US Companies Should Make India The Next Investment Destination
US companies make India the next investment destination, Union Minister Piyush Goyal calls. Union Commerce and Industry Minister Piyush Goyal have called on American companies to make India the next investment destination.
Addressing the US summit organized by the India Chamber of Commerce, Goyal said that the bilateral trade target of $ 500 billion of the two countries is achievable in the next five years.
The Commerce Minister said that the government is moving out of the red tape and moving towards the red carpet. We are stepping out of the chains of the past and turning into an open and liberal destination for foreign investment.
India-US bilateral trade was $ 126 billion in 2017, which reached $ 145 billion last year. The Minister, while attracting US investors, said that India is moving towards reform to reduce the cost of logistics.
Goyal said, ‘We have insolvency laws like IBC. The corporate tax rate in India is the lowest worldwide. My own ministry is working on plug and play and cluster development.
We are looking at a real single-window system that makes it easier for companies and businesses to operate in India. We promise rapid registration, easy availability of infrastructure.
Meanwhile, RBI Governor Shaktikanta Das will announce the results of the three-day monetary policy meeting today at 10 am. The newly-formed Monetary Policy Committee (MPC) of the Reserve Bank began its three-day meeting on Wednesday.
In the results of the meeting, it is expected that the central bank will maintain the benchmark lending rate rates as a given in view of inflation.
The six-member MPC was scheduled to first meet from September 29 to October 1, but its dates were later changed, as the appointment of independent members was delayed.
The government has appointed three eminent economists Ashima Goyal, Jayant R Verma, and Shashank Bhide as members of the MPC headed by the RBI governor. Experts say that it is not possible to reduce the repo rate under inflationary pressure. He says that there is little scope to cut the repo rate.
