US Parliamentarians stressed for manufacturing hub in India | SupportBiz

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US Parliamentarians stressed for manufacturing hub in India

 
The visiting US Congressional delegation to India revealed yesterday at the Assocham (The Associated Chambers of Commerce and Industry of India) interactive session in New Delhi that, their country will set up three manufacturing units each with investment between 100 to 200 mln dollars in India.

The decision was made as a result of discussions held between the US Parliamentarians and Indian leaders in several states of the country.

Speaking at the session with Indian businessmen the delegation said that the next phase of economic relations between the countries would be in fostering such manufacturing projects in India. Punjab, followed by Gujarat and Karnataka emerged as the most preferred locations to establish manufacturing plants. However, the delegation also emphasised on the need to root out ‘stigma of corruption’ in India, promote rule of law and create more opportunities.

Aaron Shock, member of the US House of Representatives said, “Even though America heavily imports manufactured products from China, it would prefer to do that from India because India is a democracy.” 

Cynthia Lummis said her country was impressed by the presence of large number of women entrepreneurs in India. She also spoke about new opportunities in oil and gas sector in the US. The country is aggressively pursuing shale oil and gas extraction and a vital ingredient to do the job, guar gum has been imported from India.  Last year this import amounted to 2 billion US dollars.

On investment opportunities in India, Subir Gokarn, former dy. governor of RBI said that India needs more cold storages and supply chain infrastructure. Gokarn also stated that the recent economic reforms are expected to boost Indian economy and GDP growth.