U.S. Sen. Mark R. Warner will convene a Senate Banking Committee hearing on the economic conditions in India in advance of Indian Prime Minister Singh’s visit to Washington later this month. Sen. Warner, Co-Chair of the Senate India Caucus and Chairman of the Senate Banking Subcommittee on National Security and International Trade and Finance, will chair the hearing entitled, “Assessing the Investment Climate and Improving Market Access in Financial Services in India.”
The hearing will examine U.S.-India economic relations, as they are scheduled to be at the forefront of Prime Minister Singh’s visit. More specifically, the hearing will focus on regulatory and statutory barriers to foreign direct investment in the banking and insurance industry, prospects for liberalization of market access for the financial services industry, and opportunities to increase bilateral investment between the U.S. and India. A panel of expert witnesses will describe the current investment climate at the regional and national level including major challenges to modernizing the Indian economy.
The witnesses, who will appear on one panel, will be:
- Dr. Arvind Subramanian, Dennis Weatherstone Senior Fellow, Peter G. Peterson Institute for International Economics;
- Mr. Richard Rossow, Director for South Asia, McLarty Associates; and
- Dr. Reena Aggarwal, Robert E. McDonough Professor of Business Administration and Professor of Finance, Georgetown University.
The hearing will be held on Wednesday, September 11, 2013, at 1:00 p.m., in room 538 of the Dirksen Senate Office Building.