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US corporate sector welcomes Indian budget, says it will attract FDIs
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- Inclusive and FDI booster:(1) President of US India Strategic and Partnership Forum (USISPF) said the budget is inclusive and policy decisions are encouraging for American companies.(2) The Budget opens up the Indian market, and encourages US companies to invest more, at the same time it ensures prosperity and growth for the lower sections.
- Measures stated by budget and its effects:(1) Budget states proactive measures to double farmers’ income, liberalise FDI in a number of sectors and allow 100 per cent FDI for insurance intermediaries, and increase FPI investment limits.(2) Transforming India into a global space and aviation hub also demonstrate the longer-term thinking of the new government.
- The focused impetus for sustainable job creation via targeted investment in infrastructure.
- The mission to provide housing to all by 2022 has the potential not just for growth in downstream sectors such as cement and steel but also for overall job creation in these vital industries.
- India’s research and innovation investment:(1) As per data released by the central government, India’s research and innovation investment vis-a-vis global standards in terms of percentage of GDP is quite less (0.68 per cent) in comparison to the United States (2.8 per cent), China (2.1 per cent), Israel (4.3 per cent) and South Korea (4.2 per cent).(2) If India aims to emerge as a global research and innovation hub, apart from just increasing the funding, we also need to have a central systematic mechanism to fund and monitor research and innovation outcomes, especially in the fields of national importance.
Source
The Hindu