Sharma, Chidambaram in US to seek FDI support to save rupee

A day after finance minister P Chidambaram arrived in the US to meet officials of top American companies like Walmart, Boeing and Lockheed Martin to seek US help to save falling rupee through investment support, commerce and industry minister Anand Sharma joined him to sell India's growth story there.

The finance minister is expected to meet Walmart Asia CEO Scott Price, Boeing International president Sheperd W Hill, Lockheed Martin International CEO Pat Dewar and Microsoft's general counsel and executive during his four-day US tour.

Chidambaram, who left for US last night, will also hold bilateral talks with his US counterpart treasury secretary Jacob Lew.

Meanwhile, commerce and industry minister Anand Sharma will interact with business associations during his four-day visit from 10 to 13 July.

Sharma will deliver the opening keynote address at the US India Business Council's 38th Leadership Summit on 11 July. He will also give the opening remarks at the round table with National Association of Manufacturers. Sharma will address the US-India CEOs Forum meeting in Washington on 12 July.

Besides, the commerce minister will meet business leaders like Scott Price, president and CEO of Walmart Asia, Ted Cohen, head for global public policy at Ebay, among others to address concerns over policy issues related to foreign direct investment (FDI) in retail and e-commerce.

Sharma is also expected to meet secretary of state John Kerry, commerce secretary Penny Pritzker and trade representative Michael Froman among others.

Chidambaram and Sharma are visiting the US at a time when the rupee has plummeted to lows below 61 against the dollar.

The rupee has been hammered by huge outflow of foreign funds to the tune of $7 billion in June alone allegedly over concerns of the planned tapering of monetary expansion by the US Federal Reserve.