US prez promises India Inc an ease in curbs, investment push
NEW DELHI: US President Donald Trump assured Indian industry leaders on Tuesday that he would ease regulations to attract more investments as the two countries work towards a broader trade deal.
Trump, on the last day of a two-day visit, met several Indian industrialists, including Reliance Industries Ltd’s Mukesh Ambani, Aditya Birla group’s Kumar Mangalam Birla, Infosys Ltd’s chief executive officer Salil Parekh, Biocon Ltd chairperson Kiran Mazumdar Shaw, Larsen & Toubro group chairman A.M. Naik, UPL Ltd’s chief Jai Shroff, Cipla Ltd’s Samina Vaziralli and Mahindra Group chairman Anand Mahindra.
The industrialists detailed their businesses and investments in the US to Trump, who congratulated them for putting their money in the US and creating jobs. He said his administration was ready to help businesses grow and flourish in the US.
“We are going to cut a lot more regulations. Some have to go through the statutory process,” Trump said.
On his government’s probusiness approach, the US president said the US stock markets would surge if he is re-elected in November. “If I don’t win, you’re going to see a crash like you’ve never seen before”, he said. Trump said his government planned to announce tax cuts soon for middle-class Americans.
Earlier on Tuesday, Prime Minister Narendra Modi said the two countries will soon commence negotiations for a “big” trade deal.
India on Tuesday also agreed to purchase more than $3 billion of advanced US military equipment comprising Apache and MH-60 Romeo helicopters.
The two countries have also been in talks on agricultural products and medical equipment as well, with the US also pressuring India to change its intellectual property laws, especially to allow patents for incremental innovation. These talks have not seemed to fructify and no details have surfaced on them during Trump’s visit.