India US trade will cross USD 500 billion by 2015. That's the word coming in from Ajay Singh Banga, CEO, MasterCard. Speaking exclusively to CNBC-TV18's Kritika Saxena, he said that US companies are increasing their investments in India and with President Obama set to visit the country, the economic ties between the two nations will only strengthen.
Below is verbatim transcript of the interview:
Q: What is your view on India?
A: The US companies when the Prime Minister was in DC announced that between USD 40-45 billion of investment would be available to come into India over the next few years and that is by the way only a sample of our membership whom we spoke to. So people are already voting with their feet. We have invested USD 250 million in the last year.
Q: US interested in India and vice versa is larger than before. How many sectors are we seeing the US investors increase the way they look at India and what is the road ahead according to you as far as Indo-US trade relations are concerned, are you seeing a pick up and an increase and like John Kerry has said five-fold is the amount that they will like to increase investments here. Would we be able to beat that?
A: The Indo-US trade is at USD 100 billion right now and about two years back I laid out a goal saying why can't we get a USD 500 billion compared to the USD 100 billion. That is the five-fold number that he is referring to that the US government is saying trade between India and the United States and the Indian government agrees should be five times what it is today.
Q: Five times in how many years? Next four years?
A: By the end of this decade. So we are looking at 2020.
Q: That is a little conservative, don't you believe that?
A: I think so, it is the starting point.
Q: Will we be able to beat that?
A: Yes, two years ago I thought that our Indo-US trade relations were at a relatively low level. It is in the last year that this enthusiasm is bubbling forward. Which sectors are interesting, there is an enormous number. Defence is the obvious one and that is both for commerce as well as national security reasons.
Q: Will the foreign direct investment (FDI) opening up be a leg up?
A: It would help enormously. And if you want to do infrastructure investment we need long-term funds, they come with insurance. So insurance and then crop insurance all those things, there is a huge opportunity there and then you will find a lot of investment in agriculture, you will see investment in infrastructure building, roads, equipment and you will see a lot of interest in technology.
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