US-India CEO Forum plans initiatives to enhance India-US ties

The US-India CEO Forum has welcomed India's new guidelines for Infrastructure debt fund and said there were several initiatives to improve the private- public-partnership between in areas like clean drinking water, conservation and distribution system in India.

The Reserve Bank yesterday announced guidelines for permitting banks and non banking financial companies (NBFCs) to set up Infrastructure Debt Funds (IDFs) to help meet long-term financing for the sector. (See: RBI issues prudential norms for infra debt funds by banks and NBFCs) 

Ratan Tata, the Indian co-chair of the Forum said there are several areas on which there needs to be progress and the forum could also take on certain projects and initiatives that CEOs can work collaboratively on.

"Areas that were considered for CEO Forum action include clean drinking water, water conservation and building energy efficiency," Tata said in a statement after the meeting in Washington.

His US counterpart on the forum David Cote, chairman and CEO, Honeywell, said, the CEO Forum's recommendations have provided a roadmap to strengthen the economic bilateral relationship between India and the US and in creating jobs.

Noting that "economics and globalisation is not a zero-sum game," Cote said India's growing economy should not be seen as a burden on the US, nor a symbol of Americas failure and Indias success.

"Job creation there does not equate to job loss here. I look forward to making more progress and putting the Forum's recommendations into action," he said.

Welcoming the announcement by the Indian Government on the guidelines for an Infrastructure Debt Fund, the Forum said in a statement yesterday that its members look forward to the completion of the final regulations that implement these investment structures.