MasterCard CEO Ajay Banga has called for major economic reforms in India’s critical sectors of manufacturing, tourism and infrastructure investment, which he argued would help create millions of jobs and accelerate the pace of economic development in the country.
Banga, who is also currently the chairman of the US India Business Council (USIBC), said that the US companies need a trusting and open business environment to invest in India, which he noted is missing.
“India’s got to create jobs — lots of them. Increased manufacturing, tourism and infrastructure investment can help do that. US investors have the capital, the technology and the IP (intellectual property) to invest. Lifting FDI caps in insurance will help attract that capital. Lifting caps in defence would help spur technology-transfers,” he said.
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