Mon, Dec 5, 2016 | updated 03:55 AM IST

US-India Business Council, Vibrant Gujarat Delegation conclude road show in US

Updated: Sep 23, 2016 16:41 IST

New Delhi [India], Sep 23 (ANI): The US-India Business Council (USIBC), as an official partner of the Vibrant Gujarat Summit, concluded a multi-city road show in the United States.

Led by Bharat Lal, Resident Commissioner of Gujarat, the delegation also included representatives from Invest India, FICCI, ONGC and KPMG. This is the fifth year of partnership between Vibrant Gujarat and the US- India Business Council.

In 2015, USIBC led the largest ever US business delegation to the summit providing top business leaders with opportunities to interact with the chief minister of the state as well as senior state and central government officials.

The multi-city industry roundtables aim to provide an opportunity for the delegation to present Gujarat as the leading investment destination in India.

The council organized industry receptions and roundtables in Houston, Chicago, New York, Washington, DC and Menlo Park, providing an opportunity for the delegation to meet over 100 top US companies across industries, including healthcare, food and agriculture, defense, logistics and infrastructure.

Some of the companies in attendance during the road show included MasterCard, UST Global, JP Morgan, Thompson Reuter, Abbott, Aemetis, Lockheed Martin, Cisco and Welspun.

As part of the road show, the council also hosted a roundtable with Ajay Pandey, the Managing Director and Chief Executive Officer of the Gujarat International Finance Tec-City (GIFT). GIFT is being developed as a global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked financial centers.

Pandey discussed the International Financial Services Centre in GIFT and the benefits to the entities setting up operations in these cities that include the Minimum Alternative Tax, reduced from 18.5 percent to nine percent, the Security Transaction Tax (STT), Commodity Transaction Tax (CTT) and Long Term Capital Gains (LTCG) waived off.

At the conclusion of the road show, Mukesh Aghi, President of USIBC, noted that, "The state of Gujarat is one of the leading states in India for industries and is recognized as India's growth engine. Vibrant Gujarat Summit is one of the most notable efforts in India's attempts to place itself as the topmost investment destination. USIBC is delighted to partner with the Vibrant Gujarat Summit, having long supported Gujarat's pro-business environment. The summit is also timely as it will be held during a critical phase of the GST roll-out."

Providing the key note address during the road show, Bharat Lal highlighted the significance of Gujarat as a complete business destination that is located strategically, has an inherent entrepreneurial spirit and is home to a diverse range of industries such as pharmaceuticals, agro and food processing, and a robust logistics industry.

As a result, the state ranks among the top five states for FDI inflow and 19 percent of the industrial output comes from the state of Gujarat. The Vibrant Gujarat Summit is the definitive platform to engage in discussions with key policy-makers, thought leaders and businesses who are shaping the future of India. (ANI)