Calcutta, Jan. 17: The Indo-American Chamber of Commerce (IACC) has urged the government to allow 100 per cent foreign direct investment (FDI) in higher education.
Speaking to reporters, IACC president Vinod Chandiok said: “Last year, 65,000 Indian students left for higher education in the US alone. This is an indication of the huge brain power that can be retained within the country if overseas universities are allowed to set up their campus and offer courses in India. It would also help us create a reverse brain drain situation.”
The IACC, encourages bi- lateral trade and investments between the US and India, has already discussed its proposals to the ministry of commerce.
“We are in the process of finalising a position paper on the issue in March this year. the entry of foreign universities will also help generate employment and raise the quality of education for Indian students at affordable rates,” said Chandiok.
The chamber has also chosen agri-business and IT as other areas of focus for trade.
“Agri-business is also one of the areas of focus for the west Bengal government,” adds Chandiok. “We have appointed a National Committee to look into business opportunities in the sector,” the IACC president added.
The chamber feels that it is necessary for Indian companies to set up their subsidiaries overseas generate exports from the US.