.

The exchange is good for both nations and should be encouraged. The U.S. and India have much in common. They are the largest democracies in the world. They are also economic powerhouses that are helping each other grow in a dynamic global marketplace. We have a stake in each other’s economic future – and that future is very bright.

Arun K. Singh is India’s ambassador to the U.S.

US committed to take partnership with India still higher: Joe Biden

Ajay GhoshFinance/Economy, India, Politics, U.S. 0

“We are committed to take this relationship further” for the well being of both the US and India as also for the advancement of the international community, Joe Biden said suggesting that the world was “at the cusp of another sea change decade.” To seize this “historic moment, Biden said “the US was pursuing a strategy of rebalancing to the Asia Pacific region” and “America’s deepening friendship with India is an indispensable part of our Asia rebalance strategy.”

“US-India partnership has reached a new level” under President Barack Obama, he said last week in keynote speech on the future of the US-India partnership to mark the tenth anniversary of the landmark India-US civil nuclear deal. The nuclear deal “removed the single largest irritant in the relationship between the two greatest democracies,” he said on the conclusion of a conference hosted by the Carnegie Endowment for International Peace and the Confederation of Indian Industry (CII).

“Together we transformed the bilateral relationship into a global partnership based on shared values, interests, responsibilities,” he said. “All of these will go to shape the next century if we stay the course. India’s Act East and US Rebalance in Asia is good news for the region as well as good news for the partnership,” he said.

The joint strategic vision for the Asia Pacific and Indian Ocean region that Obama and Prime Minister Narendra Modi had issued in January “serves as a beacon,” Biden said. “And every day we are working to try to make this vision a reality,” he said recalling that Obama had during his January visit to India had “declared that the US can be India’s best partner.”

“That’s our goal,” he said. “Change is taking place,” Biden said. “It’s a historic moment in the world, let’s seize it. We have a chance to bend history just a little bit,” he said. “This is one of those moments when our common interests are going to continue to converge and our countries have the potential to reach new heights.”

Earlier, addressing the Conference, Assistant Secretary of State for South and Central Asia, Nisha Desai Biswal recalled that “Ten years ago, access to nuclear, space, and other forms of high technology were among the most contentious issues between India and the United States.”

“Today those issues are part of the foundation on which we’re building a lasting partnership,” she said.

“In defence, the US is now India’s largest supplier, and we are launching new co-development and co-production projects that will expand our ties and advance Prime Minister Modi’s Make in India initiative,” she noted.

“Clearly, our relationship with the US has transformed rapidly in the last ten years to become a full-spectrum relationship, covering virtually all fields of human endeavour,” said the Indian ambassador Arun Singh.

Indian ambassador Arun Singh
Indian ambassador Arun Singh

“It is now embedded in the larger vision of a global strategic partnership,” he said asserting “that no relationship between India and another country can today match the range, depth, quality and intensity of the India-US partnership. Going forward, I see the US continuing to play a role in India’s transformation, and see India and the US joining hands to make the world a better place for our two nations and the rest of the world,” Singh said.

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