Urges Modi Government to issue Vibrant India Bonds
New Delhi, July 24, 2014: US India Political Action Committee (USINPAC), a leading voice of the Indian American community urged the Modi Government to issue infrastructure bonds for the NRI community in New Delhi. Suggesting that these bonds be named as “Vibrant India Bonds” in order to leverage the brand awareness of “Vibrant India”, USINPAC emphasized that these bonds will help India to tap the goodwill of the Global Indian Diasporas.
Speaking on the occasion, Mr. Sanjay Puri, Chairman, USINPAC, said, “It is estimated that India will need about $1.5 trillion over the next five years to finance its infrastructure needs. Since infrastructure projects are generally structured in a debt equity ratio of 70:30, it implies that India would need over 1 trillion of debt funding over the next five years. This is the right time to tap the intangible goodwill of the Indian Diasporas towards a rejuvenated India by issuing these Bonds specially targeted at the Diasporas. The Indian origin communities in the United States and other countries around the world are enthused with the election of Modi government in India, and are looking for tangible ways in which to contribute to India. Vibrant India Bonds will give a clear mechanism to the Diasporas to express their support for the new path on which India has now embarked.”
“We have had extensive discussions on Wall Street with some of the top financial institutions, and also with leading members of the Indian Diasporas in several countries on the market viability of Vibrant India Bonds. We have had an overwhelmingly initial positive response and stand ready to spread this initiative among the community in the United States and other countries where the Diasporas have significant presence”, Puri further added.
USINPAC has also been making an outreach among the Global Diasporas over the last six months. Last month, upon the election of the Modi government in India it launched an initiative among winners of the Pravasi Bhartiya Samman awards globally to discuss ways in which the Diasporas could contribute to India. Several of the awardees from countries like Singapore, Indonesia, Qatar, Abu Dhabi, France and the UK together with USINPAC have together written to PM Narendra Modi offering their support for his vision of a vibrant India. The suggestion and support for Vibrant India Bonds is the next step in this endeavor.
Elaborating on the specific role being played by USINPAC in facilitating Modi’s visit to US in September, Mr Puri said, “We are currently working with members of US Congress to build momentum for an address by Prime Minister Modi to the Joint Session of US Congress. Over 40 Congressmen have already signed on to a letter requesting the US Speaker, and over 20 Senators have already written or verbally informed the Speaker of their wish to hear an address by the Indian PM. In addition, we are also pushing for the White House to host a State Dinner in honor of Mr. Modi”.
Apart from its efforts to promote the Joint Session in the US Congress, and State Dinner at the White House, USINPAC is also preparing ground for two other very high value events for the PM’s visit – one, a luncheon with US Senators; and second, a result-oriented interaction with 20 plus Chairmen, CEOs of America’s top private equity funds and IT and manufacturing corporations.
About USINPAC
USINPAC is a leading voice of the Indian American community in the United States.
Over the last decade, USINPAC has been featured in numerous global and Indian media, including theNew York Times, Washington Post, and Wall Street Journal, all three of whom have featured or profiled at some time over the past 12 years USINPAC as the second most influential ethnic advocacy organization in the United States after AIPAC (the Jewish advocacy organization).
Being based in Washington, DC, USINPAC has built up a formidable presence and relationships on Capitol Hill among lawmakers and staffers and other opinion makers and leaders. A range of lawmakers across the Democrat and Republican aisles, in the House and Senate, and in gubernatorial offices, engage regularly with USINPAC on domestic issues of the Indian American community, and on bilateral relations with India.
In domestic affairs, USINPAC has contributed to the appointment of various people of Indian origin, and friends of India to elect and administration positions – including Bobby Jindal, Nikki Haley, Swati Dandekar, Kumar Barve, Ami Bera, Tulsi Gabbard, Aneesh Chopra, Vivek Kundra, among many others. USINPAC is also a keen watchdog on domestic issues such as racial crimes, immigration reform, and minority businesses.
In bilateral US-India relations, USINPAC has played an active role on a range of issues, including countering negative propaganda about India or Indian leaders by vested interests in the United States.
USINPAC consistently works to raise awareness re cross-border terrorism, Mumbai attacks, and Afghanistan (also hosted conference on Afghanistan in Washington, DC last July, with Mr Rajnath Singh, Mr. Ajit Dobhal, Congressman Ed Royce, among others).
US-India cooperation in energy is another area – USINPAC role in promoting the US-India civil nuclear accord is well documented even in PhD theses in US and European universities. Presently USINPAC is advocating for LNG exports to non-FTA countries.
On the economic relations and trade front, USINPAC engages on issues of trade and investment promotion, and mitigation of trade disputes on Capitol Hill. USINPAC also arranges US Governor-led and trade delegations to India, and recently led a 16-member delegation of infrastructure investors to the India Economic Summit held on February 27 at Delhi that was keynoted by Prime Minister Narendra Modi.
Above is some background of USINPAC. To know more please visit www.usinpac.com .
The founders of USINPAC have been rated as some of the most influential Indian Americans in various media – the magazine Business and Economy rated Sanjay Puri and Robinder Sachdev among 12 of the most influential NRIs in the U.S., along with Jagdish Bhagwati, Ashley Tellis, and Bobby Jindal for their role in promoting the US-India nuclear accord; while another co-founder, Surabhi Garg has been honored as a singular woman leader in the community in the U.S.
Source: Core Communique
