WASHINGTON: After the ongoing general elections in India, people are hoping for India's growth. With the improvement faith several U.S. companies committed to increase investments in India. "USIBC reaffirmed U.S. companies' commitment to India's growth and focused on reviving investor sentiment and cross-border collaboration in the first year post-elections," said a release after private meeting of RBI Governor Raghuram Rajan with top executives of global companies.
The USIBC said the members supported RBI's financial sector reforms, including actions to further deepen India's debt capital markets toward long-term infrastructure development and manage risk. "USIBC also discussed with Governor Rajan the importance of a vibrant payments industry with competition and dialogue spurring further innovations in mobile banking, prepaid, and cash transfer remittances for SME businesses and individuals," the release said. The USIBC members welcomed the Governor's insight on opportunities for meaningful US-India collaboration in the financial sector.
In addition to continued banking reforms, contributions of non-bank financial companies to the real economy, including those wholly-owned by foreign direct investment, were raised. "American investors are grateful for the Reserve Bank of India's leadership of the Indian economy. USIBC looks forward to continuing industry's dialogue with the RBI across capital markets, banking, payments and asset management," said USIBC Director for Financial Policy, Melissa Frakman.
"The past year saw unprecedented volatility for Indian markets-and under Governor Rajan's able stewardship-the rupee has been one of the most stable currencies in emerging markets and globally," said the CME Group's Senior Managing Director for Foreign Exchange and Metals, Derek Sammann. CME Group is the world's leading and most diverse derivatives marketplace, headquartered in Chicago. Formed in 1975 at the request of the U.S. and Indian governments, the USIBC is the premier business advocacy organisation advancing U.S.-India commercial ties.