Jaitley seeks US investment in NIIF

Finance Minister Arun Jaitley on Monday sought the US investment in India’s
Rs 40,000-crore infrastructure fund NIIF, as he met with US Trade Secretary Penny Pritzker here.

The two leaders discussed the issues relating to bilateral trade and measures to increase commerce between the two countries.

“Many Indian states are growing at the rate of 10-11% and the trade dialogue between states and the US investors and companies can help in giving boost to the bilateral trade between India and the US,” Jaitley told the visiting dignitary.

He said that India has created a National Infrastructure Investment Fund (NIIF) in which US-based insurance and pension funds can invest as infrastructure sector has a great potential in India.

Bilateral trade between India and US currently stands at $109 billion.

Jaitley also expressed India’s interest in increasing trade and said most of the concerns between the two countries have either resolved or narrowed down to a large extent.

Jaitley said CEOs of Indian Companies are in constant dialogue with their US counterparts for increasing trade and investment.

He also informed Pritzker about the passage of Goods and Services Tax Bill to the US dignitary who hoped that the measure will boost economic activities in India.

Pritzker suggested that the trade dialogue between Indian states and US authorities can be given structured shape to give impetus to commerce between two sides.