New Delhi: Union Finance Minister Nirmala Sitharaman said ‘The Indian economy will reach the $5 trillion mark in the next five years. The 2019 budget lays the foundation for this.’ This budget presented by her has been welcomed by the Industry sector in the United States. Senior US officials are claiming that along with India’s development; this budget creates an opportunity for US industry and investments in India.
Nisha Biswal, the president of the US India Business Council (USIBC), said that the 2019 budget had been presented with a futuristic and progressive outlook. Biswal clarified that the provision to double the money in the hands of the farmer and the decision to increase the limit for foreign investment is extremely welcome. Biswal claimed that raising the threshold for foreign investment to 100%, in certain sectors, becomes very important.
This budget is encouraging for the members of the USIBC. The budget focuses on the initiative to impart skills to the Indian people and the sectors like Data Analytics, Artificial Intelligence and Robotics. There is a laudable effort to provide impetus to employment generation through this. Also, the effort of the Indian government to make India a centre by developing the space and air sector is significant. Biswal said that this shows the foresight of the Indian government.
Biswal said that the United States will increase cooperation with India and will contribute more and more to its development. Whereas, Dr. Mukesh Aghi, President of the US India Strategic Partnership Forum (USISPF) also welcomed the Indian budget. Aghi claimed ‘This is an all-inclusive budget and focusses on social development. The most important feature of this budget is the priority given to housing, drinking water and employment creation.’
Aghi has already claimed that increasing the limit for foreign investments in the air, insurance, media and single brand retail sectors, is a very positive step.
Meanwhile, since the last few months, trade disputes between India and the United States were intensifying. The intensity is not as bad as the US-China trade war. The economists in both countries have expressed confidence that these disputes will be resolved soon. This issue was on the anvil, even during the India visit of US Secretary of State, Mike Pompeo. Answering that query, the US Secretary of State had made a suggestive statement that there can be differences between the closest of friends, but they can be resolved amicably.
After that, Prime Minister Narendra Modi and President Donald Trump met, during the G-20 summit. Both the leaders took care that the shadows of the trade disputes did not appear during the discussions. President Trump passed a verdict that the India-US relations are an unprecedented peak level.
President Trump also declared during the Osaka G-20 summit that a Big Business Deal will be offered to India shortly. Therefore, clear indications of the resolution of the trade conflicts are being received. The responses of the US industrial sector, to the Indian budget, highlight the same thing.