USIBC welcomes India’s ‘reform-minded’ Budget

US-India Business Council President Nisha Biswal

New York, The US-India Business Council (USIBC) on Friday welcomed India’s budget, calling it “forward-looking and reform-minded”.

USIBC President Nisha Biswal said the proposal to “liberalise FDI (foreign direct investment) in a number of sectors and allow 100 percent FDI for insurance intermediaries, and increase FPI (foreign portfolio investment) investment limits” were welcome proactive measures.

These and the measures to double farmers’ income were reforms actively supported by the USIBC, she added.

“Goals like transforming India into a global space and aviation hub also demonstrate the longer term thinking of the new government,” said Biswal.

She appreciated the emphasis in the budget on training Indians for emerging technology sectors.

“USIBC members will be encouraged by the budget’s focus on skilling Indians, with an emphasis on jobs in the data analytics, AI (artificial intelligence), and robotics sectors,” she said.

“We are pleased to see a 2019-2020 budget that delivers a forward-looking and reform-minded approach for the Modi government’s second term,” she said.

Biswal, who is a former Assistant Secretary of State, said: “We look forward to working with Prime Minister Modi and the Government of India to make these priorities, and the larger vision for a modern India, a reality for people across the country.”