Photo Credit: Indiatimes

Washington: A top official from the US India Business Council (USIBC) on Wednesday said India’s economic liberalisation across varied sectors is a positive message to foreign investors to make in India, and give the much-needed push to the business sector.

USIBC President Mukesh Aghi, a top US advocacy representing United States’ business interest in India, praised Indian Prime Minister Narendra Modi for his ability to make “bold” and transformative decisions.

"In the last 3 years, the Prime Minister has demonstrated that he is able to make bold, transformative decisions that will transform how India is perceived on the global platform," Aghi said yesterday.

"Liberalisation across numerous sectors of the economy sends a message to the global investment community that India is open for business and reforms are on-track. Implementation of reforms such as the GST and the bankruptcy code are tremendous legislative and political wins. Demonetisation was also necessary to act upon corruption and black money," Aghi said in response to a question.

Aghi also lauded India’s macroeconomic numbers, with a significant dip in inflation (levelled at about 2.61 per cent in March) and upward growth in Foreign Direct Investment (FDI), at around USD149 till December 2016.

This is happening at a time when global FDIs have declined, adds the head of USIBC, that represents more than 300 American businesses including major Fortune 500 doing business in India.

Speaking on the burgeoning Indian stock markets, he explained that the upward trajectory of the Sensex and the increase of the BSE marker cap to USD 2 trillion are all good signs for the Indian economy.

"Where I think the Prime Minister will be focusing his attention on next is job growth - that is one area that needs a shot in the arm," he said.

"Make in India will need a boost as well as does private investment. Industry looks forward to furthering clarity and consistency in policy framework and that India continues on its path towards liberalisation," Aghi said.

Responding to a question on India-US relationship, he said the strategic and commercial imperatives for closer US-India ties remained stronger than ever before.

"We are likely to see a continuation of strong bipartisan support for the bilateral relationship with India,” he said.

"The private sector is very interested in advancing commercial ties, and there are tremendous opportunities for the two countries to work together on digitisation, financial inclusion and other types of economic cooperation that will boost US exports and create jobs in both countries," added Aghi.