The International Bank for Reconstruction and Development - IBRD (World Bank) and International Monetary Fund (IMF) held their spring meeting in Washington D.C. from April 21-23. The meeting provided a convenient occasion for Indian Defense and Finance Minister Arun Jaitely to visit the United States capital for his first engagements with the Donald Trump’s administration.

Mr. Jaitely focused on the private and financial sector. He maintained a busy schedule. In addition to the many meetings for the IBRD and IMF, Mr. Jaitely met with the United States Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross; attended a dinner hosted by Indian ambassador Navtej Sarna; held bilateral meetings with several other finance ministers from partner nations. In New York City Mr. Jaitley joined group discussions with American financial services executives.

Jaitley outlined the Modi government’s achievements to revive the Indian economy. He noted that India’s new baseline economic was “7 or 8 percent,” and could go much higher when recent economic reforms are supported by a global economic revival.

He also highlighted the passage of the Goods and Services Tax (GST), as well as demonetization. According to reports at one point, he boldly claimed that the era of a government “paying a political price” for smart reforms is now over, as seen in recent electoral results

In the private meeting with the United States government officials, he reportedly pushed for America to maintain a liberal immigration policy, a vital requirement for India’s powerful technology services sector.

Indian economy remains the fastest-growing in the world. U.S. goods trade with India increased by 2% last year.

India is the largest recipient of foreign investment among global emerging markets.

D.C. to change license to avoid confusion

AMandeep