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India, US have stake in each other’s economic future: Indian envoy
Washington: India’s lowering of barriers to investment and encouraging business expansion will help US and Indian companies to further increase their presence in each other’s country, according to Indian ambassador Arun K. Singh.
“The exchange is good for both nations and should be encouraged,” he said in a blog post in The Hill, a top US political website, noting the two are “economic powerhouses that are helping each other grow in a dynamic global marketplace.”
“We have a stake in each other’s economic future – and that future is very bright,” Singh said citing a new report about Indian companies pouring investment dollars into businesses in the US and creating tens of thousands of American jobs.
The report from the Confederation of Indian Industry and the accounting firm Grant Thornton reveals that not only is Indian investment in the US large, it’s also extremely widespread and clearly growing, he noted.
The 100 Indian-based companies surveyed for the study have made an aggregate $15.3 billion investment in their US operations and created 91,000 jobs in the US, “which by any measure is a substantial contribution to the American economy,” Singh wrote.
The US isn’t just a favoured destination for the time being; it is likely to remain attractive for Indian investors for years, he wrote citing the survey, he said.
“These substantial investments are also a testament to the trust and openness that India and the US enjoy both at the people-to-people and government-to-government levels,” Singh said.
Noting that India, according to Select USA, is now the fourth-fastest growing source of foreign direct investment into the US, he said, “the significant and growing contributions of Indian investments in the US remain a vital component of the bilateral relationship.”
American firms have long been major investors in India, but efforts by Prime Minister Narendra Modi to make economic growth a hallmark of his administration have accelerated US investment there, he said.
India has been lowering barriers to investment and encouraging business expansion, Singh said noting the Indian government has over the past year raised limits on foreign investment in sectors such as insurance, medical devices, railways and defence.
“This will no doubt provide myriad opportunities for US companies to increase their presence in India and will strengthen Indian companies so that they can enlarge their footprint in the US,” he wrote.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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