Manmohan to work the Wall Street

Prime Minister Manmohan Singh will on Wednesday put his best foot forward on the subject closest to his heart ? India's economic reforms.

Prime Minister Manmohan Singh will on Wednesday put his best foot forward on the subject closest to his heart — India's economic reforms.

And he will be taking the floor at arguably the most appropriate setting, the New York Stock Exchange (NYSE).

What has been billed by Indian Ambassador Ronen Sen as the first of its kind, the luncheon event at the world's largest bourse will enable the Prime Minister to have a close interaction with the "movers and shakers" of corporate America.

Despite heavy preoccupations with foreign policy matters,                  notably the high-profile meetings with President Bush and President Musharraf, the Prime Minister is said to have set great store by the Wall Street event.

Official sources say the underlying idea is to get captains of American business to give a decisive push to investments in India by reassuring them about the pace and sequencing of economic reforms.

Amid continuing concerns in some quarters here over the Left's stance on reform-related issues, notably disinvestment, Singh will use the opportunity to allay all apprehensions in the minds of prospective investors, officials said.

An official fact sheet released here says the United States accounts for 21 per cent of all foreign direct investment (FDI) approved from 1991 till April 2004 — $16.5 billion of the total $77 billion FDI approvals.

Although FDI from the United States is rising, India feels the quantum is nowhere near its full potential.

Statistics released by the US Department of Commerce also concedes that India's share in the American FDI outflow is just 0.24 per cent.

Singh, official sources said, will particularly look for a decisive push to American investments in the infrastructure sector. He is slated to highlight the opening up of various infrastructure areas, such as the                simplification of norms in the energy sector.

The Prime Minister will also hold a separate meeting with Indian American CEOs.

"They have their pulse on the market and will be able to articulate ways to enhance foreign direct investment flows into India," Ambassador Sen commented. This meeting will also aim at giving a boost to NRI investments in India.