PM Modi's US Visit: $41 billion investment commitment an encouraging development says FICCI

NEW DELHI: The commitment by US-India Business Council members to invest over $41 billion in India over three years will help raise the country's manufacturing capabilities, industry body Ficci said today.

"The commitment of nearly $41 billion of investments by US-India Business Council members over the next three years in India is an extremely encouraging development.

"We take this announcement as a harbinger of transformative projects that would be launched by the private sector from both sides and would contribute to realising the grand vision of Prime Minister Modi of propelling India into the higher orbits of manufacturing excellence," said Ficci President Sidharth Birla.

Prime Minister Narendra Modi yesterday wound up his five-day US visit describing it as "very successful and satisfactory" with observers here saying that he had succeeded in establishing a personal rapport with President Barack Obama and largely repairing bilateral ties.

Urging top US corporates to establish and expand their base in India before "it is too late", Modi had told the US-India Business Council (USIBC).

USIBC told him that it had identified upwards of $41 billion slated for investment by its members in India within the next 3 years.