Vajpayee woos American businessmen

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Vajpayee woos American businessmen

New York, Sept. 13: In an upbeat message to American entrepreneurs,

Prime Minister Atal Behari Vajpayee, on Wednesday set a target of

annual US investment flow of $15 billion within next three years and

announced the creation of a ¡°strategic management group¡± in

his

office to facilitate large projects.

Addressing US-India business summit shortly before leaving for

Washington, Vajpayee drew a positive picture of the Indian economy

emphasising that it was among the fastest growing in the world with a

target of annual GDP growth of nine per cent or even more over the

next decade.

 

At the same time, he acknowledged irritants faced by

investors.Admitting that investors found India¡¯s rules,

regulations

and procedures burdensome, Vajpayee said that the stragegic

management group, which would directly report to him once a month,

would resolve the difficulties encountered by large investment

projects.

 

An inter-ministerial team would assist it.Affirming his

government¡¯s

commitments to further ¡°broaden, deepen and accelerate¡± the

process

of economic reforms, the Prime Minister said that this would unleash

the full potential of economic and social development in India.

 

Assuring the American businessmen that the reform process was on an

¡°

irreversible course,¡± Vajpayee nevertheless acknowledged that

there

were differences on the issue within political parties and across

them. However, such discussions and differences were natural in a

democracy.

 

The business summit, which was shifted from San Francisco to New York

following cancellation of Vajpayee¡¯s visit to the west coast, was

attended by more than 400 top American business executives as well as

about 25 from India. It was organised by the Confederation of Indian

Industry.

 

The PM opened his address by recalling the ¡°natural synergy¡±

between India and the US, pointing out that the US was India¡¯s

largest trading partner. However, in the last ten years, total US

investment of only 15 billion dollars had been approved while the

actual flows were even smaller.

 

Seeking to dramatically alter this arithmetic, Vajpayee told the

meeting, ¡°Let us accept a target of a five billion dollars of

annual

flow beginning next year and raise to 15 billion dollars over the

next three years.

 

This is ambitious. It is, however, achievable.¡± Vajpayee also

wanted

the bilateral trade, which stood at 12.79 billion dollars last year,

to be doubled over the next three years.

 

He told the meeting that the government was taking concrete measures

to cushion the impact of reforms on the weaker sections of the

society and trying to harmonise faster economic growth with equitable

development.

 

The government was determined to ensure that the benefits of reforms

do not bypass the common man. Speaking about the new opportunities

created by his government for private investment, Vajpayee mentioned

a ¡°massive deregulation¡± in infrastructure.

 

The government, Vajpayee said, was also considering how best to

deregulate celluar telephony completely. He also expected several

important commercial agreements to be signed during his visit, he said

 

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