WASHINGTON, DC (TIP): The U.S.- India Business Council (USIBC), on May 16, 2014,congratulated India on concluding the world’s largest democratic elections. The industry body looks forward to partnering with the NDA Government to usher in an energetic era of development.
“The successful conclusion of the largest elections in history calls for recognition and celebration. On behalf of USIBC’s member companies and its Board of Directors, our heartfelt congratulations go out to the people of India and to Mr. Narendra Modi and the NDA. USIBC member companies stand ready to roll up their sleeves and get to work with the new government to advance the U.S.-India partnership and deepen bilateral economic ties,” said USIBC Chairman Ajay Banga, President and CEO, MasterCard.
“The keys to attracting much needed investment are predictability and transparency. When these fundamentals are consistently applied, particularly to areas like tax and intellectual property, business will boom for both countries,” said Banga. “Bilateral trade currently stands at $100 billion. Increasing trade five-fold is achievable if we work together as partners and avoid protectionist tendencies.
We must allow for the free movement of skilled professionals, and lift FDI caps in important sectors like insurance and defense.” “Both the U.S. and India have deep pools of entrepreneurial talent and energy, and both countries need to stimulate economic growth and create new jobs. This requires a forwardlooking partnership between these two great democracies,” he added.
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.- India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 300 of the top-tier U.S. and Indian companies.