Ahead of President Barack Obama’s visit to India later this month, India and the U.S. have launched an investment initiative to focus on capital market reforms and policy measures that would help spur long-term investment by American investors in India.
Though announced during the White House meeting between Mr. Obama and Prime Minister Narendra Modi in September, the India-U.S. Investment Initiative was formally launched in Washington on Monday at Department of Treasury.
An agreement in this regard was signed during a meeting between U.S. Assistant Secretary of Treasury for International Finance Ramin Toloui and Ministry of Finance Additional Secretary Ajay Tyagi.
Through the signing of an arrangement for work under the Initiative today, the U.S. and India agreed to cooperate on facilitating capital market development conducive to financing investment, creating an environment that encourages investment in various sectors in India, and working to overcome any obstacles to such investment, a media release said.
They also met with a group of U.S. portfolio investors and capital market experts that work on India.
The U.S.-India Investment Initiative, announced by Mr. Obama and Mr. Modi after their meeting, was created to focus on capital market reforms and policy measures that would help spur long-term investment by U.S. investors in India.
“The discussion today focused on potential policy measures that could facilitate U.S. investment in India and deepen India’s capital markets,” the statement said.
Mr. Toloui and Mr. Tyagi discussed the importance of continued progress on India’s economic reform agenda, which will promote India’s growth and job creation, as well as greater U.S.-India economic ties.
Mr. Toloui also noted that Treasury looks forward to continued engagement between the U.S. and India on economic issues at the fifth annual U.S.-India Economic and Financial Partnership Dialogue in India on February 12, 2015.