When India’s finance minister, Pranab Mukherjee, flew to Chicago recently to address a group of American executives, it was to deliver an urgent message: India is still open for business.
Usually a cautious speaker who offers only vague promises, Mr. Mukherjee eagerly promoted specific new deals from New Delhi, where the national government has become alarmed by the sudden slowdown of India’s economy.
He listed pro-business policies his government recently approved or soon would: foreign individuals could invest directly in the Indian stock market; overseas specialty retailers like Gap could open wholly owned stores in the country, and bigger retailers like Walmart would soon be admitted. And though Mr. Mukherjee did not cite it, he could just as easily have mentioned a proposal the cabinet is considering to let foreign airlines buy as much as a 49 percent stake in India’s airlines.
“I urge you to seize this moment and contribute to our collective prosperity in the times to come,” Mr. Mukherjee told his audience, the World Affairs Council of Chicago.
The flurry of activity by the Indian government has helped push Indian stock indexes up by 15 percent this year, and the rupee has climbed 8 percent against the dollar. Read more at NYTimes
Usually a cautious speaker who offers only vague promises, Mr. Mukherjee eagerly promoted specific new deals from New Delhi, where the national government has become alarmed by the sudden slowdown of India’s economy.
He listed pro-business policies his government recently approved or soon would: foreign individuals could invest directly in the Indian stock market; overseas specialty retailers like Gap could open wholly owned stores in the country, and bigger retailers like Walmart would soon be admitted. And though Mr. Mukherjee did not cite it, he could just as easily have mentioned a proposal the cabinet is considering to let foreign airlines buy as much as a 49 percent stake in India’s airlines.
“I urge you to seize this moment and contribute to our collective prosperity in the times to come,” Mr. Mukherjee told his audience, the World Affairs Council of Chicago.
The flurry of activity by the Indian government has helped push Indian stock indexes up by 15 percent this year, and the rupee has climbed 8 percent against the dollar. Read more at NYTimes
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