Thursday April 25, 2019
Home World ‘India-...

‘India-US will help each other grow in a dynamic global marketplace’ – Arun K. Singh

0
//
Image from indiaopines.com

By Arun Kumar

Washington: India’s lowering of barriers to investment and encouraging business expansion will help US and Indian companies to further increase their presence in each other’s country, according to Indian ambassador Arun K. Singh.

Image from indiaopines.com
Image from indiaopines.com

“The exchange is good for both nations and should be encouraged,” he said in a blog post in The Hill, a top US political website, noting the two are “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,” Singh said citing a new report about Indian companies pouring investment dollars into businesses in the US and creating tens of thousands of American jobs.

The report from the Confederation of Indian Industry and the accounting firm Grant Thornton reveals that not only is Indian investment in the US large, it’s also extremely widespread and clearly growing, he noted.

The 100 Indian-based companies surveyed for the study have made an aggregate $15.3 billion investment in their US operations and created 91,000 jobs in the US, “which by any measure is a substantial contribution to the American economy,” Singh wrote.

The US isn’t just a favoured destination for the time being; it is likely to remain attractive for Indian investors for years, he wrote citing the survey, he said.

“These substantial investments are also a testament to the trust and openness that India and the US enjoy both at the people-to-people and government-to-government levels,” Singh said.

Noting that India, according to Select USA, is now the fourth-fastest growing source of foreign direct investment into the US, he said, “the significant and growing contributions of Indian investments in the US remain a vital component of the bilateral relationship.”

American firms have long been major investors in India, but efforts by Prime Minister Narendra Modi to make economic growth a hallmark of his administration have accelerated US investment there, he said.

India has been lowering barriers to investment and encouraging business expansion, Singh said noting the Indian government has over the past year raised limits on foreign investment in sectors such as insurance, medical devices, railways and defence.

“This will no doubt provide myriad opportunities for US companies to increase their presence in India and will strengthen Indian companies so that they can enlarge their footprint in the US,” he wrote.

(IANS)

Next Story

TikTok Still Unavailable on Google, Apple App Stores: Report

TikTok refused to share anything more than what it had said on Wednesday

0
TikTok
The logo of the TikTok application is seen on a screen in this picture illustration taken Feb. 21, 2019. VOA

TikTok remained unavailable for download on both Google Play Store and Apple’s App Store on Thursday – a day after the Madras High Court’s Madurai Bench lifted the ban on the short video-sharing app.

Sources in the Ministry of Electronics and Information Technology said that official communication to the technology companies would be made after it receives the court directive.

The IT ministry had earlier asked Google and Apple to block the app following the Supreme Court’s refusal to stay the Madras HC’s call for ban on the app on April 3.

Deciding the case filed by advocate Muthukumar, the Madurai Bench on Wednesday vacated its interim order banning the app, subject to conditions that pornographic videos will not be uploaded on it, failing which contempt of court proceedings would begin.

Owned by Chinese company ByteDance, TikTok claims to have over 120 million monthly active users in India.

tiktok
TikTok has over 54 million monthly active users (MAUs) in India. Pixabay

A search for the app on Google Play Store and Apple’s App Store on Thursday did not yield any result.

While Google and Apple refused to share any official statement, the companies would be able to reinstate the app only when they receive an official directive revoking the ban.

Also Read- Facebook Actively Working on Launching WhatsApp Pay Soon

TikTok refused to share anything more than what it had said on Wednesday.

“We are glad about this decision and we believe it is also greatly welcomed by our thriving community in India, who use TikTok as a platform to showcase their creativity,” TikTok had said. (IANS)