In a bid to dispel the misgivings regarding investment in India, finance minister P Chidambaram is likely visit the US west coast in October to meet foreign investors and heads of major American companies immediately after the World Bank-International Monetary Fund (IMF) annual meeting in Washington.
The World Bank-IMF annual meeting, which will include central bankers and finance ministers from G-20 group of nations, will be held in the US capital from October 8-13. The finance ministry officials said Chidambaram, accompanied by senior government officials including economic affairs secretary Arvind Mayaram, may travel to San Francisco for two closed-door interactive sessions on October 14.
The first meeting will be with foreign institutional investors (FIIs) and hedge fund managers and the second will be with multinational corporations. These FIIs, MNC's and hedge funds are from the west coast and mostly from California.
While the list of invitees to these interactions has not yet been decided, some of the biggest hedge funds and companies in the world are based out of California. These include Farallon Capital Management, Wells Fargo, Franklin Resources, Amgen, Visa and tech giants including Apple, Google and Yahoo.
Sources in the North Block said that in the meetings, the finance minister will try and reverse the sentiment that surrounds the economy right now. He is likely to talk about the government's bid to contain current account and fiscal deficit, quick clearances and speeding up of infrastructure projects and the country's strong fundamentals arising out of strong savings and consumption.
Over the past few months, the rupee has plummeted since the Federal Reserve's indications that it will taper off its quantitative easing programme. The huge sell-off, which has hit all emerging markets, has been particularly bad for India. In August, FIIs pulled out $2.5 billion out of Indian capital markets.