President Barack Obama's visit to India has helped forge a new commercial relationship between India and the US, said finance minister Arun Jaitley on Wednesday.
"President Barack Obama's visit to India has helped forge a new commercial relationship with India. The conclave of Indian and American CEOs (chief executive officer) exhibited a strong confidence about India. The desire of American businesses to invest in India was great," he said in his Facebook post 'President Obama, Davos & After'.
"Their queries related essentially to the ease of doing business in India. With the American economy growing stronger, US corporates are flush with funds looking to invest elsewhere. India appears high on their agenda," he added.
Indian Prime Minister Narendra Modi and Obama met business honchos from both sides, during the US president's three-day visit to India Jan 25-27.
"Both internal and external factors favour India. The United States is undoubtedly the principal engine of global economic growth. Its growth rate is moving up. Brazil, South Africa and Europe are facing challenges. China has realistically accepted that 7 per cent growth rate is their new normal. The IMF (International Monetary Fund) considers this figure as more than normal," the minister said.
He said the oil price decline has favoured India as a net buyer.
Observing that India needs more resources, Jaitley added: "Our domestic resources are not adequate. The cost of our capital is high. The world is looking to invest. There are not too many options which are more attractive than India."
"Whereas most competing economies are facing serious challenges, India is promising to accelerate its growth. Hope has revisited us. We cannot allow obstructionism or complacency to squander this opportunity. This is a loud and clear message from Davos," he said.
Regarding the World Economic Forum meet at Davos, the minister said: "Investors were looking at India with greater enthusiasm. The India-focussed meetings were over-attended. Many who wanted to register for these meetings were disappointed at the fact that they could not get entry."