Chidambaram to leave for US to seek investments in India

Finance Minister P Chidambaram will leave for a four-day visit to the United States during which he will meet US Treasury Secretary and industrialists and seek investments for India.

During his four day visit between 9-12 July, Chidambaram is expected to meet US business leaders, including Walmart Asia CEO Scott Price, Boeing International President Sheperd W Hill, Microsoft's General Counsel and Executive Vice President (Legal and Corporate Affairs) Brad Smith, among others.

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"The Finance Minister is likely to discuss the issue of investment by US companies in India especially in infra sector, various policy measures taken by the Government to boost investment in the country and tax related matters among others," an official statement said.

During his visit, he will deliver the key note address at the US-India Business Council (USIBC) Leadership Summit on July 11, the statement added.

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Chidambaram will also meet the US Treasury Secretary Jacob Lew during his visit and is expected to meet Senator Max Baucus and other senior officials during his stay there, the statement added.

Chidambaram has been pitching for increased foreign investment into India, especially in the infrastructure sector. Also to attract overseas funds, the government has liberalised FDI norms in various sector including multi-brand retail and aviation.

India requires investment to the tune of $1 trillion in the 12th Five Year Plan ending March 2017 for development of various infrastructure projects.

The share of infrastructure investment in GDP is planned to be increased to more than 10 per cent by the end of the 12th Plan.

The Government has recently set up a Cabinet Committee on Investment (CCI) for speedy clearance of large infrastructure projects.

PTI