US trade mission pledges $250 mn investments in India

NEW DELHI: A business delegation from the United States has pledged to invest $250 million in India over the next 6 to 12 months, a move expected to provide a fillip to Indo-US trade relations.

The 12-member trade mission, which visited Delhi and Mumbai last week, consisted of large US investors in sectors like logistics infrastructure, roads, power and energy, engineering, smart cities, manufacturing, and private equity.

"Members of the trade mission have pledged cumulative investments of $250 million in the coming 6 to 12 months, besides $500 million depending on projects availability in the next 1 year," Director of India affairs at the US India Political Action Committee (USINPAC) Robinder Sachdev said.

In its 3-day visit, the US trade mission had meetings with corporate leaders, and attended events and conferences in Delhi. The delegation also attended the economic convention at Delhi addressed by BJP's Prime Ministerial candidate Narendra Modi.

The delegation cited key concerns foreign investors in India which include lack of clarity in procedures, unpredictability in decision-making and red tapism.