India to fast-track US investments

New Delhi

INDIA on Wednesday announced a move to speed up approval for US investments, just weeks after the two countries settled a global trade dispute and President Barack Obama agreed to visit.

A new Indian government committee will "identify bottlenecks" faced by US firms wanting to invest in the country, where foreign companies must contend with byzantine regulations and large amounts of red tape. "The committee will facilitate and fast-track investment from US companies in India," said a commerce ministry statement.