Investors await outcome of initiatives taken by Narendra Modi: US envoy Richard Verma

HYDERABAD: Maintaining that India needs to address issues related to investor confidence and intellectual property enforcement, the US today said the investor community is eagerly awaiting the results of initiatives taken by Prime Minister Narendra Modi.

The investor community is eagerly awaiting the results of the initiatives being taken by the Indian Prime Minister, US Ambassador Richard Verma said here.

He was speaking on the topic 'India and the United States: Building Strong and Sustainable Economies for Our People,' at an event at the Indian School of Business (ISB).

"As you all know at 142 in World Bank ranking, investor confidence (in India) is till shaky. Intellectual property enforcement is perceived as still closed to outside investors.

"We know that the Prime Minister has made rapid rationalisation of bureaucratic procedures a priority on his list of reforms. We eagerly anticipate progress in this direction," Verma said.

Referring to a conversation, he said a hotelier told him that it takes 80 permits to build a hotel in India while the same could be done with just six in Singapore.

There are 30 million to 40 million pending cases in Indian courts, he said, quoting reports.

Verma said the Indo-US trade volume would touch USD 500 billion, as anticipated by the American President, in due course.

The 46-year-old US envoy, who took charge in mid January, said both the countries are actively cooperating in areas such as skill development and clean energy.

"Today the ( USA) State department is working closely with the Ministry of Human resources development to help the US community to partner with Indian polytechnic school to improve circular and build strong relations with industry."

Later, in an interactive session, the envoy said that both the nations would also cooperate in cyber security, counter terrorism and space technology.