wASHINGTON: India needs at least USD100 billion of foreign direct investment every year to reach its target of a USD5 trillion economy from the current USD2.7, the head of a top India-centric American business advocacy group has said.
The group made the observation, asserting that a major chunk of this FDI is going to come from the United States.
“India needs to grow its economy from the current USD2.7 trillion to USD 5 trillion. It will need a lot of FDI coming in – at least USD100 billion dollars a year to fuel that growth,” Mukesh Aghi, president of US India Strategic and Partnership Forum, told PTI in a recent interview.
“I believe that is going to come mainly from the US,” he added.
India, he observed, “needs to look at what it needs to do to get that FDI coming in and have the technology coming in, to fuel this growth”.
“From a US perspective, it needs to leverage India on vaccination diplomacy, have Indian factories produce these vaccines so they can ship it to the rest of the world, and they can make this vaccine much, much cheaper than anybody else can get,” he said.
Last week, USISPF, which now has more than 300 Fortune 500 companies as its members, celebrated its fourth anniversary. Four years ago, Aghi, along with several top American corporate leaders established USISPF after they had sharp differences on key issues with the then leadership of US Chambers of Commerce.