Corporate America has reaffirmed US companies' commitment to India's growth and focus on reviving investor sentiment and cross-border collaboration in the first year after India's elections.
The US-India Business Council (USIBC), comprised of more than 350 of the top-tier US and Indian companies, made the reaffirmation at a meeting in New York Monday with the Reserve Bank of India (RBI)governor, Raghuram Rajan.
The private meeting was attended by top executives from global financial services companies and institutional investors, USIBC said.
They included industry heavyweights like KKR Co-Chairman Henry Kravis, Harold "Terry" McGraw, Chairman, McGraw Hill Financial.
It was chaired by Charles "Chip" Kaye, Co-CEO of leading private equity firm Warburg Pincus.
The industry representatives heard from Rajan the challenges RBI faces in taming inflation while promoting the growth necessary to keep the engine of India's economy thriving, all in the midst of factors beyond the respected institution's control, USIBC said.
USIBC members noted their strong support for RBI's financial sector reforms including actions to further deepen India's debt capital markets toward long-term infrastructure development and manage risk, it said.
In addition to continued banking reforms, the contributions of non-bank financial companies (NBFCs) to the real economy - including those wholly-owned by foreign direct investment (FDI) - were raised.
USIBC said it also discussed with Rajan the importance of a vibrant payments industry with competition and dialogue spurring further innovations in mobile banking, prepaid, and cash transfer remittances for SME businesses and individuals.
USIBC members, it said, welcomed the Governor's insight on opportunities for meaningful US-India collaboration in the financial sector.
"American investors are grateful for the Reserve Bank of India's leadership of the Indian economy," said USIBC Director for Financial Policy Melissa Frakman.
"USIBC looks forward to continuing industry's dialogue with the RBI across capital markets, banking, payments and asset management," she added.