Chidambaram heads off to US with FDI dream

In a bid to lure capital inflows, finance minister P Chidambaram along with commerce minister Anand Sharma and deputy chairman Planning Commission Montek Singh Ahluwalia are travelling to Washington on July 11-12 for a Indo-US CEO Forum meeting. HT reports.

In a bid to lure capital inflows, finance minister P Chidambaram along with commerce minister Anand Sharma and deputy chairman Planning Commission Montek Singh Ahluwalia are travelling to Washington on July 11-12 for a Indo-US CEO Forum meeting.

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Chidambaram travelled to US last April looking for FDI and FII flows.

Top government sources said Chidambaram will also be meeting US Treasury secretary Jacob Lew and brief the Indo-US CEO Forum on further reforms that India intends to take to invite more FDI.

While the Indian side of the Indo-US CEOs Forum will be headed by former Tata Group chairman Ratan Tata, the US side will be co-chaired by David M Cote, CEO of Honeywell Corporation.

While Chidambaram is convinced about Indian recovery, the concern is about outflows to the tune of over $7 million in June after US Federal Reserve Chairman Ben Bernanke’s speech on strategy of buying US treasury bonds to push down interest rates last May.