Chidambaram defends India’s policies as growth oriented

Chidambaram defends India’s policies as growth oriented Inviting US companies to set up their manufacturing plants in India, Union finance minister P Chidambaram said that it would benefit both India and the US if India to become a large manufacturing economy.

Mr. Chidambaram, who is on a four-day trip to the US to attend the annual summit of US-India Business Council, invited business captains to make generous investments in India.

Speaking on the topic, he added, "It is in the mutual interest of both countries for India to become a large manufacturing economy."

During the summit, the Minister met with software giant Microsoft's General Counsel & Executive Vice President Brad Smith, Walmart Asia Chief Executive Scott Price, Lockheed Martin International CEO Pat Dewar, and Boeing International President Sheperd W Hill, among others.

The business leaders raised concerns related to transfer pricing and the impact of the Comprehensive Immigration Bill, Indian government's regulatory policies and the current business environment in India.

Mr. Chidambaram defended policies of Indian government as growth oriented, and tried to fix the business leaders' concerns. He also briefed the business leaders of the Arvind Mayaram Committee's recommendations on hiking foreign direct investment (FDI) caps for various sectors, including defence and telecom.