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WASHINGTON

The U.S.-India Business Council (USIBC) applauded a decision by the Government of India to reject a proposal limiting pharmaceutical investment caps to 49% in the brownfield investment sector. Such a reversal would have sent chilling signals to investors, chased capital to other markets, and prevented domestic companies from growing and collaborating.

Instead, the decision by the Government of India reassures investors that India is not going back on reforms. The announcement will encourage competition and investment in the pharmaceutical sector which will continue to create jobs and ensure that patients receive access to important medicines. “In our global environment where competition for capital is significant, India’s recent announcement to continue to allow investment in the pharmaceutical sector up to 100% is a powerful signal that its market reforms remain intact and that India’s reform direction is clear,” said USIBC President Ron Somers. “USIBC continues our commitment to working with the Government of India to deepen the U.S.-India trade relationship and the rejection of such a harmful proposal demonstrates that India remains a top investment destination,” he said.

Formed in 1975, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, headquartered in Washington, DC, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of more than 350 of the top-tier U.S. and Indian companies. Ajay Banga, President and CEO of MasterCard, is USIBC’s chairman. For more information, visit www.usibc.com.